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Cryptocurrency Hyper Fund under govt scanner
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SME Times News Bureau | 19 Sep, 2021
The government is keeping a close eye on cryptocurrency floating in the
market based out of the country folowing alert that agencies responsible
to check financial fraud are watching a company called Hyper Fund.
Sources
said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar
recently. The Group claims to have launched the Hyper Fund to provide a
decentralized financial infrastructure. Hyper Fund was announced in
mid-2020.
As per the company website it is led by Ryan Xu,
however, with the Multi-Level Marketing (MLM) model Hyper Fund has been
luring investors with higher returns and such offerings, a common
practice under Ponzi Schemes, that got the authorities alerted in the
first place.
According to sources, complaints against such Funds
have started pouring in several states. In India, the RBI, Union Finance
Ministry and SEBI had warned people against cryptocurrency trading. The
RBI is planning to launch India's official digital currency- E Rupee
soon.
The Finance Ministry has clarified that Virtual currencies
are also not legal tender. Hence, VCs are not currencies. The RBI has
also clarified that it has not given any licence/ authorization to any
entity/ company to operate or deal with Bitcoin or any virtual currency.
In June 2018, Amit Bhardwaj was arrested at the Delhi Airport
by Pune police along with his brother Vivek Bhardwaj in connection with
an alleged Ponzi scheme. Bhardwaj, started his own bitcoin mining
operations and allegedly cheated more than 8,000 people to the tune of
Rs 2,000 crore from across the country.
He has lodged a complaint
with the Delhi Police special cell, alleging that he received an
extortion call and was asked to pay protection money on September 6,
2021. He had setup multi-level marketing (MLM) scam by luring investors
to give him Bitcoins in return for promised higher returns, police had
alleged.
Regulators in UK have issued warning against such fund
and the Financial Conduct Authority (FCA) have warnings issued for both
Hyper Fund and Fund Advisor.
On its website, which was first
published on in March 23 ,2021 and later updated on August 31, the FCA
said, "We believe this firm may be providing financial services or
products in the UK without our authorisation. Almost all firms and
individuals offering, promoting or selling financial services or
products in the UK have to be authorised or registered by us. This firm
is not authorised by us and is targeting people in the UK."
Warning
investors about such fund, it further said: "You will not have access
to the Financial Ombudsman Service or be protected by the Financial
Services Compensation Scheme (FSCS), so you are unlikely to get your
money back if things go wrong."
The Website used by these companies as per FCA ar http://thehyperfund.online, https://thehyperfund.com/
Decentralised
Finance (DEFI) offering through blockchain technology by HyperTech
Group, which is said to be based out from Hong Kong, as sources said
Indian Regulators and Authorities have started monitoring the situation.
Following
the measures taken by financial regulators such as the US Security and
Exchange Commission and the UK's Financial Conduct Authority, Indian
regulators and enforcement authorities have started monitoring
investment in Hyper Fund -- a Decentralised Finance offering through
blockchain technology by HyperTech Group.
Globally, Financial
regulators acknowledge the fact that Ponzi scheme organizers often use
the latest innovation, technology, product or growth industry to entice
investors and give their scheme the promise of high returns. Potential
investors are often less skeptical of an investment opportunity when
assessing something novel, new or "cutting-edge." On its website, Hyper
Fund claims to be �The Strongest Rocket in Blockchain Finance'
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