Indian authorities have issued arrest warrants for multiple iX Global promoters.

Among the wanted fugitives is Viraj Patil, whose fraud has been celebrated on Ted Nuyten’s BusinessForHome;

Originally from India, Patil has since fled the country for Dubai.

After speaking with seventeen iX Global victims in India, Money Control broke news of the arrest warrants on October 3rd. [Continue reading…]

Without action by law enforcement, Mirror Trading International liquidation proceedings have recovered only a fraction of what was stolen.

Now it’s been revealed a quarter of that, around $9.8 million, will go to liquidators. [Continue reading…]

Rainbow Fund fails to provide ownership or executive information on its website.

Rainbow Fund’s website domain (“rainbowhighreturn.com”), was privately registered on August 31st, 2023.

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…]

After collapsing in late 2021 and dissuading investor complaints with a never-ending string of promises, CashFX Group has finally taken down their website.

A “decentralized” reboot has been announced, run by a centralized group of unknowns. [Continue reading…]

Lucky Ape fails to provide ownership or executive information on its website.

Lucky Ape’s website domain (“luckyape.ai”), was privately registered on August 24th, 2023.

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…]

Arbitrage King fails to provide ownership or executive information on its website.

Arbitrage King’s website domain (“arbitrageking.io”), was privately registered on August 15th, 2023.

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…]

Shao Bank fails to provide ownership or executive information on its website.

Shao Bank’s website domain (“shaobank.com”), was registered with bogus details on July 17th, 2022.

While Shao Bank fails to disclose who runs the company, they do name several promoters on their FaceBook page.

These include:

• Kristhian Seijas (Spanish)

• Christian Blanchart (French and German)

• Nguyen Trung Hien (Vietnam)

• Shereen Lalloo (???)

• “Cheo BTC” (Spanish)

• Imad Elmhassani (Morocco)

• Rodrigo Nascimento Da Silva (Portuguese)

• Simeon Chotilal (English)

As of September 2023, SimilarWeb tracked top sources of traffic to Shao Bank’s website as Russia (12%) and Ukraine (8%).

Given Shao Bank doesn’t appear to have any Russian leaders, this strongly suggests it is being run by eastern Europeans.

Note that in an attempt to appear legitimate, Shao Bank provides a Hong Kong shell company certificate on its website.

Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence these certificates are meaningless.

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…]

Trade Like Crazy fails to provide ownership or executive information on its website.

Trade Like Crazy’s website domain (“tradelikecrazy.ai”), was privately registered on September 21st, 2023.

One name we can attach to Trade Like Crazy is serial Ponzi promoter Ari Maccabi.

While Maccabi doesn’t appear to be running Trade Like Crazy, on a recent “early access” webinar he introduced “Paul”.

Paul is represented to be a Polish national and part of the group running Trade Like Crazy.

This suggests Trade Like Crazy is being run out of Europe.

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…]

QNet fraud across India is so rife that there are victim’s associations set up specifically to combat the pyramid scheme.

Following increased illegal QNet recruitment in Manipur, the statewide QNet Fraud Victim’s Welfare Association has called for “urgent action” [Continue reading…]

Lyoness has filed for bankruptcy in Europe.

As per an October 24th press-release issued by Richard Meixner, Managing Director of Lyoness Italy; [Continue reading…]