In the last weeks, we have invested considerable time and resources in the Scams RoyalsFX and LincolnFX. These scams were customers of the CySEC-regulated Maxigrid Ltd of Roy Almagor and Jekaterina Pedosa and have processed payments of client-victims via crypto and FIAT. Substantial sums of the customer victims were processed via the now-closed crypto platform BitandBuy (www.bitandbuy.com and https://crypto.maxigrid.com). The platform disappeared without further comment during the probe in Maxigrid. These scams and many more are part of the scam network of the Joshua Group.
Payment Processor Maxigrid
Many customers have transferred significant amounts of money via bank transfer (FIAT deposits) directly from Maxigrid Ltd‘s bank account with the Lithuanian GlobalNetInt UAB. FinTelegram has not yet received the requested answers from Maxigrid’s questions on how and for which clients these bank transfers were made.
In the meantime, law firms in different EU jurisdiction have also become aware of Maxigrid and question the role of this regulated investment firm in the scams (see for example Resch Lawfirm in Germany).
The scams blood trail
While the role of Maxigrid has to be further investigated, we were able to prove that the aforementioned scams RoyalsFX and LincolnFX are also part of the notorious cybercrime organization Joshua Group with the two companies Joshua Development Ltd (Dominica) and Joshua Partners EOOD (Bulgaria). The scams are still online and active until today (18. Aug 2020). The currently still active CapitalFunds (www.capitalfunds.co) is also part of the Joshua Group.
Since at least 2017 the Joshua Group has been operating dozens of scams via various dummy companies. Financial market supervisory authorities have issued corresponding investor warnings:
- In July 2018 and April 2019, the Italian CONSOB issued investor warnings against the Joshua Group and its broker scam Capital Market Banc (www.capitalmarketbanc.com, www.capmb.com, www.capmbeu.com, www.capitalmbit.com, www.capmbit.co, www.capitalmarketsbanc.co).
- In June 2018, CONSOB issued an investor warning against the Joshua Group and Sucaba Enterprise Ltd for operating the CentroBanc broker scam (www.centrobanc.com).
- In June 2017 and later in October 2018 the UK FCA issued an investor warning against the Joshua Group and its scams SolidFX Pro (www.solidfxpro.com) and Capital Market Banc.
- In October 2018, the Spanish regulator CNMV issued a warning against the Joshua Group for operating the broker scam AxeInvest (www.axeinvest.com).
- Late 2019 and early 2020, the Swiss regulator FINMA warned against RoyalsFX (www.royalsfx.com and www.royalsfx.com) operated by the Joshua Group.
- In July 2020, the Austrian and Swiss regulators FMA and FINMA warn against the 10CryptoMarket scam operated by the Joshua Group.
In April 2020, the Joshua Group again caught our immediate attention in our ongoing investigations of the PumaTS Scam Broker Network. We received documents proving the Joshua Group is directly related to the PumaTS network which in turn is related to the CySEC-regulated Leverate Financial Services Ltd.
The Georgian connection
The Joshua Group connected to the Georgian citizen Levan Asatiani and the Bulgarian citizen Petyo Donchev Zlatev is currently one of the most aggressive operators of scam brokers in Europe.
Why regulated investment companies like Maxigrid deal with these scams and why the CySEC accepts this is completely incomprehensible.
