Investors around the world are always on the lookout for investment opportunities that pay out high returns in the shortest amount of time.
There are hundreds of financial institutions, forex brokers and crypto companies that claim their ‘special fund’ can provide high returns but sadly a large majority of these ‘funds’ are bogus funds.
They prey on investors who are looking to get rich quick and con them into investing their hard earned money in exchange for sure profits.
EuroFX was one such company that conned investors from around the world, especially wealthy investors from China.
Euro Forex Investment Limited had its headquarters in the United Kingdom, was run by a British CEO and operated on a license issued in New Zealand. The company had all the credentials that made it appear to be legitimate and trustworthy which is why it had a massive customer base around the world.
The company promised its investors lucrative returns but it turns out EuroFx wasn’t a legit investment firm but a company that operated a pyramid scheme. This is when a company gets money from new investors to pay old investors and the whole operation is a sham. EuroFX shutdown operations in 2016 after one of its Chinese investors filed a petition against the company.
Chinese authorities found that it was a bogus company and arrested a lot of people including its CEO David Byrne who made a bid in 2017 to buy Premier League club West Ham. The police also arrested a number of EuroFX marketing partners for promoting the pyramid scheme.
EuroFX succeeded in defrauding close to 4,000 investors and swindled nearly $632.30 million. These investors come from all over the world but most of them are Chinese.
Byrne convinced Chinese authorities that he would help them find where the money went and share information about how the scheme worked. The authorities dropped the investigation and allowed Byrne to return to the UK in exchange for his cooperation.
Grant Thornton was appointed as the liquidator in 2017 and is looking to reclaim as much money as it can for the 3,000 investors it represents. However, the liquidator hasn’t had a lot of success till now and has not recovered any funds.
Grant Thornton has asked for more funding so that it can carry out a more detailed investigation to recover these missing funds.
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