UK shuts down global crypto platform PGI Global for scamming investors with over $700,000

The UK Supreme Court has halted PGI Global after determining that its executives had siphoned off more than $700,000 from investors.

The UK Supreme Court has shut down cryptocurrency company PGI Global for allegedly carrying out a fraudulent conspiracy.

The company has promised investors returns of up to 200% if they buy digital assets through its platform, but consumers have never received such returns.

The latest UK crypto scam?

According to an official press release, UK authorities discovered PGI Global’s suspicious activities last month and shut it down after determining that the company had stolen more than $700,000 from its users. me.

The Supreme Court of the United Kingdom states that PGI Global attracts its customers by promoting itself as a legitimate cryptocurrency trading venue where investors can receive up to 200% of their funds. their original allocation.

A lot of people who have fallen victim to this scheme have been left without the promised profit and unable to withdraw their initial deposit.

The investigation found that the platform’s executives deposited about $225,000 of the stolen assets into personal accounts and used more than $11,500 to purchase luxury items.

PGI Global is part of Praetorian Group International Trading Inc. – a company that the U.S. Department of Justice suspects of a financial crime. Its director Ramil Ventura Palafox did not cooperate with the Supreme Court investigation.

Officials argued that shutting down the organization was “in the public interest.” Mark George – Chief Investigator for Bankruptcy Services – ensures that law enforcement officers will punish any other companies that fail to comply with their obligations and lack the necessary transparency.

“This case highlights that when we have reasonable concerns about a company’s business practices, courts will downplay any failure to cooperate with a statutory investigation. and will expose the company to exploitation,” he added.

Another example of a UK crypto scam

A British citizen, who did not wish to reveal his name, lost about $200,000 in January in a bitcoin romance scam. He joined a dating app and started texting a woman named Jia. She introduces herself as a successful crypto investor with “inside knowledge” and lures the man to distribute substantial amounts of money on a dubious platform.

A man realizes he has fallen victim to a crypto scam when he finds his balance “cleared”. On the other hand, Jia refused to help and said she had to fly to Australia. The devastated man seeks help and admits that his mother’s support saved him from suicide.

Read more: The number of Bitcoin ATMs grows in Moscow, Russia

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