The Mexican Banking and Securities Commission (CNBV) sanctioned an alleged Ponzi scheme operating in Mexican territory. The institution issued two sanctions against Xifra Business Group, known as Grupo Xifra, for offering investments without the registration that would allow it.
of activities for which it is not expressly authorized: “to solicit or promote the obtaining of resources from an undetermined person in mass media, nor to obtain or solicit funds or resources from any person in a habitual or professional manner or offer investments and yields”.
The most recent of the acts filed against the company is dated September 1. In that document, the order to stop investment operations is imposed. However, as of this Sunday, September 5, the website xifrainternacional.com
continues to offer “a 10% monthly yield in the financial markets”.
The company says on the same website that it diversifies its investments in Forex, health sector companies and plantations.
At Xifra we diversify investments in different markets to obtain the maximum profit and at the same time take care of operations by analyzing risks and returns.
Xifra Group Business, investment platform sanctioned by the CNBV. Xifra Group offers returns of 10% per month. Source: xifrainternacional.com.
The CNBV document details that Xifra uses another company to attract investments: Finanzas que te Acompañan.
Although the company has its registration with government agencies as SAPI (investment promotion corporation) and SOFOM (multiple purpose financial company), this does not allow them to carry out the activities described above, says the CNBV.
Being a company registered in the public registry of commerce and in the form of a SAPI does not imply authorization from this Commission to capture funds from the public or offer investments with returns; being a SAPI is only a form of corporation to carry out commercial activities.
Mexican Banking and Securities Commission.
Relationship with bitcoin
the use of BTC as an investment vehicle.
On the company’s website, however, they claim to be endorsed.
by “experts”. This mention is followed by four logos that do not link to any source that certifies such endorsement: Forbes (twice), Forex and bitcoin.
These mentions could be a way to give credibility to the project, using renowned brands that, referentially, inspire confidence.
Xifra claims to be endorsed by experts from Forbes, as well as Forex and Bitcoin. Source: xifrainternational.com.
They also refer to the cryptocurrency in sales manuals for affiliates, in which they talk about purchases through exchanges such as Volabit or Bitso (in Mexico), Coinbase in the United States and Binance for the rest of Latin America.
These manuals, shared by promoters of the scheme on Telegram, add things like: “the way to send the money is via Bitcoin, for tax reasons, otherwise you should retain 32% or more depending on your tax return or country where you live”.
Ponzi in sight, say users
Although there are many promoters of the model of this company in social networks, many people not aligned with the company point to a Ponzi scheme. This means that the profits they offer only depend on the entry of new users who in turn invest. CryptoNews has found multiple comments from people who claim to receive timely payments from the platform, while others question how long a scheme that is not based on the offer of any real product will be sustained, in the words of @supermousemike
, when we tried to log in to Xifra, our research threw up a message warning that registration could not be done without an affiliate or referral, as the screenshot below shows:
Xifra requires affiliates to “network”. Source: Xifra.
In the same sales documents referred to above, they mention the multilevel system and methods for attracting new investors with examples such as: “Laura, a few days ago I thought of you: in this investment model in which you earn money without selling”.