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- Mirror Trading International’s CEO was busted in Brazil by the cops after disappearing with almost 29,000 Bitcoins.
- Thousands of individuals worldwide got caught under the trap of Johann Steynberg under his Ponzi scheme after promising the ROI up to 10%.
- Marketing of Mirror Trading International was done as if it was a platform for investment, promising high ROI.
A South African, Johann Steynberg, acknowledged for operating the Ponzi scheme of multi-million dollars called Mirror Trading International, got busted in Brazil lately.
This might be another achievement for law enforcement in the nation. Just some months ago, Bitcoin Banco group’s Claudio Oliviera also got busted after the individual vanished after grabbing 7,000 Bitcoins in 2019.
Brazil Knock-Downs Another Crypto Scam
Thousands of individuals got lured to the web of Johann Steynberg from all over the world after the creation of a Ponzi Scheme, guaranteeing a return on investment of up to 10%. As per the prelusive estimate, Mirror trading International snatched around 29,000 bitcoins from its investors.
Johann Steynberg got busted in Goiânia, capital of Goiás, a state in Brazil. According to the Goiás’ government’s press release, the arrest became possible because of the coordination between the domestic forces, Interpol, and the Federal Police of Brazil.
Seemingly the intel was gathered by the law enforcement of Brazil regarding the presence of Johann Steynberg in the nation after he flew from South Africa in 2020, following Mirror Trading International’s fall.
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As per Raimundo Coelho Pinto Júnior, Group of Rapid Intervention ‘s Commander. The job regarding gathering the intel took about a month. Only after that, the law enforcement was able to dig Johann Steynberg out of the hole, seizing various fake IDs, electrical tools, various notes with some prominent information, laptops, credit cards, and many other precious goods.
The police officers conducted a comprehensive investigation for the culprit, and after a month of intensive effort, they were able to locate and approach the culprit. Our research was previously known to the Federal Police and Interpol [brazilian unit]. So the law enforcement approached, and the matter was brought to the PF’s Superintendence for the purpose of executing the global arrest warrant and prosecuting forgery, stated the commander.
The culprit was captured and placed in custody on preliminary allegations of falsifying documents.
How Ponzi Scheme Got Success
MTI promoted itself as an investing platform that guaranteed huge returns as consumers put more money into it.
The program, which launched in South Africa in 2019, promises guaranteed monthly profits of around 10%. It had over 1 billion dollars in assets under administration and 170,000 customers throughout the globe at its height.
Following numerous complaints from clients alleging that MTI had restricted their balances, officials commenced inquiries. Johann Steynberg vanished shortly after, prompting an Interpol warning.
On New Year’s Eve, Brazilian authorities and Interpol captured Steynberg.
People are advised to make their investments by doing their own research and investing the amount after ensuring that their investment is secure with an authentic entity.
