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Friday, 20 January 2017

Fighting against international ponzi schemes

Victims of ponzi/pyramid schemes rarely file police reports. Many victims also find it hard admitting themselves that "the opportunity of lifetime" they had participated was a scam. It isn't unusual for scam victims to keep their hopes up even when a scam is on the verge of collapse and money withdrawals mysteriously stop. Some victims keep their beliefs even after it's all over. 


Authorities are helpless with international scams


Usually police can't do much to stop people from sending their money abroad to scammers. Authorities don't have the means to intervene and there isn't much more to do than give warnings to citizens. 

In  case an investigation is launched, it could be a dragging process taking years. Police investigations and court cases can take several years, and usually all this happens after a scam has already collapsed and damage has already been done. As it seems especially regarding international scams, the best way to fight against them is contacting banks.


Hit the scam where it hurts


To be clear, I don't just wildly jump to conclusions about bank accounts being frozen. These are bank accounts that I have been monitoring after a report has been filed to the bank in question. 

When an account is frozen, it's typical for scams to suddenly announce new bank account details - as soon as they find a new bank to use. It's very common that at this point there are surprising payout delays and members are informed about technical problems and whatnot. This is caused by frozen bank accounts that hold the money that was supposed to feed the pyramid. 

As I said, the best way to fight against international scams is to file reports about them to the banks they are using. 

The procedure is simple: Contact the bank to inform them about ponzi scheme having an account there, provide them proper bank account details as well as general information about the scheme in question. The bank investigates the case and most likely gives its client a chance to sort things out. Sooner or later the bank freezes the account, because scammers have a tendency not to stick around to defend their money laundering business.

After filing a report you don't exactly receive any information how things go because of bank secrecy. Banks can not inform anything about their clients even if caught one from money laundering. 



Contacting a bank



I have been contacting several banks around the world to file reports about money laundering. In case necessary, I have also contacted bank regulators/supervision and even police. 

Usually everything goes very simple: you just have to find an email address or a form to report about a case. It's very common that banks also respond to a report filed. If not, I'd recommend contacting country's bank supervision or even police. Usually banks act very swiftly and it doesn't take long before bank accounts are frozen.

Anyone can contact a bank and report about a bank account held by a scam. The bank accounts are used to launder money forward, so it's also in bank's interest to solve whether there is money laundering happening or not. You can also tip-off police and bank regulators, so it's not necessary to file an actual crime report, and you don't have to be a victim of the scam.

So far none of the bank accounts that I have proclaimed frozen have ever made a comeback. Coincidences or 100 % facts - you decide.

3 comments:

  1. Ari has been the leading guy taking down these OneCoin bank accounts. But if Ari some day for some reason is unable to continue, be sure, there will be others to continue this work.

    Many of us, including Ari, are working together in private and public collaboration, from Finland, Sweden, UK, USA and many other countries.

    There's always some kind of risk going publicly with your own name against hundreds millions euro ponzi scam which has connections with mafia and other criminals. But what gives us security is the fact that OneCoin can't stop a large scale international co-operation what we have, in any case.

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  2. Awesome, keep up the good work! And thanks for the advice how to help in the struggle against Ponzi schemes.

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    Replies
    1. Thanks, hopefully I can encourage others to follow my example.

      And like said in the comment above there's also international co-operation going on to fight OneCoin infection.

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