“Illegal and morally distorted system” – Armenian law enforcement agencies target syndicate
running Ponzi scheme
10:40, 12 January, 2022
YEREVAN, JANUARY 12, ARMENPRESS. 11 people face criminal charges for launching and operating what Armenian authorities described as a “Ponzi scheme”.
The members of the organization began operating in 2016 in Armenia together with a number of foreign citizens, namely nationals of Iran and Canada. The scheme used the UK-registered Vodanet British LTD company name as its cover. It was launched in 2013 in Iran, the Investigative Committee said in a press release.
Authorities said the members of the criminal syndicate calling themselves VODA planned and operated an “illegal and morally distorted system” of recruiting new members and assets. As a result, the syndicate started recruiting many people under the pretext of “phased training courses” to obtain the opportunity to engage in business operations as an “internationally reputed company”. The recruited members were told to get registered at voda.net and vodanet.io online platforms and make fake hotel package bookings ranging from 450 to 21,000 USD, which was presented to them as a guaranteed investment and condition for joining their company.
Criminal investigations launched by Iranian law enforcement agencies in June 2018 led to Vodanet British LTD ceasing operations, and the voda.net and vodanet.io websites were shut down, and this in turn led to the fraud…
