12 April, 2024

Crypto Trading Firm Scams Investors Shut Down

28 Oct, 2022

22 Nov, 2023

PGI Global UK Ltd, a financial firm, was taken into trial by the high court on September 13th. The Official Receiver is being appointed as the liquidator of the company.

The company was advertised to have crypto trading packages, blockchain products, and health products.

The two former founders have presented the court with conflicting bank accounts of the company. It has been revealed that PGI Global UK Ltd main activity as a business was to trade the digital assets contrary to what was advertised.

Investors of the company were promised massive returns, some even upto 200%. However, when investors observed that these advertisements were not to be executed, they wished to withdraw their funds but were unable to.

It was found that there were three bank accounts that were utilized for the company which has received more than 600,000 pounds from the investors they had scammed. These accounts had begun receiving these large sums from June 2020 to February of 2021.

These accounts had records of transferring large sums to personal accounts and to a luxury brand.

The company had claimed to be a part of Praetorian Group International Trading Inc. This group’s website has been seized by several US authorities.

After having several offenses against the company, the appointed director of the company, Ramil Ventura Palafox living in the US failed to cooperate with the court.

For this reason and failure to show legitamate bank statements, failure comply to laws and regulations and lack of transperancy, the court has decided upon the closure of the company to protect public’s best interest.

A US official has mentioned that businesses are required to maintain and obey the Companies Act. He further mentions that this case emphasizes the concerns law and order has for the companies that trade.



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