OnPassive has obtained a Ponzi fraud warning from Bangladesh.
As per the Bangladesh Financial institution’s December twelfth warning, OnPassive is a “fraudulent Ponzi scheme” engaged in “embezzlement of enormous quantities of cash”.
Bangladesh Financial institution, Bangladesh’s high monetary regulator, claims that OnPassive got here to their consideration after
a lot of traders in Bangladesh have already been cheated by investing on this Ponzi scheme.
Bangladesh Financial institution warns that OnPassive operates illegally in Bangladesh, in violation of the Anti-Cash Laundering Act of 2012. Promotion of OnPassive in Bangladesh can be unlawful underneath the identical regulation.
As a consequence of suspected manipulation, monitoring of OnPassive web site site visitors is problematic. Nonetheless, SimilarWeb attributed 6% of OnPassive’s November 2023 web site site visitors to Bangladesh (down 23% month on month).
Nearly all of OnPassive associates are believed to be from India and the US.
OnPassive itself is a US MLM firm run by Florida resident Ashraf Mufareh (aka Ash Mufareh).
The SEC sued OnPassive and Mufareh for $108 million in fraud again in August. In October 2023 the case was referred to mediation.
Footnote: As a consequence of how Bangladesh Financial institution’s web site is about up, I can’t instantly hyperlink to its December twelfth warning.
If you happen to’re studying this past a month of publication, you’ll need to seek for “onpassive” by way of the supplied Bangladesh Financial institution web site hyperlink.