Police in Brazil revealed $210 mln crypro pyramid scam

[mlawson71]

The Brazilian police have arrested 10 individuals in connection to a crypro pyramid scam that has defrauded Brazilian investors with over 850 million Brazilian Reals or roughly 210 million USD.

The arrests were made after a massive police operation, involving the tax authorities.

In the focuse of the police investigation are 13 people and 5 legal entities in connection to the fraudulent scheme, called “Indeal”.

More then 55 000 investors have fallen victims to the scam, after they were promised a 15% monthly payout.

The authorities stressed that the scammers did not have any license to provide financial and brokerage services and that they were receiving funds in the form of crypto currencies and fiat money without proper authorization.

Source