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Bitsolives- Fraud Alert- Review

In connection with the Bitsolives Ponzi scheme, Indian police in Mumbai have charged five people.

So far, only one arrest has been made in Pune.

The final four con artists have escaped. Bitsolives was an MLM crypto Ponzi scheme when it first surfaced in 2017. The Buxcoin Ponzi shitcoin, the scheme’s Buxcoin Ponzi shitcoin, promised 300 percent returns.

Bitsolives went out of business early in 2019, as we mentioned in the feedback section of our review.

According to the Hindustan Times, the suspects are Ganesh Sagar, Prashant Brahmbhatt, Chandrashekhar Bali, Anuj Ojha, and Mohsin Jameel. Sagar, Brahmbhatt, and Bali are 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 had spent the preceding 16 years working in community advertising.

Pune police detained one of many suspects early this month, according to cops. “We expect to be granted 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. Mohsin Jameel was the CEO of Bitsolives until recently (proven to be correct).

He’s thought to be largely headquartered in the United Kingdom. Bitsolives is the most recent Ponzi scheme in which Jameel has been involved, and Indian officials have been keeping track of him for some time.

Jameel was tied to seven phony foreign exchange and cryptocurrency funding businesses at the end of 2017. Jameel is accused of defrauding the Indian government of $1.5 billion in foreign cash through his schemes.

Anuj Ohja and Ganesh Sagar, both from Pune, have recently been detained. This suggests that the other two conspirators, Prashant Bahmbhatt and Chandrashekhar Bali, are very certainly hiding away in a Dubai hotel room or condominium.

Due to the lack of regulation of MLM-related securities fraud and the lack of extradition treaties, scammers have found a safe haven in Dubai.

According to us, Dubai has been dubbed the world’s MLM rip-off capital. Despite the fact that Mohsin Jameel defrauded individuals out of nearly a billion dollars, the United Kingdom is not far behind. On his personal website, Jameel describes himself as “among the UK’s most profitable British entrepreneurs.”

The investigation into Bitsolives was initiated by victim concerns. Because they invested in Buxcoin, the complainant and his companions were aware that they could become billionaires, and because it was a series system, they wanted to bring in more purchasers.

According to the defendants, no coin in the world could be used for foreign currency trading prior to this, so demand for Buxcoin would expand globally and its value would surge if buyers used a rising amount of Buxcoin for foreign currency trading.

Buyers who enquired about their funds with the company’s director were aware that the epidemic had a negative impact on their investment strategy.

Following that, agency executives promised buyers that their money would be reimbursed, but this never happened.

It’s a well-worn story that’s still being told in today’s MLM crypto Ponzi schemes. Stay tuned for more updates on the Bitsolives case…

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