Seven Venezuelan investors reported a case against the accused companies connected to the $30 million worth crypto Ponzi scheme. The firms including Eagle Financial Diamond Group Inc. and Argyle Coin were reported to the Florida Federal Court. These Venezuelans allege that the companies lured them into this fraud crypto Ponzi scheme. The involved crypto asset in this scheme was pegged to diamond.
Harold Seigel, the Canadian financial commentator with his son Jonathan Seigel and partner Angel Aman made false commitments of returns on investments. Instead, they were using these raised funds and investments to pay their older investors.
As per the lawsuit, the Venezuelans seek all their invested funds with their interest as mentioned in the contracts. Argyle Coins claims that the complainants do not have any allocation documents or any access to their crypto wallets.
Earlier this month, the Gujarat law forces have arrested four individuals suspected in connection with an alleged cryptocurrency scam. The perpetrators lured people into investing in KBC Coin with the promise of converting .10 paisa into 10 rupees “in no time.”
Also, recently a Canberra-based couple became a victim to a cryptocurrency scam in Australia and lost more than AU$20,000 in a fake Bitcoin investment.
All these scams are an alarm to all those investors who want maximum profit with lesser investments in less time. Try not to fall for such fraud schemes and research before doing any sort of investment.