Beware of Bitsolives- Review

Indian authorities in Mumbai have prosecuted five scammers involved in the Bitsolives Ponzi scheme.

In Pune, one person has been arrested. The remaining four con artists are on the run.

Bitsolives was a bitcoin Ponzi MLM that sprung up in 2017. The scheme’s Buxcoins Ponzi shitcoin was used to pay out 300 percent profits.

Bitsolives crashed in early 2019 as noted by BehindMLM users in the comments section of our evaluation.

The defendants have been named Ganesh Sagar, Prashant Brahmbhatt, Chandrashekhar Bali, Anuj Ojha, and Mohsin Jameel, according to the Hindustan Times.

The firm’s directors are Sagar, Brahmbhatt, and Bali, with Pune-based Ojha serving as its administrative head.

Jameel is the founder of Bull Infotech, a blockchain development startup that created Bitsolive. According to the FIR, Sagar has been involved in network marketing for the past 16 years.

Pune police apprehended one of the defendants last month, according to authorities.

“We’ll have him in our custody shortly.” Bitsolive’s directors are thought to be situated in Dubai and London, according to the police.

Bitsolives’ CEO, Mohsin Jameel (right), worked there. He is said to be based in the United Kingdom.

Jameel has been pursued by Indian authorities for some time, with Bitsolives being the latest Ponzi scheme in a long line of Ponzi schemes.

Jameel has been linked to at least seven bogus investment organizations in the forex and crypto domains by the year 2017.

Jameel is suspected of stealing $1.5 billion from Indian authorities through his scams.

Anuj Ojha is from Pune, and Ganesh Sagar was also detained there a while back. Prashant Bahmbhatt and Chandrashekhar Bali, the duo’s accomplices, are most likely hiding in Dubai.

Dubai is a refuge for fraudsters due to restricted extradition treaties and a lack of regulation of MLM-related securities fraud. BehindMLM believes Dubai to be the world’s MLM fraud capital.

The United Kingdom isn’t far behind, as proven by Mohsin Jameel’s fraud of over a billion dollars with no repercussions.

Jameel describes himself as “among (the) UK’s most successful British entrepreneur(s)” on his website.

Bitsolives’ inquiry was spurred by complaints from victims.

The complainant and his companions were informed that investing in Bitcoin will make them billionaires and that they should recruit additional investors because it is a chain system.

The defendant stated that before this, no currency in the world could be used for international trade and that if investors began to use Buxcoin for forex trading, demand for Buxcoin would increase throughout the world, and its value would skyrocket.

When investors inquired about their funds, the company’s director stated that the pandemic had a negative influence on their investing strategy.

Later, at their seminars, the firm leaders promised that the investors will get their earnings, but this never happened.

It’s a familiar narrative that’s still being told in today’s MLM crypto Ponzi schemes.

Stay tuned for any additional developments in the Bitsolives case…

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