PF makes operation against pyramid scheme with cryptocurrencies in RO and four other states

Iury Lima – Cenarium Magazine

VILHENA (RO) – A group suspected of moving R$ 120 million in a pyramid scheme involving cryptocurrencies is in the sights of the Federal Police (PF) which launched an operation on Thursday, 9, against the investigated. According to police, the base of illegal operations is in the city of Cacoal, 480 kilometers from Porto Velho.

With the promise of high profits, the scheme attracted investors from other Brazilian states and even abroad. On Thursday, federal agents served 28 search and seizure warrants in cities in Rondônia and four other states: São Paulo, Mato Grosso, Mato Grosso do Sul and Bahia. The federal courts blocked assets such as cars, houses, stocks and financial assets.

Unsustainable promises and recruiting third parties

To attract interested parties, the leader of the scheme, located in the city of Cacoal, would raise funds through companies under his domain with the promise of investments in financial applications. “There were initial promises of guaranteed return of 300% in 120 days, later modified to 100% in 21 days and/or 33 days,” clarifies PF.

In addition to the money invested by the victims in the hope of supposed profitability, there was a progressive bonus system if the investors recruited other people to also trade cryptocurrencies with the companies. The idea was to profit, even, on the earnings that most adhered to the scheme. Luxury items, not specified by the police, were also offered as rewards.

The case is investigated by the Federal Police Station in Ji-Paraná. According to the police, “originally, the capture took place in person only in the central region of Rondônia, but after boosting public ads on social networks and hiring public figures to advertise one of the companies headed by the leader of the criminal organization, it began to occur indistinctly in the virtual environment, with victims scattered throughout Brazil and even in other countries”.

Luxury and ostentation

The investigations began in 2021 and point out that the money deposited by the victims was not applied in the financial investments. The values, in fact, were used to sustain the pyramid scheme itself and the personal and illicit enrichment of the members of the criminal group, which, according to the PF, “began to flaunt a standard of wealth totally incompatible with the income earned”, indicating money laundering maneuvers.

The criminal association even created its own digital currency and a broker of virtual assets, aiming to engage more people. When it was time to receive the promised profits, the victims received “the most diverse justifications, attributing problems to third parties,” according to police.

Convictions

The investigators must answer for the practices of criminal organization, clandestine financial institution, fraudulent and reckless management, illegal issuance of securities without prior registration, tax evasion and money laundering. Together, their sentences may exceed 60 years in prison in a closed regime.

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