Cryptocurrencies: a Cameroonian company suspected of fraud divides the diaspora

Canadian and African financial regulatory agencies have also issued misrepresentation alerts aimed at Global Investment Trading and the Liyeplimal site, which hosts a cryptocurrency called limocoin.

The society Global Investment Trading promises weekly returns ranging from 2-37% which would be guaranteed depending on the investment plans chosen and derived from trading cryptocurrencies on the website.

Sabine Ntsama claims to have invested $146,000 in the purchase of packs (investment plans) Liyeplimal, an amount she can no longer recover. Indeed, it was initially impossible for him to make the withdrawals promised by the company. Since December, nobody can do anything anymore. The “withdrawals” tab no longer appearsshe says.

Then, her account was suspended after she had denounced certain irregularities in the system and relayed on social networks the alerts of Canadian financial regulatory agencies such as the Autorité des marchés financiers du Québec, launched against Liyeplimal.

I got screwed because they used a network marketing system. It’s the people you trust who approach you. »

A quote from Sabine Ntsama, Montreal resident

Ms Ntsama says she was also kicked out of groups created on the WhatsApp messaging app by mentors. These are also investors who are in direct contact with the company and who promote the purchase of packs on Liyeplimal. She claims to have been subjected to threats and intimidation because she denounced this situation.

Sabine Ntsama lives in the Quebec region of Montérégie.

Photo: Sabine Ntsama

Ms. Ntsama has filed a complaint with several government agencies such as the Autorité des marchés financiers du Québec and the Service de police de Longueuil for complicity in fraud and scam against those she designates as being responsible, whether near or far, the sale of cryptoassets on Liyeplimal.

The Longueuil police do not want to confirm or deny that an investigation is underway because of the confidential nature of the identity of the complainants.

In Ontario, other people who claim to be victims of investment fraud by the company Global Investment Trading refused to participate in this report unless their anonymity was guaranteed.

The company itself did not respond to our email interview requests.

Richard Engoulou lives in Toronto. He is one of the investors of the Liyeplimal cryptoasset platform. He acknowledges having organized meetings between investors and the company Global Investment Trading when a large number of people started to take an interest in it. Whenever there was something, I was the one asking the company to come talk to our community [d’investisseurs]he says.

Mr. Engoulou explains that his commitment to help Liyeplimal’s investment community has caused a misunderstanding, such that some Liyeplimal subscribers believe that he represents this company in Canada. Gold, there is no Liyeplimal office in Canadahe said.

This Torontonian adds that he just wanted to help: I know a bit about cryptocurrencies. Since Liyeplimal was talking about cryptocurrencies and blockchains, that’s where I started educating the community.

To invest on this platform, it is necessary to subscribe under the aegis of a mentor and to pay an amount to the purchase of packs digital tokens. In the chain of holders of packs, the higher the sum invested, the more the first mentor receives benefits or rises in rank, as in a pyramid. However, in Canada, pyramid or step sales are prohibited, according to the Competition Bureau of Canada.

I entered at a lower level. Every time someone tells you about an opportunity, you have a choice to enter or not to enter. »

A quote from Toronto resident Richard Engoulou
  • Investment scams are the most reported in 2021 in terms of dollar losses.
  • Victims of investment scams have told the Canadian Anti-Fraud Center (Canadian Anti-Fraud Center) total losses of $163.9 million.
  • In most cases, investment opportunities offer above-par or above-average returns, resulting in investors often losing most, if not all, of their money.

Source: Canadian Anti-Fraud Center

Liyeplimal on the radar screen of Canadian securities regulators

Liyeplimal is on the Investor Alert list of the Canadian Securities Administrators.

Last summer, the Autorité des marchés financiers du Québec (AMF) and the British Columbia Securities Commission issued an alert for fraudulent representations to consumers about Global Investment Trading and investments on its Liyeplimal site.

Both agencies have warned Canadian residents that this company makes fraudulent representations and is not authorized to act as a dealer or adviser in securities or derivatives in their respective province.

Similarly, the Central African Financial Market Supervisory Commission announces that Global Investment Trading is part of a list of companies that make fraudulent public fundraising and investment campaigns.

The director of media relations at the Autorité des marchés financiers du Québec, Sylvain Théberge, says that this regulatory agency is very concerned: We are even appalled by the proliferation of these fraudulent platforms and the interest that many people have in them even before informing themselves properly.

Mr. Théberge explains that the strategy used by fraudulent platforms aims to lure investors with a discourse that leads these people to believe that they are privileged to be part of it. This is obviously the new favorite ground for fraudsters […] with fraudulent emails and deceptive approacheshe said.

You put a small amount, between $400 and $600. And there it works. We show you graphs. Suddenly, you are told: “Now we are going to take another step […]. Want to make money? So, you have to put in additional amounts.” »

A quote from Sylvain Théberge, director of media relations and public affairs at the Autorité des marchés financiers

For Mr. Théberge, the task of financial regulators promises to be difficult and requires denunciations from the victims. According to him, it is extremely complex to trace the money invested in a fraudulent crypto-asset platform. In a fraction of a second, your money can be returned to the other side of the world.

We do cyber surveillance. We intervene in the markets. Believing that the regulator can see everything, stop everything, is false security and does not correspond to reality. So, we need denunciations to cover a file and to be able to intervene. »

A quote from Sylvain Théberge, director of media relations and public affairs at the Autorité des marchés financiers

The Ontario Securities Commission and the Autorité des marchés financiers du Québec did not want to specify the nature of the measures that will be taken against those responsible for Global Investment Trading and against their collaborators because the process remains confidential in order to protect those who lodge a complaint.

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Cryptocurrencies: a Cameroonian company suspected of fraud divides the diaspora

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