Two Bolivian Pay Diamond scammers have been arrested in Argentina.
Following arrest warrants issued via Interpol, mom and son duo Brian Gutierrez (27) and Nilda Coque (47) had been arrested in Buenos Aires.
Footage of Gutierrez’s and Coque’s arrest was shared on Twitter by Ignacio Gonzales Prieto.
The detainees had been positioned on the disposal of the Argentine Nationwide Felony and Federal Correctional Courtroom 6 … pending their extradition to Bolivia.
As a part of their investigation, authorities established that Gutierrez and his mom had established one other “monetary firm” in Argentina.
Property tied to their Pay Diamond scamming, together with buildings, supermarkets, residences, high-end autos and houses, had been additionally recognized.
Pay Diamond was a 5% per week MLM Ponzi scheme that launched in 2015. The rip-off originated in Brazil, main finally to a number of arrests in 2019.
Whereas they didn’t discovered Pay Diamond, Gutierrez and Coque arrange a “department” of Pay Diamond in Capinota, Bolivia.
It was a department of a pyramid that began in Brazil, however was additionally in Peru, Portugal and Paraguay and, in keeping with Bolivian media, it moved to Hong Kong once they started to report that they didn’t have authorizations to function investments.
Gutierrez’s and his mom’s department of PayDiamond scammed roughly 30,000 Bolivian migrants in Argentina out of round $60 million.
The important thing to attracting shoppers was the leaders of the Bolivian group.
That they had workplaces within the Flores neighborhood and arranged mass occasions the place they promised monetary training for members of the group who contributed capital.
In February 2020 Bolivian authorities arrested Luis Miguel M.A. Miguel is alleged to be a “founding companion” of Pay Diamond in Bolivia.
Miguel went on to launch a minimum of two extra Ponzi schemes after Pay Diamond collapsed.
Along with regulatory motion in Bolivia, Brazil and Argentina, a Pay Diamond legal case was opened in Paraguay in 2017. Canadian authorities additionally issued a Pay Diamond securities fraud warning in 2017.