President Of Bitcoin Banco Group Busted For Alleged $300M Fraud

Claudio Oliveira, The President of bitcoin Banco Group, the popular Brazilian financial management firm that reported a loss of 7000 BTC in 2019, has been busted for alleged fraud as we can see more in our latest Bitcoin news.

Claudio Oliveira was arrested in Brazil and auhtoritieis confiscated cars, cash and crypto wallets. The Brazilian Federal Police dismantled a crypto scheme that skimmed at least 1.5 billion Brazilian reais or $300 million from 7000 victims. The President of Bitcoin Banco Group was apperhended after a three year investigation after whcih the authorities were able to gather enough evidence to arrest him. Oliveira is known as the as the “Bitcoin King” as he served as a president of the Bitcoin Banco Group which was a very popular finance fim that became popular during a cryptocurrency boom by promising major profits for those that trusted them with their funds.

At the end of 2019, Bitcoin Banco Group reported that they noted a disappearance of 700 bitcoins and appliced for a judicial recovery order or a special arrangement agreed to by Brazilian authorities in whcih the company reorganized the finances and admnistration so sthat it can pay creditors and save itself from bankruptcy. Howver, the company continued to provide the ususal serivces while failing to expalin the reasons for the tokens disappeareing. Instead, it presented an updaated version of the platform and assured clients that the tokens were there. According to the lawyer of the clinets, there were plenty of inconsisentices between the amoutns expressed by the company and the audit data resutls. The firm also failed to provide wallet data that could have cleared up the issue.

While this was happening, the Federal Police set up a task force of 90 officers to investigate the Group Bitcoin Banco and the “Operation Daemon” concldued that the funds from the group’s clinets were divierted to the personal accounts of Oliveira. The Federal Police confiscated several assets owned by him after they arrested him, including luxury cars, large amounts of cash and crypto hard wallets. Police pressred money laundering charges, fraud and more against the management fund and Oliveira. Intelligence exchanges between the Federal Police and Foreign agencies confirmed that Oliveria was under investigation already in the US and Europe for similar crimes.
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