{"id":33911,"date":"2023-07-10T22:10:41","date_gmt":"2023-07-11T02:10:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/brazil-police-to-sell-crypto-fraudsters-assets\/"},"modified":"2023-07-10T22:10:43","modified_gmt":"2023-07-11T02:10:43","slug":"brazil-police-to-sell-crypto-fraudsters-assets","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33911","title":{"rendered":"Brazil Police to \u2018Sell Crypto Fraudsters\u2019 Assets\u2019"},"content":{"rendered":"
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Police in Brazil have announced plans to auction off assets seized from Trust Investing, a suspected crypto-themed financial pyramid operator.<\/p>\n

Per the media outlet Portal do Bitcoin, a Federal Court in Campo Grande granted the authorities the right to auction off \u201cseven luxury cars,\u201d including armored vehicles.<\/p>\n

The assets are valued at just under $288,000 and comprise BMWs, a Land Rover, and Porsches, as well as trucks and other cars.<\/p>\n

Three of the vehicles have been armor-plated, the media outlet noted.<\/p>\n

The cars belong to Patrick Abrah\u00e3o and his celebrity wife Perlla, a chart-topping pop star.<\/p>\n

Abrah\u00e3o and his pastor father Ivon\u00e9lio, have been accused of orchestrating the suspected scheme.<\/p>\n

Trust Investing promised investors they could earn up to 200% on their stakes in just 10 months, but suspicions about the firm began to arise when some complained they were unable to withdraw funds from the company\u2019s platform.<\/p>\n

Police began a probe in 2019, with suspicions that the company may have raised up to $359 million from its customers.<\/p>\n

But the firm continued to grow in the subsequent years, even expanding overseas to Cuba.<\/p>\n

The court backed its decision by claiming there was a risk that the assets\u2019 value could \u201cdepreciate\u201d if they were not sold.<\/p>\n

The assets are part of a wide range of items and coins seized in police raids in October 2022.<\/p>\n

The raids saw officers detain a number of the company\u2019s directors, including Diego Chaves and Diorge Ribeiro Chaves (the former\u2019s father).<\/p>\n

The police raids saw 41 warrants issued, with items including \u201ccattle and sheep, luxury cars, jewelry, precious gems, and [almost $250,000] in cryptocurrencies\u201d seized.<\/p>\n

When Will Brazilian Police Sell \u2018Crypto Pyramid\u2019 Assets?<\/h2>\n

The assets will be sold in two auctions slated for mid-August.<\/p>\n

The media outlet quoted the court as stating:<\/p>\n

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\u201cThere are serious risks of the assets\u2019 devaluation […] due to […] inevitable aging if they remain in disuse.\u201d<\/p>\n<\/blockquote>\n

The Trust Investing masterminds are still awaiting trial, and the court noted that should they be acquitted, the funds recovered from the auctions would be returned to the accused.<\/p>\n

But should they be found guilty, the state will take control of the funds.<\/p>\n

Lawmakers have demanded that suspected crypto pyramid operators appear before parliament to face questions.<\/p>\n

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Late last month, police in Argentina arrested a number of executives from another suspected Brazilian crypto fraud operator \u2013 Braiscompany \u2013 as they attempted to flee Brazil.<\/p>\n<\/p><\/div>\n