UK shuts down cryptocurrency that defrauded investors of more than $700,000
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Answer UK shuts down cryptocurrency that defrauded investors of more than $700,000
The UK Supreme Court has shut down cryptocurrency firm PGI Global for allegedly running a fraudulent scheme.
The company promised investors up to 200% returns if they purchase digital assets through its platform, but users did not receive such profits.
Scams in the cryptocurrency market continue:
According to show An official journalist, the British authorities discovered suspicious activities of the company “PGI Global” last month and closed it after it was confirmed that the company had stolen more than 700,000 dollars from its users.
The UK High Court has told PGI Global that it has amassed its clients by promoting itself as a legitimate cryptocurrency trading site where investors can receive up to 200% of their initial allocation.
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Many people who fell victim to the scheme were left without the promised returns and were unable to withdraw their initial deposit.
The investigation revealed that the platform’s executives sent nearly $225,000 in stolen assets to personal accounts and used more than $11,500 to purchase luxury goods.
PGI Global is part of the Praetorian Group International Trading Inc, a company that the US Department of Justice has suspected of committing financial crimes.
Its director, Ramil Ventura Palafox, did not cooperate with the Supreme Court’s investigation.
Officials argued that closing the company was in the public interest.
Mark George, the insolvency circuit’s chief investigator, emphasized that law enforcement agents will penalize any other company that does not comply with obligations and lacks the necessary transparency.
He added:
This case highlights that when we have reasonable concerns about a company’s business practices, a court will take a dim view of any failure to cooperate with a legal investigation.
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