UK High Court shutters crypto firm PGI Global for alleged scam involvement
Popular cryptocurrency trading firm PGI Global UK has been shut down by the UK High Court. press release issued by the British authorities,
A court issued the order following allegations that the company was involved in cryptocurrency fraud.
PGI is said to have promised investors a 200% return on investment
As disclosed, the UK-based company has raised around £612,000, worth $710,000, from potential investors between July 2020 and February 2021. We promised these investors a return of approximately 200% on their investment in the company. When PGI failed to deliver on its promises, investors were unable to withdraw their funds.
An investigation uncovered three accounts operated by the company that were used to raise funds. This led to PGI allegedly siphoning around £200,000 by paying over £195,000 of him to personal accounts and over £10,000 of him to luxury department stores.
The court alleges that the company’s sole director, Ramir Ventura Palafox, did not cooperate with the investigation of the allegations.
Additionally, Insolvency Service principal investigator Mark George explains that limited liability protection requires companies and individuals to comply with company law.
“This lawsuit underscores the court’s failure to cooperate with statutory investigations when there are reasonable concerns about the company’s trade practices, and the closure of the company in the public interest.” George insisted. .
PGI Global UK is a subsidiary of the US-based Praetorian Group International Trading. The U.S. Department of Justice closed the company after obtaining a foreclosure warrant from the United States District Court for the Eastern District of Virginia.
according to report According to Chainalysis, cryptocurrency-based crime will reach an all-time high in 2021, with illegal addresses rising from $7.8 billion in 2020 to $14 billion. report A study by Intelligent CIO found that the volume of illicit cryptocurrencies fell by 15% year-over-year in 2022 due to a decline in cryptocriminal activity.
