OnPassive Ponzi fraud warning issued by Bangladesh
OnPassive has received a Ponzi fraud warning from Bangladesh.
As per the Bangladesh Bank’s December 12th warning, OnPassive is a “fraudulent Ponzi scheme” engaged in “embezzlement of large amounts of money”.
Bangladesh Bank, Bangladesh’s top financial regulator, claims that OnPassive came to their attention after
a large number of investors in Bangladesh have already been cheated by investing in this Ponzi scheme.
Bangladesh Bank warns that OnPassive operates illegally in Bangladesh, in violation of the Anti-Money Laundering Act of 2012. Promotion of OnPassive in Bangladesh is also illegal under the same law.
Due to suspected manipulation, tracking of OnPassive website traffic is problematic. Nonetheless, SimilarWeb attributed 6% of OnPassive’s November 2023 website traffic to Bangladesh (down 23% month on month).
The majority of OnPassive affiliates are believed to be from India and the US.
OnPassive itself is a US MLM company run by Florida resident Ashraf Mufareh (aka Ash Mufareh).
The SEC sued OnPassive and Mufareh for $108 million in fraud back in August. In October 2023 the case was referred to mediation.
Footnote: Due to how Bangladesh Bank’s website is set up, I can’t directly link to its December 12th warning.
If you’re reading this beyond a month of publication, you’ll have to search for “onpassive” through the provided Bangladesh Bank website link.
Interesting. I have been wondering how this thing had been going. I never did invest further in it. I certainly don’t expect to get my money back on what I put into it.
I did get an email from Mike Ellis recently. He stated that Ash is giving away a $50 bonus.
If you were a founder and already activated and purchased your O-Connect acct, you get December free ($125 value). If you had not activated you get the 3 month subscription for $93 instead of $143. If you are a new affiliate you pay $190 instead of $240.
That tells me that Ash and his cronies are trying to squeeze out every last drop of money before this thing gets shut down. I’ve seen it before.
I do wonder how long they can keep this up.
I have the warning posted on my Community tab along with the English translation.
The Deposit Protection Fund (DPF) of Uganda also issued a warning about ONPASSIVE claiming to be in a partnership with them, which is false.
On my first stream December 15, 2023, I read the notice the DPF posted in November 2023.
I also posted the most recent webinar and Ash totally played down Bangledesh. Bangledesh has 95,000 Founders which makes them the 3rd largest market for ONPASSIVE, which they have now lost.
Nobody could have predicted what happened next: Mufareh proceeded to blame his Bangladeshi “founders” (victims) for everything that went down.
Ash never takes responsibility. He typically blames the founders when there is an issue. It’s the first page out of his dismal playbook.
Did you catch when he said that Kamal had said they may not make it to Spet 1, 2024 and might need to get rid of most founders and only have a select few?
If so, stay tuned because I have a video coming which highlights the reactions from each panel member, Chris, Marty, Susie, Red, and Kamal (and anyone else that I do not recall off the top of my head). It was disgusting to see each of their reactions.
So much for uplifting humanity. Some founders are more equal than other founders.
Please please pretty please share the link. I need some good laughter
Oh yes I did!
Full webinar of Ash “addressing” Bangledesh – youtube.com/live/lXaCgLAKvf4
Panel members reaction to what Ash said in the webinar – youtu.be/AkjVyT7jvH0
Teaching children about OP – youtu.be/PfQfoHGafxM
And, just because I think this highlights terrible behavior that would not attract anyone, Chris J going off on naysayers (he seems to be obessed with my videos as he refers to me often) – youtu.be/JnG8mAnNnXQ
Enjoy Mike!
How many more places that Ban Onpassive before ASH says I think the gig is up?
He is far too arrogant to admit that it’s over. In fact, he continues to stick to the narrative that more things are coming.
Meanwhile the free products are less than stellar. Omail emails go to spam. Onet is flooded by Indian founders expressing their love for Ash and OP. No one to my knowledge can transfer their okoins to the withdrawal wallet.
Oconnect continues to experience problems and Ash and Founders say it’s superior to Zoom.
The motion to dismiss reads like something Ash would write. Streams by the three stooges and other founders continue to supply evidence.
If Ash was smart he’d tell everyone to stop streaming. Alas, everyone acts like the SEC is no big thing. They’ve been called losers and a host of derogatory names.
There seems to be a marked shift in Onpassive trying to convince its members to forget about anything in the past, such as the compensation plan, and concentrate on being better people helping humanity while earning a small income.
The previous promises of riches are conveniently ignored and even disputed now. I think Ash Mufareh is going to try to isolate the hardcore founders into a tight knit group using well tested cult-like tactics.
He seems a little more worried (but still bullish) each time he appears live. I think he’s feeling the noose tightening.
ONPASSIVE is not an investment opportunity. The early adopters were promised to be rewarded for their committment and loyalty to the project.
No promises of a specific amount of cash were ever provided. I join in 2019 and the only requirement was to be a customer once the paid products were available.
I have always felt that I was being told the truth and all I have paid is 143 for O-Connect. Get the facts before you make claims.
There are scams out there but ONPASSIVE is NOT one of them. Misinformation is harmful to you and your followers.
When “loyalty and commitment” = a $97 payment, you’ve got yourself an investment and pitched returns.
Doesn’t matter. Any representation satisfies the Howey Test.
Agreed on both counts. Learn the facts re. OnPassive and securities fraud and stop spreading misinformation.
Ash,Ash,Ash. IT’S ALL GONE TO ASHES.
Henry you should read the SEC allegations against Mufareh and Onpassive to understand why Mufareh and his wife are being sued.
They are very specific and might help you understand the legal aspects rather than how you ‘feel’ about Onpassive.
Everyone who has been scammed by a good conman almost always says they thought the conman was charming and legitimate. That’s how cons work.
Onpassive may have (subpar) products now, on which you may or may not make commissions. But remember the SEC lawsuit reflects the time when Mufareh had no products, kept making promises of great returns and deliberately misled his ‘investors’ or whatever term you want to use.
Don’t tell me you yourself joined NOT to make money.
It’s not a coincidence that there are warnings now popping up all over the place by proper regulated financial authorities warning that Onpassive is a ‘rogue’ organisation and some governments are doing the same.