Dear Clients,
In today’s newsletter, you will find another excerpt from the criminal complaint in the Jubilee Group case that we have written and submitted across different jurisdictions.
… EVIDENCE No. 11: Jenco Tech Limited registration documents
In the beginning, Jenco successfully paid out profits to its investors – the victims – through Bitcoin deposits. However, the payouts soon halted, and shortly thereafter, the company ceased its operations.
In November 2020, Jenco became the subject of investigation by the Japanese financial authorities due to suspicions that the company lacked the necessary licenses to conduct its business. Despite this, the company reassured the victims that it was a minor issue and would be resolved quickly. Furthermore, the company continued to receive deposits from new investors even after the start of the investigation by the financial authorities, which effectively prevented Jenco from operating in the market.
The perpetrators then suspended payments to the victims, citing that Japanese financial authorities blocked the funds. To alleviate the pressure from the victims who sought to reclaim their money, the perpetrators then invented their own cryptocurrency called AquaCoin. They promoted it as a profitable coin with a self-sustaining ecosystem, urging and conditioning the victims to accept that their investments and subsequent alleged profits, or the promised earnings, would be converted and then paid out in AquaCoin, according to the arbitrary exchange rate set by the perpetrators that had no basis in reality or market dynamics. This meant that victims’ funds were effectively converted into this cryptocurrency. However, AquaCoin had no real value despite being presented as a profitable coin with a self-sustaining ecosystem. As a result, the victims lost all their invested capital and the promised profits.
To be continued…
Zoran Miljakovic
Attorney at Law