BC Academy Bookcoins Ponzi busted by Malaysian authorities
Based out of Malaysia, the ruse behind BC Academy is that affiliates were investing in bookcoins, a silver-backed cryptocurrency.
Following victim complaints from investors, last week Malaysian police arrested two men running the scam.
BC Academy saw affiliates invest in packages for “BC points” and virtual shares.
BC Academy assigned a value to the shares, which were otherwise worthless outside of the MLM opportunity.
Alexa traffic estimates for the BC Academy website show a sharp decline from October, 2016.
Needless to say this left BC Academy unable to meet its ROI obligations, prompting complaints from affiliate investors.
Four BC Academy victim complaints were filed with police in early August.
After what must have been a pretty brief investigation, Malaysian police arrested two individuals on August 3rd.
Media coverage of the arrests doesn’t name those arrested, citing them only as ‘two men, aged 45 and 40‘.
In BehindMLM’s BC Academy review we identified Wyson Chan as CEO of BC Academy and Alex Siaw Swee Hin (below) as Chairman of BookCoins.
Siaw and Wyson (right) worked together through Naim Indah Corporation Bhd. Following their likely arrest, shares in Naim Indah Corporation plummeted.
In addition to arresting two individuals, police raided two houses and seized ‘17 luxury watches, 35 designer bags, 16 silver bars and two luxury cars estimated to be worth RM1.05 million‘ ($244,385 USD).
A BookCoin ATM machine, 26 cheque books and $246,712 USD in cash was also recovered.
Approximately 200 BC Academy investors are believed to have lost between $4.6 to $23.2 million USD.