Claudio Oliveira, the Brazilian Bitcoin master has been apprehended and accused of spearheading a 1.5 billion reals (approximately $300 million) crypto related fraudulence by the Brazilian federal police. Oliveira once headed the Bitcoin Banco Group, a crypto company based in Brazil. The company since 2019 has been under probe for allegedly loosing their customers 7,000 Bitcoin. The June 5 report from the media stated that the police issued Oliveira and his team one preventive arrest, 4 temporary arrest and twenty-two search warrants.
According to reports, the Banco Group enticed people with promises of inflated dividend. However, the deal tilted to the other end when investors were denied withdrawals in the beginning of 2019. The group however said that the firm’s systems were hacked though they did not provide further proofs to back the assertion. One of their customers took legal action against Banco and on June 6, the firm was asked by the legal authorities to provide proof to their assertions. The company ironed things out with the complainant in July of the same year.
In September, the courts barred them from accessing their accounts. This was as a result of the legal actions taken against them by over 200 irate customers. The bad business affected about 20,000 people. In line with the hacking assertions by Banco, the firm opted for recovery- a legal consensus with the bankruptcy court authorities to source money and pay the people they owed.
Notwithstanding their deal with the bankruptcy court, the firm continued with Its normal activities and forsook fulfilling the terms of the agreement. During the probing process of the Bitcoin Banco Group, it was discovered that the money provided by their clients were used for other purposes as willed by Oliveira. Oliveira’s 2018 tax document revealed that he had personalized 25,000 BTC and 14 Brazilian properties. Oliveira is accused of several offenses. He is also suspected to have engaged in the same fraudulent venture in America and Europe.
The article posted herein is published by members of this site. Any information you find on this article is base on the opinion and view of the publisher. You are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this article.
Team Reviewparking is no third party and we can't handle any queries whatsoever.