A company with huge ties to the market of South Africa called BTC Global has become a subject of investigation conducted by the elite forces of the South African police. The special division called Hawks is now trying to find people behind a massive enterprise which disappeared after the period of investment attraction. The press secretary of the division told that there are 25,000 victims of the fraud at the very least.
The company previously claimed that the returns from any investment will be 14% a week which is an obvious Ponzi scheme red flag. This is why some media outlets even headlined this story “You should have seen that BTC Global was a scam from a mile away”. The South African police prefers not to call this organization a Ponzi scheme yet, stating that the investigation is still at the very beginning.
What is notable in this occasion is that this company has managed to work internationally, although judging from the news background, a considerable part of investors was the residents of South Africa. Usually pyramids which target Africa do not work with other regions due to the differences in marketing policy.
One of the leaders of the project Steve Twain might have actually been a fake manager to help the real criminals stay in the shadows, note both the victims of the fraud and the press.