Kairos Technologies arrests confirmed by State Control Committee
Following media reports detailing raids and arrests on top Kairos Technologies investors in Belarus, the country’s State Control Committee has issued a statement confirming the news.
As per their website, the State Control Committee’s goal is ‘to protect interests of the state from illegal economic infringements and to ensure economic security of the Republic of Belarus‘.
Referring to Kairos Technologies as a Ponzi scheme, the State Control Committee claims to have begun investigating the scam after observing a ‘group of persons involved in illegal raising of funds‘ in Belarus’ Minsk region.
The investigation revealed that activities carried out on behalf of Kairos Technologies LTD – registered in London constitutes a “Ponzi scheme.”
Since 2015, Kairos Technologies has been promoted without any contracts tracking individual’s money.
To give the appearance of legality of their activities, participants offered to rent Kairos Technologies a portion of hard disk on their computers, for which potential customers must pay a fee to use.
The fee depends on the “services” of the package. At the same time Kairos Technologies promises a 250% per annum ROI of funds invested.
It should be noted that the Kairos Technologies “pyramid scheme” has transnational roots and initially entered neighboring Russia and Ukraine’s markets..
In Belarus, criminals worked to build a financial pyramid of at least 400 people.
Income from illegal activities, participants IT – “pyramid” was produced foreign currency by contributions from newly recruited individuals. The total income from illegal activities by the organized group of Kairos Technologies affiliates is not less than 1 million dollars.
To date, participants actively attracted new affiliates from different regions of the country. At the same time there are already delays in payments facts ( “Interest”) with the aim of reducing the number and complexity of affiliate withdrawals.
Financial police agents have initiated a criminal case on h. 3 tbsp. 233 of the Criminal Code of Belarus ( “illegal business activities”).
With the participation of riot police, the police department of Minsk City Executive detained active members of the criminal group, carried out 15 searches at the place of residence of criminals, seized dozens of pieces of computer equipment and mobile phones, which providing further information about their illegal activities.
Assets suspected of being obtained via criminal activity were also seized (real estate, expensive cars, etc.).
Victims of crime can contact the duty of the State Control Committee of Belarus UDFR at Minsk, ul. P.Brovki, 3 k. 2 (telephone (017) 294 9431).
What affect confirmation that Kairos Technologies is a Ponzi scheme from a regulator will have on the greater business is as of yet unknown.
I would correct in your translation:
“has transnational roots in Russia and the Ukraine.”
to:
has transnational roots and initially entered neighboring Russia and Ukraine’s markets.
Thanks NikSam.