Report: Operators of Central African Republic-Based Crypto Investment Firm Disappear With $1.6 Million

According to reports, the operators of a Central African Republic (CAR) crypto company which promised a high return on money invested have disappeared along with $1.6 million in investor funds. High-profile personalities including lawmakers and senior government employees are among the hundreds of CAR residents who fell victim to the apparent scam.

Company Abruptly Closes Shop

The operators of a Central African Republic (CAR)-based cryptocurrency investment company, Clé du Succès, are accused of defrauding investors of approximately $1.6 million or one billion CFA francs, a report has said. The company, which only began its operations in September, is said to have abruptly closed shop on Oct. 8 leaving both investors and employees uncertain about the fate of their investments and jobs.

According to a report, Clé du Succès, which is a duly registered company and has been issued with a tax identification number, lured prospective investors with the promise of a 20% return on investment. The report added that some victims of the apparent scam had invested their life savings.

Consequently, the police have launched an investigation into the operations of Clé du Succès which is being overseen by the Research and Investigation Section (SRI).

Meanwhile, the report revealed that high-profile personalities are among the hundreds of CAR residents who fell victim to Clé du Succès’ scam. Such high-profile personalities include unnamed lawmakers, senior government employees, and traders.

While the CAR is the first country in Africa to declare bitcoin a legal tender, a court ruling and the subsequent repeal of the bitcoin law ultimately helped to unravel the achievements made by President Faustin-Archange Touadéra’s government. As per the report, a repeal of the law means CAR crypto investors who fall victim to scams similar to the one pulled off by Clé du Succès have no legal recourse.

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