Home » Cryptocurrency trading firm shut down after scamming investors

Cryptocurrency trading firm shut down after scamming investors

by admin

PGI Global UK Ltd has been liquidated by the High Court and an Official Trustee has been appointed to liquidate the company.

The company’s main business activities were offering crypto trading packages, blockchain education, and health products.

Despite conflicting accounts of the company’s trading activities provided by two former directors, PGI’s primary business activity appears to have been to buy and sell cryptocurrencies.

Investors were promised returns of up to 200%. However, without these realizations, investors would not be able to withdraw their invested funds.

Three bank accounts were identified to be operated by PGI and used to receive approximately £612,425 from prospective investors between July 2020 and February 2021.

Payments from accounts included a payment of at least £195,000 to a personal account and £10,000 to a luxury department store.

PGI is said to be part of the Praetorian Group International Trading Inc., whose website was seized by the US Department of Justice and US Treasury pursuant to a seizure warrant issued by the US District Court for the Eastern District of Virginia.

The sole appointed director of the company is Ramil Ventura Palafox, a US resident. He did not cooperate with his Insolvency Service investigation.

The High Court ruled that the company could not be closed for lack of cooperation, failure to maintain, keep and/or file proper accounting records, transactions lacking commercial integrity, and failure to comply with legal obligations. Agreed to be in the public interest and lack transparency.

Insolvency Service lead investigator Mark George said:

As a result, individuals and companies operating under limited liability protection must comply with the requirements of the Companies Act.

The lawsuit underscores the court’s disregard for cooperating with statutory investigations when it has reasonable concerns about the company’s trading practices, and terminates the company in the public interest.

Note to editors

PGI Global UK Ltd was incorporated on 17th February 2020.

Company registration number: No. 12466131

All public inquiries regarding Company affairs should be addressed to: The Official Receiver, Public Interest Unit, 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Phone: 0300 678 0015 Email : piu.or@insolvency.gov.uk.

Company Investigations, part of the Insolvency Service, uses its powers under the Companies Act 1985 to investigate the activities of live limited companies in the United Kingdom on behalf of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). Conduct a confidential fact-finding on . More information about real company research is available.

More information about Insolvency Service operations and how to file a complaint about financial misconduct can be found here..

You can also follow our bankruptcy services below.

Related Posts

Leave a Comment