The 3 Main Masterminds behind Investment Scam Fomoex and Espian Global have been arrested in Bengaluru India.
According to Indian Express…
The police said the accused had come up with a chain-link investing model in which members can make others join the platform and get commission for it. They were assured returns of 20% or higher.
The Central Crime Branch (CCB) police in Bengaluru have arrested three persons who were allegedly running a Ponzi scheme by luring people to invest in cryptocurrency and assuring attractive higher returns.
This seem to be the going trend in the Make Money Online Industry nowadays.
Most people trying to make money online are getting duped into investment scams ‘promising’ them high rewards in ROI for not having to do any work.
The public loves this idea.
The accused have been identified as Raghavendra, Nagaraju and Shivamurthy, all residents of HSR Layout. Joint Commissioner of Police (Crime) Sandeep Patil said, “The economic offences wing detected another Ponzi scheme/chain-link scheme in HSR Layout… (they) promised more than 20 per cent returns and assured higher returns on getting additional members. Further investigation is on.”
Network Marketing has been attracting a lot of Crime Based Types of Entrepreneurs…
With MLM Investment Schemes, owners can create a website (with zero products), their own digital coins within minutes and the whole plan can be executed very cost effectively.
Then all they need to do is find a bunch of network marketers who don’t necessarily have to ‘buy in’ or invest to do the marketing and advertising for free.
The police said they had come up with a chain-link model in which members of the firm can make others join the platform and they would get commission for it. For instance, if they make a person invest 100 US dollars, the person would get 10 per cent commission on the package every month, the police added.
Many network marketers who struggled for years trying to sell their potions, lotions and pills (with traditional MLM) to family and friends, love the idea of Crypto Passive MLM’s because they feel that it’s easier to sell along with the fact that they don’t have to get any ‘skin in the game’ (next to nothing in cost) for themselves.
All network marketers need is a link to promote and away they go!
FomoEX launched back in October and they even held a pre-launch event in the MLM Ponzi Scam capital of the world “Dubai” shortly after.
FomoEX was supposedly lead by Chairman Stephen Meade (from US) and David Hung (owner of Filecoin) from Singapore.
Meade has not made any new posts since mid September on his Facebook Page and Hung’s whereabouts are unknown.
At time of publishing this article, most of the traffic going to FomoEX website is coming from Nigeria, India and The US.
In a weird twist, Hyperfund’s chairman Sam Lee was seen attending the FomoEX pre-launch even in Dubai last month and this has raised questions as to why?
Some experts speculate that he was there to create a side hustle income for himself when Hyperfund eventually collapses.
Only time will tell.
Rory Singh is a Home Business Development Coach, Blogger and You Tube Publisher
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