April 12, 2023 (MLN): A massive fraud scheme that had stolen more than a billion dollars from investors worldwide has been uncovered by a BBC Eye investigation.

The scheme involved a network of fake investment brands that were linked to a group of mysterious businessmen, to lure investors and cheat them out of their money.

While obtaining a recording of how one of the scammers duped an elderly man in Sweden into paying a €250 deposit to recover his lost money, the BBC Eye team came to know that the man had already lost about £80,000 in previous scams. The scammer claimed to be from a cryptocurrency trading firm called Solo Capitals, which was based in Georgia. The recording was used as a training tool for new scammers.

The scam network targeted investors from all over the world, but especially from the UK. The BBC Eye team joined police raids in Tbilisi, where some of the scam call centers were located. They saw many British phone numbers on the screens, showing that the UK was a major target for the fraud.

The group was using various tactics to attract investors and cheat them out of their savings. One of those included using social media ads to lure investors who were promised returns of up to 90% per day.

Victims were directed to regulated and unregulated companies where they were instructed to place trades designed to lose which is illegal under UK regulation which is illegal under UK regulations and in some cases, scammers remotely controlled their PCs to place trades.

The fraudsters operated from call centers with many of the trappings of legitimate businesses, including modern offices, HR departments, monthly targets and bonuses, awaydays, and competitions for the best salesperson.

One of their brands even sponsored a top Spanish football club and advertised in major newspapers to gain credibility.

The investigation found that the scam network had been operating for over a year, robbing thousands of investors around the world.

During the investigation, the BBC Eye team spoke to several victims who had lost their life savings to the scamming network. One of them, a 62-year-old woman from the UK named Linda, lost over £180,000 to a Milton group investment brand called Wealth Recovery Experts. Linda had initially invested £2,000, hoping to make a small profit, but was soon convinced by the company’s brokers to invest more.

Another victim, a 34-year-old man from South Africa named John, lost over $100,000 to a Milton group investment brand called Proactive Trade, and there are countless others.

The investigation identified 152 brands that were part of the scam network, which is known as the Milton group. The investigation also revealed the identities of a shadowy network of individuals who appear to be behind it.

The BBC Eye investigation exposed the scale and the people behind the scam network, which has been operating for more than a year and has robbed thousands of investors around the world.

Copyright Mettis Link News

Posted on: 2023-04-12T14:11:14+05:00