MinerWorld, an MLM cryptocurrency touting 12 month mining ROIs, is under investigation in Brazil.

Yesterday Brazilian Federal Police and the Public Ministry announced they were investigating MinerWorld, on suspicion the company is a pyramid scheme.

In addition to a federal investigation, MinerWorld’s owner, Cícero Saad Cruz (right), is the subject of organized crime investigations in Mato Grosso do Sul and Sao Paulo.

These investigations lead to a recent raid on MinerWorld’s Campo Grande headquarters.

Authorities in Mato Grosso do Sul claim their investigation revealed no evidence of MinerWorld mining bitcoin in Brazil or abroad.

MinerWorld claims it mines bitcoin in Paraguay and China.

The investigation follows reports from investors that MinerWorld hasn’t paid them since last October.

MinerWorld claim they can’t pay investors because someone stole 851 mined bitcoins from them.

Despite the theft allegedly taking place five months prior, MinerWorld only disclosed it to investors in February.

No evidence of the alleged theft or MinerWorld actually mining bitcoin (or any other cryptocurrency) has ever been provided.

MinerWorld’s attorneys have revealed Brazilian authorities began investigating the company last September.

Despite not being registered to offer securities in Brazil and offering commissions on the recruitment of new investors, MinerWorld claims it operates legally in Brazil.

So far authorities have managed to freeze around $88.6 million in various accounts connected to MinerWorld.

According to a report from Coin Crispy (quoting a local R7 newspaper), MinerWorld victims have been told they will still be paid.

The company however has asked for 24 months to pay investors promised returns in bitcoin.

Alternatively MinerWorld affiliates can opt to be paid sooner in Mcash, a worthless altcoin the company recently launched.

Mcash is not publicly tradeable and doesn’t exist outside of MinerWorld’s internal “M360 exchange”.