Amoolya Harshad Vassa’s Transactworld Scam Allegations Fact-checked (2024)
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More Details About Amoolya Harshad Vassa’s Scam
The massive Zoo Broker Scam network makes use of Payment Gateway Solutions Private Limited, an Indian-registered white-label payment solution provider that ran the Paymentz (www.paymentz.com), as well as ExchangeITonline, its own cryptocurrency payment service provider. The beneficial owners and managers are not mentioned on the website.
Actually, Amoolya Harshad Vassa (LinkedIn profile) and Anupam Harshad Vassa (LinkedIn profile), two Indian individuals, are the beneficial owners of Paymentz. Additionally, the two are in charge of Transactworld Limited, a payment service provider (PSP) that has a Financial Conduct Authority (FCA) licence and is registered in the UK. Transactworld Limited, a company registered in Hong Kong, is the owner of the company’s shares, per its corporate filings.
One of the businesses in the Zoo Broker Scam network, the Estonian Blonde Bear OÜ, was registered as a merchant with Paymentz and accepted credit card payments from EasyTrade and FXtrade777 customers. Authorities in charge of overseeing the financial markets have cautioned both broker parties.
Regardless, it’s interesting to note that the beneficial owners of Transactworld Limited, a payment service provider registered in the UK, get involved through Paymentz, an unregistered trading company, as a PSP for brokers engaged in illicit Forex and cryptocurrency scams. It appears that they use distinct trademarks for various objectives.
There are more PSPs that support the Zoo Broker Scam network than Paymentz. Voguepay and UPayCard are also involved in the scam. FinTelegram already sought out the Vassa’s to discover more about their dealings with the Zoo Broker Scam network.
Amoolya Harshad Vassa’s Transactworld United Kingdom (As Claimed)
Transactworld, an eMoney institution licensed by the FCA, offers a cutting-edge payment processing solution that is a crucial part of the industry’s infrastructure for card-not-present transactions. Our platform serves as a single point of entry for international markets, providing a link between financial institutions and retailers. The United Kingdom was a crucial hub for prosperous trade throughout human history. Being a UK-based business, TRANSACTWORLD maintains that culture, facilitating international transactions in an environment that is SCALABLE, SECURE, SIMPLE, and SWIFT. TRANSACTWORLD is committed to providing top-notch services, and it is always improving its tools and system to set the standard for the sector.
Amoolya Harshad Vassa’s Paymentz.com (As claimed)
Modern payment gateway solutions are offered by PAYMENTZ, a crucial part of the infrastructure supporting the card-not-present sector.
Being an Indian company, PAYMENTZ maintains that culture, facilitating local transactions in an environment that is SCALABLE, SECURE, SIMPLE, and SWIFT. With a strong commitment to providing top-notch services, PAYMENTZ constantly improves its tools and system to set the standard for the sector.
As claimed by Paymentz, Modern payment gateway solutions are offered by PAYMENTZ, a crucial part of the infrastructure supporting the card-not-present sector. Being an Indian company, PAYMENTZ claims to maintain that culture, facilitating local transactions in an environment that is SCALABLE, SECURE, SIMPLE, and SWIFT. With a strong commitment to providing top-notch services, PAYMENTZ claims to be constantly improving its tools and system to set the standard for the sector.
What are Illegal Broker Schemes?
A Ponzi scheme is a type of investment scam in which an impostor entices people to make investments in a fictitious business. The thief takes the money after they have sealed the deal. The criminal then finds new investors and uses their money to settle debts with the old ones in order to give the impression that the prior investors are getting profits.
It bears the name Charles Ponzi in honour of the Italian businessman who executed a notorious and massive fraud in 1920. He accomplished this by setting up a fictitious investment business that was purportedly focused on purchasing international postal vouchers in Europe and exchanging them for more costly US postage stamps. While this practice (called arbitrage) wasn’t illegal, falsely claiming his company was doing it—and instead paying off initial investors with money from new investors—was a crime.
It is unlawful to run a Ponzi scheme for two basic reasons. The first explanation is that the offender is tricking investors into supporting a project that isn’t really happening. In other words, it serves only as the main hub for the fraud and offers no products or services.
The second reason is that in order to avoid being discovered, the criminal must make their fictitious business appear genuine. This typically entails fabricating and forging paperwork that companies have to turn in to the authorities. And that is unquestionably illegal.
