FIU Director Razim Buksh.

Possible scams involving unregulated cryptocurrency trading and illegal pyramid selling schemes have been reported to the Financial Intelligence Unit.

FIU Director Razim Buksh has revealed that an entity was reported for engaging in possible unregulated trading of bitcoins where a group of individuals were promoting such trade on social media and online platforms.

Buksh says interested investors were provided bank account details and deposited money in order to acquire bitcoins.

Another entity was reported for possible unregulated trading of cryptocurrencies following an attempted remittance transaction for the acquisition of digital goods in Australia.

Over 20 suspicious deposits totalling about $8,300 were made into the reported entity’s bank account within two months.

This second entity was also reported for running a multi-level marketing scheme which is a type of pyramid selling scheme.

Buksh says the scheme had been designed to appear as a business model that provides educational programmes on financial trading with a monthly subscription of $99.

A complaint related to a similar pyramid scheme, promising high returns for subscriptions as low as $2.

The FIU last month identified more than 150 potential victims who altogether made over 300 deposits worth about $9,000 to the account on one subscriber.

The same person also received two suspicious cash deposits of $10,000 each in 2019 and 2020, and suspicious remittances over $80,000 since 2018 into her bank account.