The Mexican Banking and Securities Commission (CNBV) sanctioned an alleged Ponzi scheme operating in Mexican territory. This institution issued two sanctions against Xifra Business Group, known as Grupo Xifra, for offering investments without the registration that would allow it.
Through two bulletins, the Mexican Government’s instance fined the company and ordered the suspension of activities for which it does not have express authorization: «request or promote the obtaining of resources from an undetermined person in mass media, nor obtain or request of any person, funds or resources in a habitual or professional manner or to offer investments and returns. ”
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, for this Sunday, September 5, the website xifrainternacional.com continues to offer a “yield of 10% per month in 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 benefit and at the same time take care of the operations through the analysis of risks and returns.
Xifra Group Business, an investment platform sanctioned by the CNBV.
The CNBV document details that Xifra uses another company to attract investments: Finances that accompany you.
Although the company is registered with government bodies such as SAPI (investment promotion corporation) and SOFOM (multiple purpose financial company), this does not allow them to carry out the activities described above, indicates the CNBV.
Being a registered company in the public registry of commerce and with the SAPI modality does not imply authorization from this Commission to attract resources from the public or offer investments with returns, being SAPI is only a form of public limited company to carry out commercial activities.
Banking and Securities Commission of Mexico.
Relationship with bitcoin
The website Xifra does not disclose that it makes investments directly in bitcoin or any other cryptocurrency. However, there are defenders of the company who allege on social networks the use of BTC as an investment vehicle.
On the company’s portal Yes, they say they are endorsed by “experts.” Said mention is followed by four logos that do not link to any source that certifies such endorsement: Forbes (twice), Forex and bitcoin.
Said mentions could be a way of giving credibility to the project, using renowned brands that, referentially, inspire confidence.
They also refer to cryptocurrency in sales manuals for affiliates, in the that speak of purchases by exchanges such as Volabit or Bitso (in Mexico), Coinbase in the United States and Binance for the rest of Latin America.
Said manuals, shared by promoters of the scheme in Telegram , they add things like: “the way to send the money is Via Bitcoin, for tax reasons, otherwise they should retain 32% or more depending on your tax return or country where you live” .
Although there are many promoters of this company’s model in social networks, many people not aligned with the company point to n Ponzi scheme. This means that the profits they offer only depend on the entry of new users who in turn invest. CriptoNoticias has found multiple comments from people who claim to receive punctual payments from the platform, while others question how long a scheme that is not based on the offer of a real product will be able to sustain itself, in the words of @supermousemike.
In effect, when trying to enter Xifra, in our investigation it threw us a message that warned that could not be registered without an affiliate or referral, as shown by the capture of screen below:
In the same sales documents referred to above, mention the multilevel system and methods for attracting new investors with examples such as: «Laura, for a few days I thought of you: in this investment model in which you earn money without selling».