As cryptocurrencies become a trending topic across Argentina, local authorities hunt virtual currencies scammers amid the coronavirus-driven crisis and high inflation levels. The Argentine Federal Police detained two members of an alleged pyramid scheme operating in a northern province.
Investigations Initiated After Two Complaints Filed With the Authorities
According to Valle Calchaquí, the operation happened within the context of an investigation pursued by the Fourth District Prosecutor’s Office of Santa María. They are making inquiries on an alleged crypto scam named Intense Live.
Two victims of the presumably fraudulent scheme filed complaints with the police in Santa María, located in the northern province of Catamarca.
During the authorities’ action, law enforcement found two vehicles owned by an alleged victim that paid part of his investment by giving the scammers cars.
Per the prosecutor’s office, victims could likely recover their stolen money during the alleged scam, at least the initial investment deposit. However, they clarified that any fiat cash given to the fraudsters could not be recovered.
Intense Live allegedly offers investment opportunities based on bitcoin (BTC) and other digital assets. Minimum investments started at $300, with the alleged scammers promising monthly returns of up to 30%.
Some victims told Argentinean authorities that Intense Live encouraged them to acquire investment packages of $3,000, with the premise of receiving $9,600 in profits after one year.
However, that wasn’t the case, and the alleged scammers never comply with their promises, driving investors to file complaints with the police.
Argentina Keeps Arresting More People Tied to Domestic Scams
Also, per Infobae, Intense Live had been on the Argentinean authorities’ loop, as they already arrested eight people on San Nicolás in connection with the bogus company in March.
Moreover, at the end of 2020, the Public Prosecutor’s Office for Complex Crimes of the Argentine city of Córdoba ordered the arrest of 12 people linked to the Onecoin Ponzi scam.
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