Hundreds lose $8.8M to RGA “click on a button” Ponzi in India


Round 50,000 Indian buyers have misplaced a reported $8.8 million USD to the collapsed RGA “click on a button” app Ponzi.

As reported by the Deccan Chronicle on December thirteenth;

Roughly 50,000 individuals from the district invested ₹75 crore within the app alone.

Police investigations revealed that round 10,000 individuals had invested ₹9.5 crore within the OnPassive Know-how system, 2,000 individuals invested ₹20 crore, and over 2,000 individuals invested ₹1.2 crore within the PW app.

RGA was a typical task-based “click on a button” app Ponzi focusing on India.

PW, a second smaller collapsed “click on a button” app Ponzi was additionally cited. Over two thousand buyers are reported to have misplaced ~$141,000 to the rip-off.

Since 2021 BehindMLM has tracked over 300 “click on a button” app Ponzis. Even with the frequency we bust them every day, too many are launched to cowl all of them.

“Click on a button” app Ponzis are usually run by cryptocurrency however often create faux accounts with processors to supply native forex choices.

Organized crime pursuits from China function rip-off factories behind “click on a button” Ponzis. The factories are usually based mostly in south-east Asian international locations.

In September 2024, the US Division of Treasury sanctioned Cambodian politician Ly Yong Phat over ties to Chinese language human trafficking rip-off factories.

Via numerous corporations he owns, Phat is alleged to shelter Chinese language scammers working out of Cambodia.

No matter which nation they function from, the identical group of Chinese language scammers are believed to be behind the “click on a button” app Ponzi plague.

It ought to be famous that regardless of losses being grouped in with RGA and PW, OnPassive is just not a “click on a button” app Ponzi.

OnPassive was an MLM pyramid scheme run by US nationwide Ashraf Mufareh. The SEC sued Mufareh and his spouse in 2023, alleging $108 million in securities fraud.

As of September 2024 the case was ongoing, with the SEC eager to depose OnPassive staff working in India.

This ties into OnPassive’s Indian staff putting in July 2023, following an alleged six months of no pay.