The BETL scam and how to protect yourself from financial pyramids

The collapse of the BETL cryptocurrency scheme affected more than 30,000 Bulgarians who had invested about 80 million dollars in the pyramid. The promises were for high incomes in exchange for “investments” in phone chargers in China. On December 5, BETL stopped paying dividends. The company has no registration in the country. It was set up in 2023 in the UK by a man called Muzaffar Ahmed Riaz. All photos and names turn out to be fake. The platform is actually another financial pyramid.

How did the scam work?

VETL attracted users through Telеgrаm and promises of getting rich quick. The initial investment was worth from 1200 to 9600 leva. After registration, participants bought cryptocurrencies and transferred them to anonymous wallets. Thus, tracking the invested money was virtually impossible.

According to data in the secret Telegram, which was operated by the company, the number of Bulgarian participants was over 30,000. In a little more than 6 months they invested about 80 million.

How to protect yourself from financial pyramids? What are the signs we can recognize?

• Promises of unrealistically large profits
  The eĸects on ĸibepcіgіrіncіty advise consumers to be wary of platforms that promise unreasonably high returns. No investment is 100% safe, and all promises of guaranteed income are suspect.

• Lack of registration and license
  For a company to be legal, it must have a mandatory registration and license. Lack of these or having dubious details around them is a hallmark of fraud.

• Aggressive advertising
  Be wary of companies with advertising that pressures potential investors to act quickly by claiming the offer is temporary or a one-off opportunity. Often the information is vague and hidden without providing essential details.

• The more people you bring in, the more dividends you will reap
  When the focus is on bringing in more people rather than the actual product or service, it’s a sure sign of a pyramid scheme.

Understanding the principles of financial pyramids is the first step to protecting yourself from them. Approach carefully, think critically, and invest in an informed and thoughtful manner.

TPA Bulgaria

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office@tpa-group.bg

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1000 Sofia