DUBAI-CONNECTION OF MLM-CRYPTO-SCHEMES EXPOSED

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The Rising of a Really Hot Destination

In recent years, Dubai has consistently worked its way up in the realm of offshore centers. Especially for Europeans and Asians, the tax haven in the Middle East has successfully developed into the first address for internationally active companies. Dubai also benefits from its geographical location as a bridge between Europe and Asia. Like many offshore destinations, Dubai is also known for its discretion. For example, company data is not published via the OpenCorporates platform.

It is therefore hardly surprising that the projects arising from the crypto-hype of the last two years have also connected with Dubai. Many of the internationally active crypto MLM systems are located in Dubai.

Here are the updates of our investigations regarding Dubai-related schemes and scams:

USI-TECH

USI-Tech Ltd : After the USI-Tech crypto-MLM scheme being run by the Germans Mike Kiefer and Ralf Gold had to cease business in USA and Canada in compliance with orders from courts and regulatory authorities (British-Columbia, Spain, Canada ), New Zealand, too, issued a warning against the organization and qualifies it righteous as a scam.  The German MLM artist Michael Herrmann once an over-ambitious distributor and leader of USI-Tech in is trying hard to delete all stuff which possibly relates him to USI-Tech. The scheme’s official headquarters is Dubai. (So can someone tell us why the European regulatory authorities have not yet reacted and are still watching?)

BitConnect

BitConnect: Divyesh Darji, one of the most prominent promoters of BitConnect and alleged head of the Indian BitConnect branch was arrested mid-August by the Gujarat Criminal Investigation Department (CID) at the Delhi airport. Darji was on its way from Dubai to Delhi. He moved to Dubai after the fraud allegations were raised beginning of 2018. Darji was one of the promoters of the BitConnect crypto-scheme, along with Satish Kumbhani, Dhavl Mavani, Mahendra Chaudhari, and Suresh Gorasiya. The team allegedly siphoned off about US$12 billion from naive investors. BitConnect was a well-known cryptocurrency investing and lending platform and issued its own token named BitConnect (BCC). BCC used to be on the world’s top 20 most successful cryptocurrencies until its price plunged 65 percent starting on January 3, 2018. After hitting an all-time high of $463 in December 2017, before plummeting to its current $0.68.

NEXUS GLOBAL

The German crypto-MLM scheme NEXUS GLOBAL published its all new website and did its first leadership meeting in Germany mid-August. The scheme was launched by the German MLM artists Christian Michel SCHEIBENER, Michael THOMALE, and Stephan WELK in March 2018. The German Stephan WELK received some bad press in July in connection with Boris BECKER’s passport scandal. The NEXUS GLOBAL founders have a strong connection with Dubai which is a sort of operational center for them.

In an interview, the founder and CEO of Nexus Global Christian Michael Scheibener provided an update on the scheme’s status. Accordingly, the scheme acquired some 75.000 partners and members with its low-priced crypto-mining packages. Interestingly, Scheibener admits that mining probably is not the scheme’s future (although he assures that mining for sure is better than any bank product and any insurance offer) but with the soon-to-be-available multiwallet solution new products will be offered. Currently, NEXUS GLOBAL is still working on some security issues around the multiwallet. Finally, everything has to be very transparent as Scheibener is planning nothing less than an Initial Public Offering (IPO) in 2019.  For a detailed review of the Nexus product pls go on reading here.

We are aware of many other crypto-related companies and people residing in Dubai. It’s a fact that this “hot” destination acquired quite a reputation in the international crypto-scene and became notorious for its discretion.

 

 

 

 

 

 

 

 

 


Also published on Medium.

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