Brazil Police Uncover $766M Crypto Ponzi Scheme Fraud

• Brazilian law enforcement officers searched the home of da Silva and his accomplices.
• Celebrities like model Sasha Meneghel lost almost $230,000.

The activities of a criminal organization headed by businessman Francisco Valdevino da Silva, aka “Bitcoin Sheikh,” were apparently put to a stop by the Brazilian Federal Police. To the tune of 4 billion Brazilian Reals ($766 million). The police say the perpetrators have scammed thousands of individuals over the previous several years.

According to GloboNews, Brazilian law enforcement officers searched the home of da Silva and several of his accomplices. On the assumption that they were responsible for large cryptocurrency fraud. That impacted thousands of people in Brazil and other countries.

High Profile Victims

According to the allegations, Da Silva (aka “Bitcoin Sheikh”) and his crew operated a fraudulent digital asset investment scheme that offered up to 20% annual profits. The thieves convinced their targets that the organization employs a large group of crypto professionals who are all fully invested in maximizing their returns.

According to the investigators, Da Silva and his crew even made their own tokens. Celebrities like model Sasha Meneghel, who lost almost $230,000, were also among the victims. Even more Brazilian soccer players joined the list, but they remained anonymous.

Following their “Operation Poyais,” investigators found that the fraudsters had cleaned approximately $766 million in cryptocurrency over the course of many years. The assets were located in Sao Paulo, Rio de Janeiro, Santa Catarina, and Parana, and the police seized them together with gold bars, luxury vehicles, and costly timepieces.

Attorney for Da Silva noted that such a raid is “the usual measure in investigative procedures of this nature.” He said that his client is willing to elaborate on his actions “with the scope of proving the effective regularity and lawfulness of business operations.”

Recommended For You:

Firms Declaring Crypto Holdings in Brazil Steeply Rises