The United Kingdom High Court has shut down PGI Global UK Ltd. for allegedly running a crypto scam and has appointed the official receiver as the company’s liquidator. 

See related article: Indian investors allegedly duped in crypto cloud mining scam

Fast facts

  • Investors did not receive the promised returns of up to 200%, and were also unable to withdraw the funds they had invested.
  • PGI received around  £612,000 (US$710,000) from would-be investors and allegedly misappropriated at least £200,000 by paying no less than £195,000 to personal accounts and £10,000 to a luxury department store.
  • PGI UK is part of the Praetorian Group International Trading Inc. which was shut down by U.S. authorities, and claimed to have a trading desk in Manila, Philippines.
  • Last September, the Securities and Exchange Commission (SEC) of the Philippines, had warned consumers “not to invest or stop investing in any scheme offered by PGI” as the company operated without the necessary license.
  • The group was founded by Philippines-born registered nurse, Ramil Ventura Palafox, who stepped down as the group’s CEO last September, as Helen L. Graham took over, SEC Philippines said.

See related article: Each NFT scam perpetrator gained average of $300,000 in past year: Elliptic report