ShynXL launched in late 2020 and operates in the cryptocurrency MLM niche.

ShynXL represents it is incorporated in the UK, UAE, Europe and Nigeria.

Note that for the purpose of MLM due-diligence, basic incorporation in any jurisdiction is meaningless.

Heading up ShynXL are co-founders Ahmed Hussain, Mohammed Moin Uddin and Nasir Uddin Mozumder (aka Nasiruddin Mozumder and Mohammed Nasir Uddin Mozumder).

Prior to co-founding ShynXL, Ahmed Hussain credited himself as a UK founder of the PGI Global Ponzi scheme.

Other Ponzi schemes Hussain has promoted include AI Trade and CashFX Group. Hussain was also a Forever Living distributor.

In September 2020 PGI Global appointed Nasir Mozumder as Master Distributor for Ireland.

I wasn’t able to tie Mohammed Moin Uddin to PGI Global.

In a ShynXL marketing video however, Uddin states he’s known Ahmed Hussain “for over only 25 years [sic]”, Nasir Mozumder for “a long time as well”, and that the trio have worked “together for a long time”.

PGI Global collapsed back in March. It seems Ahmed Hussain and Nasir Mozumder cashed out before the collapse and went on to launch ShynXL.

Based on their respective social media profiles, Hussain, Mozumder and Uddin all have ties to Bangladesh but live in the UK.

In one ShynXL marketing video, Nasir Mozumder confirms the company is “based in the UK”.

An MLM company operating or claiming to operate out of the UK is an automatic red flag.

UK incorporation is dirt cheap and effectively unregulated. On top of that the UK’s top financial regulator, the FCA, does not actively regulate MLM related securities fraud.

As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.

Despite representations ShynXL is based out of the UK, the company’s marketing videos are shot in Dubai.

Dubai is another red flag as again regulation is non-existent. Coupled with a lack of extradition treaties, the UAE has emerged as the MLM scam capital of the world since early 2020.

ShynXL’s official Facebook page is managed from Bangladesh, India and the Philippines.

Alexa currently pegs the only notable source of traffic to ShynXL’s website as Bangladesh (48%).

ShynXL promotion in Bangladesh appears to be spearheaded by “Shanto Hakim”:

Read on for a full review of ShynXL’s MLM opportunity. [Continue reading…]

In a startling admission, the FCA has bluntly confirmed it is unable to regulate securities fraud in the UK. [Continue reading…]

Headway Capital provides no information about who owns or runs the business on their website.

Headway Capital marketing videos feature a roster of Fivver style gig actors.

In one marketing video, the Headway Capital admin shows us a list of directory tags on their Apple computer:

These tags are in Turkish, suggesting whoever is running Headway Capital has ties to Turkey.

This is supported by the broken English featured in Headway Capital marketing videos:

Headway Capital’s official private Facebook group, linked from their website, has two admins; “Kanaye Ria Zongmeng” and “Durriyah Dalal Abbas”.

Both of these are fake profiles populated with stolen photos:

In the footer of Headway Capital’s source-code, we learn the website is a clone of “Ax Trader”:

Ax Trader is a Ponzi scheme launched in late 2020. By April 2021, Ax Trader had collapsed.

Headway Capital’s website is for the most part just a clone of Ax Trader.

One other Ponzi scheme I was able to link the scammers behind Headway Capital to is Xerox Asset.

The link between Xerox Asset and Headway Capital is Headway Capital’s private Facebook group:

Xerox Asset has a standalone Facebook page, which is being run from Turkey and Nigeria.

Putting all of this together we have a timeline of:

1. Ax Trader launching in December 2020;
2. Ax Trader beginning to collapse around January 2021;
3. Xerox Asset launching in January 2021;
4. Ax Trader collapsing in April 2021;
5. Xerox Asset flopping and being rebooted as Headway Capital in April 2021.

The scammers behind all three Ponzi schemes are from Turkey. Such to the extent they are working with scammers in Nigeria is unclear.

One note, I wasn’t able to establish if Headway Capital is MLM (I’ll go into this in “compensation plan” below).

I was able to confirm Ax Trader offered three levels of referral commissions. I’m thus publishing this to shine a light on what appears to be serial Ponzi scammers.

Read on for a full review of Headway Capital’s MLM opportunity. [Continue reading…]

OnPassive’s latest innovative marketing ruse is…  a social network.

Launching as “O-Net”, it is the latest in a string of cloned me-too services Ash Mufareh can’t seem to get anyone to pay for. [Continue reading…]

Aluva operates in the nutritional supplement MLM niche.

The company originally launched late last year as Nektar Life Global. It was renamed Aluva on or around February 2021.

That said, Aluva’s “website terms & conditions” state:

This Site belongs to Nektar Life, LLC, a Utah limited liability company d.b.a. ALUVA.

Heading up Aluva is CEO Gavin Dickson (right).

As per Dickson’s Aluva corporate bio;

I have spent countless hours in the research and development of different nutritional supplements and millions of dollars investing in health protocols from around the world.

Finally, with the help of all my experience and the expertise of specialized scientists and chemists, I have formulated a line of products that I can truly say is the best of what I’ve found and one that I’m proud to put my name on.

I wasn’t able to pin down Dickson’s MLM history. Certainly on the executive side Aluva seems to be his first venture.

Outside of MLM Dickson runs BitWealth, a Utah venture capital group.

Ventures BitWealth has invested in include Opiniion and Kiln. Dickson was also co-owner of Fremont Island in the Great Salt Lake for a few years.

Last year Dickson was part of PayItForwardUtah, a food drive initiative launched in response to the COVID-19 pandemic.

In late 2020 Dickson shared plans to acquire and flip restaurants. Whether that was in addition to launching Aluva or a transition is unclear.

Update 31st October 2021 – In the above sentence I had linked to a YouTube video in which Dickson detailed his restaurant flip plans.

As at the time of this update that video has been marked as private. As such I’ve disabled the previously accessible link. /end update

On its website Aluva provides a Kiln corporate address in Utah.

Read on for a full review of Aluva’s MLM opportunity. [Continue reading…]

A CloudBest employee has revealed BehindMLM’s ongoing coverage of fraud has left Mining City feeling “humiliated”.

On June 3rd Wojciech Orych, who identifies himself as an Information Security Analyst, wrote in requesting information on BehindMLM (emphasis mine). [Continue reading…]

Following on from our coverage of Belgian authorities shutting down Vitae earlier this week, two arrested suspects have now been confirmed.

For more we turn to a June 24th report from De Tijd. [Continue reading…]

OpenAlexa still provides no information on their website about who owns or runs the company.

A reader recently reached out to let me know that since BehindMLM’s original June 2020 review, OpenAlexa’s compensation plan had been modified.

I confirmed and so here we are with an updated OpenAlexa review.

At the time of launch OpenAlexa was primarily being promoted in India. Alexa estimated 92% of OpenAlexa’s website traffic originated out of India.

While OpenAlexa still undoubtedly has tied to India, since then promotion and recruitment has migrated to the US.

Today Alexa attributes the US as contributing 60% of OpenAlexa’s website traffic. India is the second largest source of traffic at 31%.

Spearheading US promotion of OpenAlexa is a woman going by “Mrs. Etherlite”.

I was able to identify this individual as Gale J. Gajardo, a resident of California in the US.

Gajardo is no stranger to MLM crypto Ponzi schemes. Prior to OpenAlexa, Gajardo was promoting Suponic Global.

In between promoting MLM crypto Ponzi schemes, Gajardo works as a Broker Account Executive at Scan Health Plan.

OpenAlexa marketing material credits Gale Gajardo as an OpenAlexa “Global Leader”.

As per the schedule above, Gajardo is joined by Munir Jannedy, Daniel Wang, Dr. Loago and Dr. Debass.

Of the other leaders Munir Jannedy appears to be the most visible, sometimes joining Gajardo on OpenAlexa marketing presentations.

Jannedy (right) has ties to Germany and I believe is likely OpenAlexa’s bridge between India and the rest of the world.

Jannedy has a long association with fraudulent schemes. He popped up on BehindMLM’s radar in connection to Ads Profit Reward back in 2013.

Going back further, in 2009 Jannedy was promoting the TVI Express Indian pyramid scheme:

More recently Jannedy was promoting Crowd1, another Ponzi scheme.

Between TVI Express (2009) and Crowd1 (2020), Jannedy was likely promoting any number of fraudulent schemes.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]

Lyoness’ eCredits spinoff has received a securities fraud warning from Liechtenstein’s Financial Market Authority. [Continue reading…]

Minerva Trading Bot victims are being funneled into the Finiko Ponzi scheme.

The disturbing development is part of a “CMC Disbursement Concept”. [Continue reading…]