When South African authorities initially announced a criminal investigation into BTC Global back in March, investor losses were pegged at $50 million.
Following analysis of 27,500 investor complaints and an ongoing investigation, the figure has now climbed to $80 million.
The last figure was provided by South African Police yesterday, amid confirmation authorities have been unable to locate Steven Twain.
Steven Twain was presented as the owner of BTC Global Team on the company’s website.
Our own investigation into the company however revealed BTC Global Team was instead likely operated by Andrew Caw and Cheri Ward.
We maintain that Steven Twain, as represented on the BTC Global Team website, doesn’t exist.
After BTC Global Team collapsed, Cheri Ward has since popped up as a “select partner” of the Copy Profit Success Global forex scheme.
In addition to BTC Global Team, Andrew Caw owned and operated Bitcaw Trading.
Through Bitcaw Trading, Caw claimed he “help(ed) people create wealth through bitcoin”.
Yesterday the Directorate for Priority Crime Investigation (commonly referred to as the Hawks), confirmed Bitcaw Trading Company is part of their investigation.
The investigative unit said in a statement on Friday that the Serious Economic Offences Unit is investigating “massive alleged fraud” involving Bitcaw Trading Company after more than 28 000 investors are believed to have suffered losses of more than R1bn.
Bitcaw Trading is also known as BTC Global.
This would mean Andrew Caw is Stephen Twain, with Cheri Ward assisting him as an accomplice.
Lieutenant general Yolisa Matakata is calling on members of the public who have invested in this scheme to come forward.
“This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money.
Both Andrew Caw and Cheri Ward reside in South Africa.
Caw’s social media profiles were abandoned in early April. Ward is still active.
In a post published to Facebook four hours ago, Ward wrote;
Stop believing everything you read. Just because a fin24 article says it, doesn’t make it true by any stretch of the imagination.
Considering the Fin24 article in question mostly quotes information provided by South African authorities, what Ward is claiming the Hawks are lying about is unclear.