UK Closes Crypto Platform PGI Global for Defrauding Investors With Over $700,000

The United Kingdom High Court shut down the cryptocurrency firm PGI Global for allegedly running a fraudulent scheme.

The company promised investors returns of up to 200% if they purchased digital assets through its platform, but consumers never received such profits.

The Latest Crypto Scam in the UK?

According to an official press release, the British authorities detected PGI Global’s suspicious activities last month and closed it after determining that the firm stole more than $700,000 from its users.

The UK High Court claimed that PGI Global amassed its customers by promoting itself as a legit cryptocurrency trading venue where investors could get up to 200% of their initial allocation.

The numerous people who became victims of the scheme were left without the promised returns and were unable to withdraw their initial deposits.

The investigation revealed that the platform’s executives sent approximately $225,000 of the stolen assets to personal accounts and used over $11,500 to purchase luxury items.

PGI Global is part of the Praetorian Group International Trading Inc. – a company that the US Department of Justice suspected of committing financial crimes. Its Director Ramil Ventura Palafox did not cooperate with the High Court’s investigation.

The officials argued that shutting down the entity is “in the public interest.” Mark George – Chief Investigator at the Insolvency Service – assured that law enforcement agents will punish any other company that does not comply with obligations and lacks the necessary transparency.

“This case highlights that where we have reasonable concerns about the trading practices of a company, the court will take a dim view of any failure to cooperate with a statutory inquiry and will wind up the company in the public interest,” he added.

Another Example of a Crypto Scam in the UK

A British citizen, who did not want to reveal his name, lost around $200,000 in January in a bitcoin romance scam. He joined a dating application and started messaging a woman called Jia. She introduced herself as a successful cryptocurrency investor with “inside knowledge” and lured the man into distributing the significant sum on a dubious platform.

The man realized he had become a victim of a crypto scam when he saw his balance “had been cleared.” Jia, on the other hand, refused to help and said she had to fly to Australia. The devastated man searched for help and admitted that his mother’s support saved him from committing suicide.