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Five scammers of the Bitsolives Ponzi scheme have been charged in Mumbai by Indian police.

One person was detained in Pune. The remaining four con artists are on the run.

Bitsolives was a multi-level marketing (MLM) cryptocurrency Ponzi scheme that surfaced in 2017. 300% returns were promised, paid in the scheme’s Buxcoins Ponzi shitcoin.

Bitsolives went bankrupt in early 2019.

According to the Hindustan Times:

“Ganesh Sagar, Prashant Brahmbhatt, Chandrashekhar Bali, Anuj Ojha, and Mohsin Jameel have been named as the defendants.

Sagar, Brahmbhatt, and Bali are the firm’s directors, while Ojha, located in Pune, is the firm’s administrative head.

Jameel is the founder of Bull Infotech- a blockchain development business that created Bitsolive. According to the FIR, Sagar has been involved in network marketing for 16 years.

According to police sources, one of the defendants was apprehended by Pune police last month.”

Mohsin Jameel was the Chief Executive Officer of Bitsolives. He is supposed to be based in the United Kingdom.

Indian police have been on the lookout for Jameel for some time, with Bitsolives being the newest Ponzi scheme in a long line of Ponzi schemes.

Around 2017, Jameel was connected to no fewer than seven bogus investment organizations operating in the forex and cryptocurrency markets.

Indian officials suspect Jameel has defrauded the country of $1.5 billion through his scams.

Anuj Ohja is located in Pune, and Ganesh Sagar was arrested there as well. This implies that Prashant Bahmbhatt and Chandrashekhar Bali’s accomplices are most likely hiding in Dubai.

Dubai is a refuge for fraudsters due to its limited extradition treaties and lack of regulation of MLM-related securities fraud.

As demonstrated by Mohsin Jameel’s ability to defraud individuals of over a billion dollars while escaping regulatory penalties, the UK is not far behind.

Jameel describes himself on his own website as “among (the) UK’s most successful British entrepreneur(s).”

Complaints from victims spurred Bitsolives’ inquiry:
“The complainant and his companions were informed that by investing in Buxcoin, they would become billionaires and that they should recruit more investors because the system is decentralized.

The accused claimed that if investors began to use Buxcoin for FX trading, demand for Buxcoin would increase globally, and its value would skyrocket.

When investors inquired about their money, the company’s director stated that the pandemic negatively influenced their investing strategy.

Later in their seminars, the firm directors promised investors that they would get their earnings, which never transpired”.

A similar scenario continues to unfold throughout today’s MLM crypto Ponzi schemes.

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