Police in Brazil revealed $210 mln crypro pyramid scam

[mlawson71]

The Brazilian police have arrested 10 individuals in connection to a crypro pyramid scam that has defrauded Brazilian investors with over 850 million Brazilian Reals or roughly 210 million USD.

The arrests were made after a massive police operation, involving the tax authorities.

In the focuse of the police investigation are 13 people and 5 legal entities in connection to the fraudulent scheme, called “Indeal”.

More then 55 000 investors have fallen victims to the scam, after they were promised a 15% monthly payout.

Source

 

[Nikolas84]

This kind of scams become more and more often. With the difficulty to trace some cryptocurrency assets like Monero it is much easier for scammers to hide their traces. Hopefully authorities worldwide are doing their job to uncover and prevent such fraudulent schemes and make lot of warnings like this recent SEC and CFTC warning against opportunities that “sound too good to be true”. Unfortunately some of this ponzi schemes succeeded to avoid prosecution for enough time to get thousands of people on board and ruin lot of people's savings.

 

[Panzer4183]

Jeez.....210 millions. Looks like the suckers are born every minute.