Multi-Buy World’s bank accounts terminated, withdrawals suspended
Multi-Buy World surfaced in early 2017 and are fast approaching the two-year period in which most online Ponzi schemes collapse.
The business appears to be winding down on schedule, following the company’s claim its bank accounts have been terminated.
The Alexa traffic chart for the Multi-Buy World website suggests recruitment tanked last November.
Currently the scheme is being kept alive primarily through activity in the UK and Denmark, who together provide 81% of traffic to the MultiBuy World website.
As per a July 17th press-release on the Multi-Buy World website;
We have unfortunately been practically put on hold because of reasons outside of our control and the suspension of trading on our Bank accounts.
The Bank has acted with due diligence as allegations and letters were written to them directly by several of our own members. These letters were questioning our credibility and integrity as a business.
This resulted in our MBW accounts being frozen while these investigations are being conducted.
Sadly, it was the actions of a few of these disgruntled people that has resulted in most of the happy participants losing out.
Long-time followers of the MLM underbelly will recognize Multi-Buy World’s claims as typical “blame the affiliates” excuses.
Banks do not close business accounts because they receive letters from randoms.
Typically when it comes to MLM Ponzi schemes, suspicious activity is detected and prompts a bank to investigate.
That investigation confirms suspicious activity, which results in account termination and the filing of Suspicious Activity Reports with relevant authorities.
Multi-Buy World will of course not want to disclose this with their affiliate investors, hence the cock and bull about affiliates writing to their banks.
One thing Multi-Buy World does confirm however is investigations into the company.
We wanted to let every member know that these investigations will be completed with a positive result for MBW and our accounts will at that point be released for the commencement of payments.
Whether the filed SAR reports have resulted in regulatory investigations or not is unclear.
The above does however suggest that MultiBuy World’s invested funds have been frozen, hence their inability to continue paying existing investors with newly invested funds.
BehindMLM reviewed Multi-Buy World on March 18th, 2017.
Based on its business model, we concluded Multi-Buy World was a typical adcredit Ponzi scheme.
In line with MLM underbelly trends, Multi-Buy World has since announced plans to launch a cryptocurrency ICO.
100 million pre-generated MB8 Coin is being flogged to Multi-Buy World affiliates at 1 EUR for 4 coins.
The plan appears to be to transfer Multi-Buy World’s adcredit Ponzi ROI liabilities to MB8 Coin.
This will allow owner Giancarlo Santigli to exit-scam, with Multi-Buy World affiliates left holding yet another worthless MLM altcoin.
Whether it was Multi-Buy World’s adcredit Ponzi scheme or the MB8 Coin ICO exit-scam plans that prompted their bank accounts being shut down is unknown.