Uinvest Crowdfunding Scam Using Its Members For Money Laundering - Essay Example

Uinvest, an Ukrainian Ponzi scheme hiding behind a crowd funding platform and stating to be the biggest crowd funding platform online since 2007, has recently stopped processing payments in result of the Liberty Reserve shut down. Now they are relying solely on their so-called “Financial Partners” platform. “Investors” of the scheme are able to offer money deposit and withdrawals at this platform in exchange for Uinvest funds and real funds. Uinvest itself is not processing any direct payments anymore.

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The Ponzi scheme has gone even further and announced a payment processor called “UPay” which again is relying on Financial Partners to move funds in and out. As no one is able to receive funds directly from Uinvest, Financial Partners ceased from providing withdrawals or charging ridiculous fees of up to 100% for transactions. According to feedback from users of this platform, no one is able to get any money out at this time.

Another big issue for members of the scheme who managed to get some of their money out using the services of Financial Partners, is that a lot of those people got their Neteller and Skrill accounts frozen, or were victims of payment reversals. According to statements of victims on Uinvests forums, the Ponzi scheme itself is not doing anything to credit the lost money back.

The Financial Partners system of Uinvest is a clear case of money laundering in big style. People are moving money around without actually getting anything from Uinvests side and they are also using fake descriptions of payment purposes, for example “payment for advertising” or “goods purchase”, which clearly hides the real purpose of the transactions.

In one of Uinvest’s latest so-called “Management Chats”, they were trying to buy time by announcing that Financial Partners will be able to cash out money through debit cards issued by UPay starting from September 1st. Looking at the fact that neither Uinvest nor UPay are licensed to conduct any kind of financial transactions, this statement is more than questionable.

Recently Uinvest got caught up in even more lies, when they tries to tell their investors that Uinvest never accepted direct transactions. This seems kinda ridiculous for a crowd funding platform, as it would be impossible in that case to get the money to business owners. This statement basically means that everything within Uinvest is nothing but hot air, which it is anyway.

This statement contradicts with past statements, when the company got their payment accounts locked and always talked about “their own payment processor account”. The use of partner accounts was never mentioned. The best advice at this time is to contact the local authorities of your country as soon as possible regarding your loss in Uinvest.

The guys over at realscam.com have collected a nice amount of information on Uinvest and the people involved in it. The chances are probably good to get some of the lost money back if you act fast before they are running away.