The São Paulo police are investigating FX Trading, an alleged pyramid that used bitcoin as a flashy and that has claimed thousands of victims in Brazil. According to a report by Folha de S. Paulo, there are three separate inquiries, ‘of victims of an alleged coup that could reach R $ 1 billion’.
"In the first months, they pay, to give legitimacy, then they disappear".
The comment is from prosecutor Renato Davanso, who is following one of the ongoing investigations. For him, says the report, ‘this is a typical example of a more sophisticated swindler’.
According to the report, the São Paulo Public Security Secretariat (SSP-SP) said that allegations of crimes against the popular economy, fraud and criminal organization are investigated.
Wanted by Folha, Philip Han, alleged leader of the scheme, denied connection with the company. However, it is known that it appeared several times on social networks in front of the company, whether in photo or video.
In the report, he said that he says he was “just an investor”. In a statement, his defense said that Han gave motivational talks to those who wanted to undertake in the system.
"One day, without warning, the company went offline and investors were prevented from withdrawing the values from their virtual accounts," says the article.
Judge lost R $ 900 thousand
According to the report, one of the victims, retired judge Messias Cocca, 81, lost, along with his son, more than R $ 900,000.
The magistrate assumed that he was duped by this world-class criminal organization and that he barely invested R $ 2 million, said the report, who had access to the history of a police report registered last year.
FX Trading in Brazil
Last year, FX Trading Corporation was banned by the Brazilian Securities and Exchange Commission (CVM) from operating in the Brazilian market under penalty of a daily fine in the amount of R $ 1,000.
According to CVM Declaratory Act 17.142, the company had been acting irregularly, offering securities brokerage services as well as attracting Brazilian clients to the so-called Forex market.
In July 2018, the CVM issued a booklet saying that there is not even one company in Brazil authorized to work in this segment.
In the month following the CVM's alert, FX Trading reported several changes to the rules of its business model. Withdrawals, which were daily, were made once a month.
There was also a change in profitability gains and in the so-called binary plan.
In the following month, FX Trading ended its activities in multilevel marketing and left many people in doubt about delayed withdrawals, revolting investors.
The fall was imminent. That's because at that time the only certainty was that the company would not deliver on the promise of any gain on the investment, as stated in a statement sent to investors.
In the note, the company limited itself to saying that the amounts with a percentage of earnings would not be returned, but the amount that was invested.
The beginning of the end in Brazil
Soon after, Philipp Han, who called himself the company's Global Master, announced the end of FX Trading through a video on YouTube, which has already been taken down.
He reported on the problem of delayed withdrawals and promised that everyone would get back the amount injected into the company.
FX Trading in Dubai
About a month after the ‘end of operations’ in Brazil, the now defunct FX Trading changed its name to ‘F2 Trading Corp’ and relaunched in Dubai, United Arab Emirates.
As the Behind MLM website found at the time, the change was only in name, as the company remained under the command of Phillip Han and his well-known collaborators, as well as maintaining most of the plans and offers of its multilevel marketing.
By that time, the luxury life of Philip Han from Paraná had already been exposed and, according to investigators from the Federal Police and representatives of the Federal Prosecutor's Office, his assets had been built thanks to his successful efforts in multilevel marketing.
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This source of this article is portaldobitcoin.com.