The South Africa Directorate for Priority Crime Investigation (Hawks) is looking into a possible Ponzi scheme that could have made away with $50 million. The scheme has affected more than 27,500 people from South Africa, the US, and Australia. Some victims claim to have lost nearly $117,000 to the scheme. Hawks is investigating BTC Global, an international group of investors, for violating the Financial Advisory and Intermediary Services Act.
Interestingly, the official website claimed in a statement that the Group’s funds manager, Steven Twain disappeared on February 18.
“Steven did not acknowledge receipt of the information. Steven has not contacted anyone in leadership or admin team,” the post states. “No payments have been made by Steven […] If anyone has ANY information on how we can get in contact with him please get in touch and let us know,” the statement said.
BTC Global had also said on its website that investors who had sent bitcoin to its wallet address would get guaranteed returns of 14 percent every week. However, the message was followed by claims that Steven Twain had disappeared with all the money.
According to a post on Medium that had warned of BTC Global being a Ponzi scheme, Steven Twain is not a real person.
A statement on the website has also asked victims to stop threatening the admin team. One of the website’s administrators, Cheri Ward has been allowed protection against someone who alleged she was responsible for the scam.
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