Swiss Authorities Cooperate in Global Vitae Crypto Scam Probe
The Swiss Federal Prosecutor's Office has responded to a Belgian request for legal assistance in the Vitae case, despite not conducting its own criminal investigation. The case involves a Zug-based company, with Belgian authorities probing fraud, money laundering, and criminal organization formation.
The Vitae case, a cryptocurrency-based scheme, has left an estimated 223,000 victims worldwide. The main figure, Belgian national Z., posed as a guru, promising wealth in exchange for a 'ticket' of 297 dollars. The group's company, registered in Zug, was used to defraud people globally. In June 2021, law enforcement seized 1.1 million euros in cash, 1.5 million in cryptocurrency, and 17 luxury cars from the group.
Z. was a board member of the Zug-based company since late 2019. The Kanton Zug was indirectly involved, with a local law firm managing trust structures that allegedly channeled profits. An organization called 'We Are Vitae' claims the token and platform were not a scam, representing 20,000 users. The AG, through which the alleged fraud was run, was moved to Zurich in early 2022. A Zurich resident also gained attention as a promoter of another dubious project.
The Vitae case, with its global scale and significant seizures, highlights the international nature of cryptocurrency scams. Swiss authorities, while not actively investigating, are cooperating with Belgian counterparts. The case underscores the need for international cooperation in combating such crimes.
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