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The United Kingdom High Court has closed down a cryptocurrency firm, PGI Global, for allegedly running a fraudulent scheme.

The company allegedly promised investors returns of up to 200% if they purchased digital assets through its platform, but clients never received such profits.

According to an official press release, the British authorities noticed PGI Global’s suspicious activities last month and closed it after ascertaining that the firm stole over $700,000 from its users.

The PGI Global enticed its customers by promoting itself as a legit cryptocurrency trading venue where investors could get up to 200% of their initial deposits.

The numerous investors who became victims were left without the promised returns and were still unable to withdraw their initial deposits.

As per the investigation, the executives of the platform sent approximately $225,000 of the stolen assets to personal accounts and used over $11,500 to purchase luxury items.

PGI Global is part of the Praetorian Group International Trading Inc. – a company that the US Department of Justice suspected of committing financial crimes, according to reports.

Its Director Ramil Ventura Palafox refused cooperating with the High Court’s investigation.

The officials argued that shutting down the entity is “in the public interest.”

Mark George – Chief Investigator at the Insolvency Service – assured that law enforcement agents will deal with any other company that does not comply with obligations and lacks the necessary transparency.

“This case highlights that where we have reasonable concerns about the trading practices of a company, the court will take a dim view of any failure to cooperate with a statutory inquiry and will wind up the company in the public interest,” he added.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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