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.