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Indian officials have apprehended three suspects in the FomoEX Ponzi scheme.

What appears to be proactive regulation at first glance might be linked to the demise of the eOracle Ponzi scam.

Raghavendra, Nagaraju, and Shivamurthy have been identified as the fraudsters behind FomoEX. All three suspects live in HSR Layout, a Bangalore suburb.

According to the Indian Express;

“The economic offences wing uncovered another Ponzi scam/chain-link scheme in HSR Layout,” stated Joint Commissioner of Police (Crime) Sandeep Patil. (They) guaranteed more than 20% profits and promised even larger returns if more people joined. “Further inquiry is underway.”

“The suspects ran a company called FOMOEX at a posh hotel in Yelahanka,” a police official stated. They claimed to have a presence in the United States, Singapore, and China.”

Because FomoEX was just discovered last month, Indian officials would have had to work quickly to make the arrests.

However, this line implies that the probe began prior to FomoEX.

It was also discovered that the accused had previously defrauded other persons in a similar chain-link scheme.

The phrase “chain-link scam” appears to be used by Indian police to describe cryptocurrency frauds.

As previously discussed on BehindMLM, FomoEX had its own Ponzi scam with linkages to eOracle and HyperFund.

In turn, eOracle was a reboot of Espian Global.

Through Karn Dwivedi, Espian Global and eOracle have relations to India (right).

Dwivedi began his career as Espian Global’s Country Head. When the firm relaunched as eOracle, he became its face.

I thought Raghavendra, Nagaraju, and Shivamurthy were also using eOracle, making FomoEX the third reboot.

Espian Global was founded by Raghavendra, Nagaraju, and Shivamurthy, according to The Hindu.

According to a police officer, the accused previously launched a company called ESPN Global Company and misled several people.

This implies that they were also involved in the eOracle reboot.

Raghavendra, Nagaraju, and Shivamurthy were not the only ones who hid behind Dwivedi.

FomoEX is officially led by Stephen Meade (right) and David Hung (Singapore).

Whereas Raghavendra, Nagaraju, and Shivamurthy were headquartered in India, Dwivedi eventually went to Dubai.

In Dubai, there is no regulation of Ponzi schemes. The UAE acts as a haven for career fraudsters, making it the world’s MLM scam capital.

The websites of eOracle and FomoEX were still operational at the time of publishing.

On September 6th, eOracle’s official Facebook page was deactivated.

Stephen Meade’s Facebook profile hasn’t been updated since September 18th. His most recent appearance for FomoEX occurred on November 1st in a corporate webinar:

Meade’s last known location was Dubai. FomoEX has uploaded a series of Indian narrated stock footage marketing videos to its YouTube channel since the November 1st webinar.

David Hung is hardly recognized.

Ryan Xu, the founder of HyperFund, has links to both Australia and China.

Earlier this year, Xu and the rest of HyperFund’s executives escaped to Dubai.

It is unknown whether Indian authorities are looking into HyperFund. It’s also unclear whether Karn Dwivedi has been arrested.

Stay tuned for any changes…

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