Cameroon authorities have apprehended Emile Parfait Simb, the man who runs the Ponzi scheme known as Liyeplimal. According to the business community in Cameroon, Simb was taken into custody by the authorities on May 26 at the Duoala Airport. He was just about to get on the plane to fly to Morocco when the shooting started.
The Ponzi scheme known as Global Investment Trading was relaunched under the name Liyeplimal. Late in 2021, Liyeplimal went bankrupt as a result of various regulatory warnings issued across Africa, the continent from which the vast majority of investors were recruited.
In January 2022, Simb launched a new shitcoin as part of a relaunch of his Ponzi scheme.
The revival of Liyeplimal lasted for fewer than two months until it was brought to its knees once more.
According to Business in Cameroon, Simbwas was taken into custody following the issuance of a warrant to compel him to appear in court by the Public Prosecutor at the Yaoundé Court of First Instance.
According to the information provided by our sources, a hundred Liyeplimal subscribers filed a complaint against Global Investment Trading for fraud at the beginning of 2022. These individuals claimed that they had been unable to receive a return on their investments.
The company’s legal representative, Emile Parfait Simb, has been requested to appear on multiple occasions, but he has consistently ignored the requests.
In addition, Simb is said to have been charged with “severe fraud,” which includes allegations of money laundering and insider trading, according to CamerounWeb.
On Friday, it appeared as though Simb was granted bail despite the serious nature of the charges against him. As a condition of his release on bail, Simb is required to hand over his passport from Cameroon.
However, CamerounWeb brings up an interesting point: what can this stop him from doing if he believes he possesses many passports, including one from the Central African Republic?
According to a number of competent observers, (Simb) is afforded a high level of protection not just within the infrastructure of the state but also within the legal system, the police, and the security agencies.
Since he was let go on Friday, there has been no information regarding Simb’s current situation.