As cryptocurrencies promising investors an exponential growth and remarkable gains have become popular, trapping people in scams has become extremely feasible for the bad actors in the space. However, not all the actors such as Aziz “Com” Mirza are successful in stealing away the assets of people by manipulating them.
Following a complaint filed against Mirza, Dubai Police came into action and arrested Mirza. The complainant belonging from UAE told authorities that due to one of Mirza’s fraudulent schemes, he lost about $150,000. Upon investigation, it was revealed that Mirza has been running several fraudulent get-rich-quick schemes, thereby, illegally taking money from investors.
Mirza is the man behind several ponzi schemes, fraud real estate projects and a cryptocurrency dubbed Habibi coin. He has not only targeted the people of the middle east but also reached as far as the US, UK, Canada and Greece to run his illegal and fraudulent scams.
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In one of his schemes where he was accompanied by his brother, Muslim Entrepreneur Network (MEN), a UK-based online community platform, Mirza deceived many people with false claims and advertisements. Furthermore, with his brother Rafaqat ‘Rocky’ Mirza, the platform was utilized to run Leverage Programme (LP), a platform offering investors ‘financial freedom’ within a year.
For participating in LP, people were asked to contribute at least £5,000 per person in order to enjoy the benefits of LP in the future. Consequently, about £4 million was generated by Mirza through LP alone from 2017 till 2019. Falling for this fake scheme and losing about £25,000, Sharjah-based Umm Rayyan said:
it was our life-savings. We were called for a meeting at a mall in Dubai where Com promised us financial freedom within one year. More than two years have passed since then and I have no clue where my money is.
Similarly, losing about £50,000 in another scheme introduced by Mirza which goes by the name International Success Group (ISG), Briton Kalib Hussain stated:
But somewhere down the line it morphed into an investment programme called ISG Capital Pool which required members to pool in their funds and get guaranteed 10 per cent returns within 12 months from a real-estate project in Dubai.
Since the inception of bitcoin, the crypto space has expanded not only with the addition of crypto enthusiasts and cryptocurrency advocates but also scammers, hackers and crackers so always take care before investing in blockchain or cryptocurrency-related startups.