- Micasa along with associated company Remultex received the order of shutting down the companies.
The United Kingdom, in an official press release, noted that Two companies fumbled the bag during interrogation about the unregistered hefty transfer forcing the High Court to order liquidation and sealing their accounts because of accountability.
The press release also quotes, “Micasa, along with associated company Remultex, both shut down after accounts failed to explain large payments and misuse of Bounce Back Loans.”
Companies Do Not Have Records of £ 50,000 BBL
The officials involved in the investigation found that companies transferred a £50k Bounce-Back Loan, and a single record or document showed that they abide by the rules while moving the huge cash. Results had a BBL of £30k even when its account did not qualify to receive the funds.
The press release declared that “The company had been identified as potentially involved in a cryptocurrency scam, although the lack of accounting records meant it was not possible to verify whether its business was legitimate trading activity. Investigators did identify that it had secured a £50,000 Bounce-Back-Loan (BBL), although there was also no evidence that the company was eligible under the scheme rules.”
A Judge of Manchester High Court highlighted in his Judgement that it was in public favor to halt the firms disobeying the trade policies and functioning without a proper commercial “probity” that promoted illegal money transfers and money laundering.
David Hopes, Chief Investing Officer of Insolvency Services, said, “As part of their duties, the Official Receiver as Liquidator will seek to recover and realize the assets of the company to make returns to creditors.”
Crypto Frauds Gaining Popularity Over Cryptocurrencies
As crypto is becoming widely popular, crypto scams have increased. Hong Kong is one of the countries with the most crypto enthusiasts. As per the latest reports, crypto scams in Hong Kong dramatically increased in 2022. Digital assets make up 25% of these crypto scams.
The increased interest of Hong Kong residents is the reason behind the increasing number of such scams. According to a recent report, the state has called Hong Kong the most crypto-ready nation in the world.
Between early January and late June this year, 10,613 cyber attacks were reported in Hong Kong, as revealed by a South China Morning Post coverage. A whopping 105% hike was registered in cryptocurrency-related crimes since last year, with the total cases reported to be 798.
Source: https://www.thecoinrepublic.com/2022/08/27/uk-high-court-issued-notice-on-two-companies-indulged-in-crypto-fraud/