Fraud and Scams

Businessman from Sydney confesses of Crypto Scam worth Millions

A firm specializing in private security, promoting concerts in Sydney, and owning a sizable real estate portfolio can make all respectable ventures earn anyone’s trust. Regrettably, it seems that the confidence of nearly 150 Sydney residents has been out-of-place.

Ponzi Scheme

Previously in the year 2017, amidst the cryptocurrency boom – Mr. Harpreet Singh Sahni has started hosting seminars about cryptocurrency, appealing that “crypto is the safest investment possible.”

He also apparently started advertising a cryptocurrency named Plus Gold Union Coin. He then claimed that the cryptocurrency was getting him between $5000 and $8000 a day.

The early adopters and investors are rumored to be rewarded with massive commissions and expensive holidays for enticing additional investors. Partnered with the outwardly trustworthy nature of Mr. Sahni, the news of the cryptocurrency escalated quickly.

In a few months, investors from 22 countries have poured over $50M into the cryptocurrency scam.

Mr. Sahni has claimed that by depositing around $700, the investors can earn over $100,000 in a year.

Nevertheless, to reap massive rewards, investors will have to lock into a contract that will not permit them to withdraw funds for the next 12 months.

Regrettably, the PGUC website has gone down for a matter of weeks during that time. Then the crypto market crashed suddenly in December 2017; the users were understandably worried.

As of now, Mr. Sahni has assured the investors that everything was under control and that the assets were safe. And then, he admitted that he had taken advantage of close acquaintances to widen the opportunity of the project.

According to an anonymous investor, the $38,000 he had invested with her parents was invested with full confidence.

“We’ve always heard great things about him in terms of his ability to do charity or his ability to do service for God or for people.”

The investor admits that he should perhaps have done more investigation before participating.

After leaving the investors worried, news from August 2019 brought the news that the New Delhi Police have arrested Mr. Sahni after a complaint placed by Sydney real estate agent Rajiv Sharma.

Now Mr. Sahni has stated in three written confessions that he has been approached by three men in early 2017 – who mentioned that it was a scam – but then he went with the plan anyway.

On November 25, Mr. Sahni will appear in court and face a maximum sentence of 25 years if ever convicted.

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