The Central Bank of the Russian Federation revealed the fraudulent project called Cashberry, which offers enormous profits from Fiat and cryptocurrency investments.
The Director of the Department of counteraction to unfair practices of the Bank of Russia Valery Lyakh said:
This is one of the most popular pyramid schemes identified in recent years, which operates in many regions of the country. It uses aggressive marketing strategy to attract as many people.
As reported “Interfax”, a group of Russian and foreign companies, known as Cashberry, recognized by the Central Bank one of the largest financial pyramid schemes which attracted thousands of participants.
After a thorough audit the Bank of Russia has informed that the company does not conduct economic activity and not legitimate. In the report the Bank States that citizens should be aware of the risks associated with investing money in projects with signs of pyramids.
According to RIA Novosti, the Prosecutor General’s office asks the court at the place of registration of the company in Rostov-on-don “to recognize information on the sites, cerberi.of the Russian Federation and www.cashbery.com prohibited for distribution in Russia”.
The site says that the head office is in Dubai and that the company is run by some Arthur Vardanyan. It includes microcredit organization “Warsaw”, OOO “Cerberi”, as well as Cashberry Limited company registered in the UK.
The basic principle of work of the enterprise is multi-level marketing, in which those who come later pay dividends predecessors. The company calls itself a p2p investment platform, where they can find each other borrowers and lenders. Cashberry uses aggressive marketing: annoying ads in the media and social networks and promises a very profitable investment. For example, in argues that people can get 550% of annual profits in cryptocurrency and 265% in Fiat investments. The minimum Deposit is 1000 rubles (about $12).