Shao Financial institution has obtained a pyramid fraud warning from Russia.
As per the Central Financial institution of Russia’s December twenty first warning, Shao Financial institution displays “indicators of a monetary pyramid” scheme.
CBR cites Shao Financial institution’s web site area at “shaobank.com”, in addition to the corporate’s official Telegram channel.
Shao Financial institution is an MLM Ponzi scheme. The rip-off hides its fraud behind faux financial institution bonds, in flip connected to a faux financial institution.
Again in September 2023, SimilarWeb tracked prime sources of visitors to Shao Financial institution’s web site as Russia (12%) and Ukraine (8%). This supported Shao Financial institution being run by japanese European scammers.
Between October and November, Shao Financial institution recruitment has shifted to Colombia (15%), Trinidad and Tobago (7%), Spain (5%), the UAE (5%) and Puerto Rico (5%).
Along with Russia, Hong Kong’s Financial Authority issued a Shao Financial institution fraud warning again in March.