Engofor Review: Three package investment fraud
Engofor initially launched as “Cryptocoins Invest” back in June.
The company hosting the Cryptocoins Invest website appears to have since terminated the site with it today showing an “account suspended” message.
Rather than acknowledge this, those running Cryptocoins Invest have trotted out a sob story involving hackers:
To our dismay we realized that the hackers have caused more damage to the CCI network than we initially thought.
They succeeded to manipulate the system that there are now quite a number of accounts at another final balance than expected.
This, both positively and negatively. It has proved impossible to recover the data.
How much money has so far been lost is unclear. A relaunch as Engofor was announced last month which, as I understand it, is pretty much the same business model.
A corporate address in the Netherlands is provided on the Engofor website. No information about who owns or runs the company is provided.
Further research reveals Diego van der Veen (owner), Wendy van Dijk and David Vink as co-CEOs of the company.
These do appear to be actual people, however due to language-barriers I was unable to put together an MLM history on any of them.
Update 28th December 2016 – The Engofor website now credits Diego van der Veen as “Founding Director” of the company. Wendy van Dijk is credited as “Financial Support”.
Generic corporate bios for both on the Engofor website don’t actually reveal anything about their MLM history. /end update
Read on for a full review of the Engofor MLM opportunity.
The Engofor Product Line
Engofor has no retailable products or services, with affiliates only able to market Engofor affiliate membership itself.
The Engofor Compensation Plan
The Engofor compensation plan sees affiliates invest in three packages on the promise of an advertised ROI:
- Package 1 – invest $10 to $50,000 and receive a 4% daily ROI for 40 days ($500 max daily withdrawal)
- Package 2 – invest $10 to $50,000 and receive a 0.5% daily ROI for 500 days ($500 max daily withdrawal)
- Package 3 – invest $10,000 or more and receive a 10% monthly ROI over 730 days
Update 9th February 2017 – Package 1 now pays a 1.5% daily ROI as opposed to the original 4%.
No reason for the percentage change is provided on the Engofor website. /end update
Referral commissions are available on funds invested by downline affiliates, paid out down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 5%
- level 2 – 2%
- level 3 – 1%
Diweda Bonus
The Diweda Bonus pays Engofor affiliates to recruit new affiliates.
To qualify for the bonus, an Engofor affiliate must have invested at least $100.
If an Engofor affiliate recruits five affiliates who each invest at least $25, all within a 21 day period, they earn a $75 Diweda Bonus.
Note that the Diweda Bonus is earnable over a rolling 21 day period.
Joining Engofor
Engofor affiliate membership is tied to a minimum investment of $10.
Conclusion
The only verifiable source of revenue entering Engofor is affiliate investment.
Using this new investment to pay off existing investors makes Engofor, as with Cryptocoins Invest before it, a Ponzi scheme.
The Engofor website does mention forex, real estate, company acquisitions and binary options as revenue sources, however as is typical with Ponzi schemes, no specific information is provided. Much the less a direct connection linking external revenue with affiliate ROIs.
In any event, Engofor doesn’t pass the Ponzi logic sniff test.
If Diego van der Veen, Wendy van Dijk and David Vink were able to consistently and legitimately generate a 4% daily ROI, why would they need your money?
Even a modest bank loan compounded at 4% daily would generate an extraordinary amount of wealth in a relatively short time.
This suggests the ROI Engofor pay out is not created legitimately, which brings us back to it being a Ponzi scheme.
As with all Ponzi schemes, once recruitment of new Engofor affiliates dries up so too will new funds entering the scheme.
This will see Engofor unable to meet its daily ROI obligations, prompting a collapse.
Package 1 is where a collapse will be spotted first, owing to its 40 day maturity period.
Unfortunately for affiliates 2.5% of the daily 4% ROI is withheld until the end of the 40 day maturity period. This means Engofor affiliates aren’t going to be aware of a collapse until it’s too late.
This is of course by design, giving the Engofor admins plenty of time to do a runner.
Update 2nd March 2017 – After suspending affiliate withdrawals on February 16th, today Engofor confirmed they are under investigation by the Netherlands Authority for the Financial Markets.
Please note that this company is already 3 years old and that the programm is now running for almost 200 days.
The owners are real people and have an office in the Netherlands. Their business model is quite unique I think and I have already received money in my pocket.
They have a 20% reserve for difficult times and are open and tranparant to their members. I think this, for once, is not a Ponzi.
What’s interesting is these people actually have an open business office, to which a number of investors have actually visited.
They seem to have quite a number of Dutch investors, so I’ll be curious to see what happens if they do try to pull a runner. Those people will be showing up with pitchforks and torches if they get scammed!
@Folkert
False. CryptoCoins Invest collapsed and was relaunched as Engofor.
1. There’s nothing unique about a Ponzi scheme.
2. Whether you have personally scammed people is neither here nor there.
If Engofor were truly open and transparent they’d readily admit all they’re running is a Ponzi scheme.
Please also note that they have applied for registration to the Dutch Authority for financial markets and once their application is confirmed they will be monitored by this agency and being subject to fines and penalties once regulation is broken.
Is this something a Ponzi company would do?
A Ponzi scheme is so because it uses newly invested funds to pay off existing investors.
Whatever else a Ponzi scheme might do is irrelevant.
yes
What a BS,
this Ponzi did collapse a few weeks ago and off-course they blamed the hackers.
if they really make 4% a day, why the hell they need new investors..
the blind are leading the blind..
So are we still watching?
I guess we all knew it would happen. I didn’t think it would be so soon.
Yeah, right. Promises, promises. TVI Express pyramid once claimed to be opening several US offices. Zeek supporters once claimed to have evidence that will blow open SEC’s case against Zeek. USFIA ponzi supporters claimed that one of their black VPs was brother to White House Chief of staff (a white guy)…
Don’t believe promises. Believe results and facts. Promises are words. They don’t mean anything until they are backed up by facts.
Again: real people, a real office, all the invested money from CCI was transferred (for all the members), a sheduled meeting for the mebers shortly in the NL, I am receiving $200 on a daily bases… etc etc.
Does this look like a this a ponzi system? If so, a lot of people earning a lot of money currently… so just stay on the sidelines guys and let us earn the money!
Yup, beacause newly invested funds are used to pay off existing investors.
No amount of irrelevant waffle changes that.
No worries. Best of luck with the scamming.
So there was no run for the money after the hack!
That’s because there was no hack. The Ponzi collapsed.
And again they are registered by the Dutch Financial Authorities and as such monitored and subject to fines etc… I have never seen a Ponzi company whith those criteria..
okay how do you explain that all the money from CCI members was transferred to their accounts with Engofor?
Yesterday it was “they have applied for registration”, today it’s “they are registered”.
All I’m hearing is “waffle waffle Ponzi waffle”.
None of this bullshit matters when all you’re doing is scamming new investors and stealing their money.
It wasn’t. Your backoffice Monopoly money was imported into a new script database.
I am stealing???? I am just a member Ozzie!! have a nice day and keep up the good work 🙂
Anyone who profits in a Ponzi scheme is stealing.
Some of their “members” are starting to wonder if they perhaps invested in a Ponzi..
I wonder why ??..
From their FB Page:
You are lying. Their latest news message, dated 3 January 2017, says that the AFM request is one the processes which will be RESUMED.
engofor.com/engofor-b-v-is-officieel-opgericht/
A program which promises a 4% daily return during 40 days will NEVER get AFM approval.
@Folkert Venema
And a well-intended personal advise: don’t lure other people into this Ponzi scheme, if you do they will hate you when this scam collapses.
So said the WWII German soldier, “but I was just following orders”…
you are the dumbest i have ever seen! why you dont get to know the company and invest and see if they will scam you ..
the company online from june 2016 as crypto coins invest and now engofor BV with the same investors ..
please to do research on all busineeses before you and your friend chat about a business!
A business model is about as close to “getting to know a company” as you can get.
A Ponzi scheme is a scam from conception, there’s no question of “waiting and seeing if it scams you”.
And I suppose you have proof of this? Nah, only what your upline told you.
Best of luck with the scamming.
i am from jamaica i am with the company from october .. dumb ass my upline is my friend from the country .. several members have visited.
give me a solid reason y u calling it a scam?
Oh I don’t know, how about the Ponzi business model?
The only thing worse than a scammer is an illiterate scammer.
its a company i do have direct contact with the team as a investor and member many persons know me so they will see the thread ..and ur reasoning is arrogant ..lol
the time you wasting your time calling it a ponzi scheme you will take your lozzy ass book a flight and make an appoint to visit the office …then you can com back to make your point!!
Whether you have “direct contact” with the scammers running Engofor has nothing to do with the company’s Ponzi business model.
Right. Because facts are arrogant.
Why would I do that? Are Engofor going to provide me with a different business model if I fly out there?
No. A scam is a scam is a scam.
affiliate program makes it a ponzi scheme? (Ozedit: No. Offtopic derail attempts removed.)
recruitment into this scam taking a hit is it? lmao!
Wondering why nobody picks up the phone at Engofor and mails are not answered. Suspicious.
Hey Oz,
The 4% is not available anymore. Package 1 is er 1,5% daily and principal will be paid back into the e-wallet.
As well you could post the interview with the founders for complete overview.
So in an attempt to prolong the collapse, ROI went from 4% to 1.5%.
Why do I need an interview with the founders? You think they’re going to be able to explain away investment fraud?
To clarify, the 4.0% program was paid @ 1.5% profit and 2.5% investment return per day. The new plan pays the same at the completion of 40 days.
The profit didn’t change, only the return of the principal. Now you’ll say that is simply “delaying” investment return and therefore appears to be a scam, but I wanted to clear up what that change was.
It did impact members because the investment can’t be reinvested or withdrawn until the 40 days is complete. That is an important difference, but not necessarily scammy.
I have had many reservations about this company and in the end we will see. But they have put themselves out there via interviews and communique with their names and office location.
Others have done the same and it can still be a scam. They seriously need to mature as a company or this will collapse.
My challenge with your post here — and you make some good points by the way — is that you are making statements without any facts because you believe it is a scam.
In fairness to readers of your “report’ you haven’t presented any facts that their activities are indeed nonexistent. You merely claim they aren’t.
Saying things such as “…newly invested funds are used to pay off existing investors” may or may not be true. You are stating that it is because it is your belief.
However, unless you have evidence of this then you are in effect doing the same thing you are accusing them of doing: Making a claim, but not showing any proof.
I agree I haven’t seen any trading reports or other details of their investment/trading activities. But you haven’t seen any proof they aren’t — other than the nonexistence of such evidence. That might feel like a scam and it might be similar to other scams, but that doesn’t make it so.
You also state “CryptoCoins Invest collapsed and was relaunched as Engofor.” Again, you can’t make that claim unless you have verifiable proof that CryptoCoins indeed “collapsed.” Just because it looks that way to you doesn’t make it so. It is irresponsible to make such claims without any visible evidence.
Having said all that I have been uncomfortable with this company from the beginning. Either it is a scam or they have some serious administrative issues they need to resolve. Most scams start to fall apart and the excuses seem unreasonable and untimely.
Or worse — perfectly timed. Any company that takes money from investors has an obligation to be as transparent as possible and should work hard to provide such transparency.
Honestly, I’m kind of on the fence with them. I’ve seen their interviews and communications and even been on phone calls with the leadership team. Part of me believes they are simply a bit disorganized, immature and grew too quickly and they are paying the price.
The other part thinks there is something fishy going on. And usually when that happens and the red flags show up, then there is a deeper problem. I’m only lightly invested, but will invest no more until they get this kinks ironed out and show consistency of behavior.
In my opinion, that needs to happen very fast if they are going to have any chance to survive. Reviews like yours clearly show the view of their organization isn’t positive, unless of course you happen to be an investor who believes Engofor can do no wrong.
Those are often the same folks that get scammed frequently. Blind faith isn’t something any investor should have when it comes to their money.
In the meantime, however I wanted to state that your opinion that Engofor is scamming people should contain facts if you are going to state them as such.
You clearly have the opposite of blind faith in this regard because your opinion is clearly that they are a scam. But you are stating things as facts when they are simply your opinion based on some level of your own research.
This is a fairly decent write-up of what happened to them (publicly) but you are making accusations about what is going on inside their company that you have no way of knowing and if you did, then please share that verifiable evidence with readers of your review.
Thank you for your review and for providing a place to post comments. I hope you’re wrong. But if you are right and this does collapse, I promise I will come back and post those findings. If it proves to get better and evidence is shown of their investment activities, I hope you will also update your review.
The scam is and has always been the use of newly invested funds to pay off existing investors.
Minute changes so as to delay a collapse are ultimately a secondary concern.
Have they provided dollar for dollar accounting of where the ROIs come from? Didn’t think so.
Showing your face on camera doesn’t negate Ponzi fraud.
A legitimate company would be transparent about where it sources ROIs typically only seen in Ponzi schemes that populate the MLM underbelly.
There’s a reason no legitimate company delivers anywhere near a 4% daily ROI.
Whereas you’re “sitting on the fence” over the 0.01% chance Engofor has a golden goose out back shitting golden eggs, I’ve gone the 99.99% route they’re recycling newly invested funds.
It’s not rocket science, no source of external revenue = Ponzi scheme.
Engofor are using newly invested funds to pay off existing investors a 4% or equivalent daily ROI. That’s all the fact you need to define it as a Ponzi scheme.
It’s not on me to prove a negative. Legitimate companies are transparent about their source of revenue. Ponzi schemes aren’t.
You can work out which Engofor is.
Hello,
I see curious people and I’ve been told about the site about our company. If you don’t believe it’s me, David Vink from Engofor, then (Ozedit: attempt to take discussion offsite removed)
The reason that there are pending cashouts is, because we Diego, the owner of Engofor, is busy making a corporate bank.
This means that there is no possibility to payout, because all the money need to be transferred.
Kind regards,
David
ORLY? Where is this corporate bank being registered then?
And why does Engofor need it’s own bank? Regular banks not interested in investment fraud?
Transferred from where, a bank account? If you can transfer funds to a new “corporate bank” why not just pay your affiliates?
And they collapsed yesterday thank you Oz for warning and teaching me I almost bought their BS. But then again always investigate and seek info let i be a lesson to all to blind to see..
So get everybody’s money and then do a runner.
Move along folks, nothing to see here. Just another Ponzi scam collapsing.
Hello everybody,
These systems (they call themselves HYIP’S) are already working for more than 10 years, all over the world. They live short and disappear. I have tried (small amounts) more than 10 times – just to see what happens – always the same. I reported everything in the USA (FBI) but they keep on coming like mushrooms and disappear the same.
But people still can be fooled because they are greedy. Let me tell you: It’s not possible in the whole world to get these kind of interests.
Do some calculations for yourself: if somebody really makes these profits a day, he can start with 1.000,00 an have 1.000.000,00 in a very short time. And that’s what everybody wants (to believe) but nobody gets.
So they are all nonsense-systems (Ponzi – all the time).
Remember: if it looks too nice to be true – it is not true.
Have a nice day and make your own money.
My understanding is that they are re-structuring again – not sure I believe it.
Again my understanding is that they are Marketers who Buy and Sell internet real estate such as Domain names and Websites; then resell them at a profit; they wish to use Other peoples capital for this as some Domain Names and Websites can cost thousands or millions of dollars.
Is this all true? You will only know that if you can read the principles minds.
Certainly this is High Risk investing if it is legitimate.
You can’t restructure a Ponzi scheme. You either run out of money, run away with invested funds or authorities shut you down.
If they were doing this there’d be nothing stopping them starting low and working their way up. It’s just a ruse.
cybersquatters are still cybersquatters whether they want to call themselves ‘internet realtors’ (LMAO!) or not. Internet real estate. damn that’s funny.
Certainly “Whip” and “Oz” may be right.
But then again I do have friends who worked in the Derivatives Market, in the 80s and 90s, where the Big Boys were making up to 500% per month; one of my friends became a millionaire selling Derivatives which at that time usually cost at least $50,000.00 to get in.
These Big Boys made billions, actually trillions on this but it was very destabilizing on the World Market so it was quelled as per below.
Nowadays the Derivative market requires more than a million dollars to get in and they make much less percentagewise. Of course this is Higher Risk investing but back in those days(80s and 90s) the risk was very little.
Were any of them wasting time working with Ponzi schemes?
If you’re capable of legitimately making that kind of money you don’t waste your time with small-fry scams like Engofor.
Engofor is declared bankrupt on 25-07:
faillissementsdossier.nl/nl/faillissement/1335227/engofor-b-v.aspx
Looks like they actually pulled off a TelexFree.
Make a bunch of promises, steal your investor’s money and then file for bankruptcy.