Five individuals have been charged in connection with the Bitsolives Ponzi scheme by Indian authorities in Mumbai.
Pune has thus far made one arrest. The last four con artists have fled. When Bitsolives launched in 2017, it was a multi-level marketing (MLM) cryptocurrency Ponzi scheme.
The Ponzi shitcoin Buxcoin used in the scam guaranteed 300 percent profits. As mentioned in the feedback section of our study, Bitsolives ceased operations in early 2019.
According to the Hindustan Times, the suspects include Ganesh Sagar, Prashant Brahmbhatt, Chandrashekhar Bali, Anuj Ojha, and Mohsin Jameel. Sagar, Brahmbhatt, and Bali serve as the company’s administrators, with Pune-based Ojha functioning as the administrative head.
Jameel is the founder and CEO of Bull Infotech, which created Bitsolive, a blockchain growth platform. According to the FIR, Sagar has spent the last 16 years working in community advertising.
Pune police detained one of several individuals early this month, according to cops. “We anticipate obtaining custody of him in the not-too-distant future.”
According to the police, Bitsolive’s administrators are primarily based in Dubai and London, they stated. Until recently, the CEO of Bitsolives was none other than Mohsin Jameel (proven to be correct).
He is believed to be mostly based in the United Kingdom. Bitsolives is the most recent Ponzi scheme in which Jameel has been involved, and Indian police have been keeping tabs on him for some time.
Jameel was connected to seven phony foreign exchange and cryptocurrency fundraising firms by the end of 2017. Jameel is accused of defrauding the Indian government of $1.5 billion in foreign cash through his scams.
Anuj Ohja and Ganesh Sagar, both of Pune, have been detained recently. This suggests that the other two conspirators, Prashant Bahmbhatt and Chandrashekhar Bali, are almost certainly hiding out in a Dubai lodge room or condominium.
Due to the lack of regulation of MLM-related securities fraud and the absence of extradition treaties, scammers have a haven in Dubai.
According to us, Dubai has been dubbed the world’s MLM rip-off capital. While Mohsin Jameel defrauded people of over a billion dollars, the United Kingdom is not far behind.
Jameel describes himself on his personal website as “among the UK’s most profitable British entrepreneurs.” The investigation into Bitsolives was initiated by victim concerns.
Due to their investment in Buxcoin, the complainant and his accomplices were aware that they may become billionaires, and he and his companions desired to attract further customers due to the series system.
According to the defendants, because no cryptocurrency in the world could previously be used for foreign currency trading, demand for Buxcoin would increase globally and its value would surge if buyers employed a growing amount of Buxcoin for foreign currency trading. When purchasers enquired about their funds with the company’s director, they were aware that the pandemic had a detrimental effect on their investment strategy.
In future lectures, agency managers assured consumers that they would receive their money back, but this never materialized.
It is a well-worn scenario that is still being played out in today’s MLM cryptocurrency Ponzi schemes. Maintain an eye out for additional developments in the Bitsolives case…