The scammers requested investments in dollars and promised returns close to 30%. One of the complainants had given up two of his vehicles as part of the payment.
The Argentine Federal Police arrested two members of a pyramid scam related to cryptocurrencies. The name of the organization was Intense Live and their criminal activities were based on the scam of people with alleged investments in crypto assets whose destination was to purchase cars to create a service network like Uber’s.
The procedure took place in the town of Santa María, in the northern province of Catamarca, and the towns of El Recreo and La Soledad, in Formosa, during the second week of May, according to a local media report.
The criminal requested at least 300 USD as a minimum investment, to convince users to fall for their scam, part of the strategy was also the promise of returns close to 30% every month. One of the victims came to deliver two cars to enter this investment system; these could be among the three vehicles seized by police forces.
Other Individuals Related to the Scam
According to the Fourth District Prosecutor’s Office, the complainants can recoup their investment. However, the same would not happen for individuals who gave or transferred fiat money to Intense Live.
Infobae also reported at the end of March that eight other individuals had been arrested for playing minor roles in this activity, all of them between 35 and 45 years of age. These arrests included raids on apartments and offices in San Nicolás, Buenos Aires province, after several complaints from the victims.
In addition, the researchers noted that it is an international move that still needs more profound research. Intense Live has a website with headquarters located in São Paulo, Brazil.
Intense Live and Other Recent Scams in Argentina
The customer acquisition of this criminal network happened through social networks, with a strong advertising campaign and interesting, but false, promises. It was said that those who acquired their investment plans could achieve a monthly income of USD 800 or even more.
This type of crime has increased in the world in recent years in parallel with the growth of the cryptocurrency market and was also replicated in Argentina. In February 2021 a prosecutor from the Public Ministry of the province of Mendoza started an investigation against the “Sports Gains” network for alleged scams with bitcoin (BTC), tax evasion, and even money laundering.
“Sports Gains” is an online platform that has grown rapidly and of which more than 40,000 users would already be part. The service offers suspicious investment packages to operators who receive a promise of a monthly return of 20% and 240% each year.
The alleged company, originally from Costa Rica, takes user funds and uses them, for sports betting, especially in soccer matches. However, there is no evidence that the bets are executed.
By: Jenson Nuñez
