Netherlands shuts down PlanB4You Ponzi scheme
PlanB4You launched earlier this year and targeted Europeans.
Soliciting 40 EUR investments from its affiliates, PlanB4You advertised an a 50 EUR ROI – dependent on new affiliate funds flowing into the scheme (see BehindMLM PlanB4You review).
Legally registered in the Netherlands, it wasn’t long before PlanB4You attracted the attention of local regulators.
A Dutch investigation into PlanB4You was headed up by the Fiscal Information and Investigation Service (FIOD).
FIOD’s website suggests an investigation might have been triggered following the detection of tax fraud:
If the Tax and Customs Administration suspects fraud, the matter is referred to the FIOD. The FIOD then assesses whether fraud is indeed being committed.
If this is the case, the FIOD, in consultation with the Public Prosecution Service, may decide to start a criminal investigation.
With Public Prosecutors on board, it was determined that fraud was indeed being committed within PlanB4You.
On December 18th Public Prosecutors working with FIOD shut PlanB4You down, with bank accounts belonging to the company and owner Johny Schabregs frozen.
According to one report, some 2.5 million Euros have been recovered after it was suspected the funds were part of a money laundering operation.
Cooperating with authorities in Belgium, where Schabregs is based, luxury cars and at least one property of his were also seized.
The same day Public Prosecutors and FIOD moved against Scabregs, he published the following update on the official PlanB4You blog:
After a turbulent year and with the prospect of a super year ahead, also thanks to a positive attitude and belief in this unique concept, Planb4you has decided on this grandiose action.
Scabreg’s “grandiose action” was the offering of 2 for 1 investment positions (bricks).
Buy1 brickx and get 2 brickx.
These Brickx have a 1 year fixed yield of €0.50, – per Brickx, you cannot request a withdrawal of funds from these Brickx during that year.
Affiliates would be unable to withdraw any funds for the year ROIs were paid out on the positions. Nothing suss.
What happens next is unclear. Scabregs has previously claimed that PlanB4You has “over 20,000” investors. Whether or not those that lost money will see any relief remains to be seen.
According to Dutch Public Prosecutors, ‘thousands of people in countries including the Netherlands, Germany, Belgium, Slovenia and Italy’ have invested in PlanB4You ‘in recent months‘.