Police in Brazil have declared plans to sell off items taken from Trust Investing, a rumored financial pyramid schemer with a crypto-themed business model.
A Federal Court in Campo Grande reportedly authorized the government to auction off “seven luxury cars,” including armored vehicles, according to the news source Portal do Bitcoin. The assets, which are valued at slightly under $288,000, include trucks, other cars, a Land Rover, BMWs, and Porsches.
The media outlet mentioned that three of the vehicles feature armor plating. Patrick Abraho and his famous wife, Perlla, a top-charting music diva, are the owners of the vehicles. Abraho and Ivonélio, his pastor’s father, are charged with planning the alleged plot.
Trust Investing assured investors they could make up to 200% on their stakes in just 10 months, but when some reported they couldn’t withdraw money from the company’s platform, doubts about the company started to grow.
With allegations that the business may have raised up to $359 million from its clients, police opened an investigation in 2019. However, the company kept growing over the next few years, even branching out to Cuba. The assets worth might “depreciate” if they weren’t sold, the court claimed in support of its ruling.
41 warrants were issued during the police raids, and “cattle and sheep, luxury cars, jewelry, precious gems, and [almost $250,000] in cryptocurrencies” were among the things recovered.
When Will the ‘Crypto Pyramid’ Assets Be Sold by Brazilian Police?
Two auctions scheduled for mid-August will be used to sell the assets.
The media quoted the court as saying:
If the assets are kept inactive, there are significant concerns that their value will decline as a result of natural aging.
The court underlined that should the Trust Investing conspirators be found not guilty, the money recovered from the auctions would be given back to them. The conspirators are now awaiting trial. But if they are proven guilty, the government will seize the money.
Legislators have asked that alleged operators of cryptocurrency pyramid schemes appear before parliament and answer questions.
Police in Argentina detained several officials from Braiscompany, a suspected Brazilian crypto fraud organization, as they tried to leave Brazil late last month.
