As mentioned before, we are actively addressing this case by submitting reports both in Singapore and Europe, concurrently with the Jubilee Group case. These cases are linked through their organizers, and we anticipate that this strategy will accelerate the resolution process.
We have made progress with the case in Europe, and we want to keep you informed. This update includes the questions received from the victims and our responses in both cases, which we are sharing with you.
In this newsletter we will provide answers to the some of the frequently asked questions.
1. Please explain the current progress of the case.
Jubilee Group: The prosecution in Zagreb has launched legal proceedings, gathering statements from the victims. The criminal report was submitted in Germany and forwarded to Europol as well. It is evident that our efforts have borne fruit and that the proceedings have been initiated.
The 3Key Lyra case is linked to the Jubilee Group case to expedite proceedings and capitalize on our current momentum as there are strong indications that the same people are involved. For a more detailed explanation you can refer to the newspaper article we have provided in our previous newsletter. Link below:
Full article: https://theuglygame.wordpress.com/2022/06/02/ex-man-city-crypto-partner-linked-to-alleged-1-1bn-fraud/
2. Please explain how the relevant companies are responding?
Companies that should be addressing the issue are inactive. They are trying to discourage victims in Europe from filing criminal complaints. Mr. Bobby Low created a Telegram group where he alleged that companies in question had begun the liquidation process, including Regal Core Market. He promised to share these reports with group members in August, but this has not occurred.
As we have stated previously there are all delay tactics used to dissuade victims from reporting the case to the authorities.
3. Please let me know if there are any unusual or unexpected variables in the proceedings.
There are no unexpected variables in the case so far. These are all standard procedures in criminal proceedings.
4. When will the suspects be arrested?
The decision lies with the prosecutor, who keeps it confidential to prevent suspects from discovering and evading arrest.
In criminal proceedings, arrests occur when the prosecution, based on victim statements and company data verification, determines that there is a substantial likelihood that the accused have committed the alleged crimes. Subsequently, an arrest warrant is issued, with news of the arrest typically being made public.
5. What do the prosecutors and court officials in charge of this case say about the case?
In this phase of the proceedings, prosecutors, do not provide any information. The police, acting upon the prosecutor’s orders, collect statements from victims, indicating that the investigation is ongoing. All information gathered from both suspects and victims is submitted to the prosecutor. The police then awaits for further orders, which will depend on the discovered evidence and the approach the prosecutor wants to take.
6. When do you think the case will be closed?
It is difficult to estimate. This is a comprehensive and difficult case, which includes many companies and perpetrators from all around the world and from different jurisdictions. This case is more complex that the “Bitclub” case and judging by that, it will probably take about 4 years to complete.
7. Is it possible to seize funds held by the suspects?
It is possible to seize all assets from the suspects: fiat money, cryptocurrencies, real estate, motor vehicles, watches, luxury items. It is also possible to confiscate assets from individuals associated with them, such as spouses, children, parents, and other individuals to whom funds collected from the victims of Jubilee Group have been transferred.
8. Can victims receive investment and damage compensation?
According to the law, victims of a crime are entitled to receive compensation for their losses. However, this compensation is granted solely to those who have officially reported their losses during the criminal proceedings. Individuals who have not reported their losses will not receive compensation, as the court is unaware of their status as victims.
It’s important to note that even if the police seize computers from Jubilee Group and discover information about all the victims during the legal process, compensation will only be awarded to those who have correctly reported their losses through a lawyer, following the specific legal procedure.
Attorney at Law