U.K. High Court has seized a UK-based crypto company for allegedly defrauding investors’ funds of around £612,425 (more than $700,00). The defendant company, PGI Global U.K. Ltd, offered 200% returns to investors for buying platform assets.
And understandably, the company failed even to pay back the actual amount invested by people. The official’s probe into the company uncovered that the receiver accounts transferred around $225,500 to personal accounts and used more than $11,500 to purchase luxury items online.
The crypto industry has got famed in recent years and saw mainstream adoption, with global financial companies utilizing it as a useful financial instrument.
Unfortunately, seeing the crypto sector’s growth, scammers and fraudsters have also ramped up their efforts to deceive people and receive crypto funds. As a result, growing frauds in the crypto industry have turned law enforcement…
