The controversies don’t end with this one. In the BizzTrade Review, you’ll read about a foul Ponzi scheme that was run by three shady associates.
Namely, the Gohar brothers, Rehan & Rizwan, and Gurpreet Dhaliwal. BizzTrade broker allegedly used to operate in the UK, but that’s just another fabrication on the long list of lies. Luckily, the website is down but that doesn’t mean these fraudsters won’t return.
BizzTrade uses Forex as a pretext for its operation. This entity’s business is actually based on the controversial MLM (multi-level marketing) model, which relies on increasing the sale force by recruiting as many distributors as possible for the cause.
Sounds familiar? That’s quite reminiscent of the pyramid model, or better yet, a Ponzi scheme. This concept refers to investment frauds where the one running them, in this case, BizzTrade, profits off the back of unsuspecting victims.
The scammer recruits people to invest by promising a hefty return on investment (ROI) and then entices them to invite family and friends to do the monkey business. The more people one draws in, the better, for BizzTrade, of course.
The lifespan of a Ponzi scheme is typically around two years, oftentimes even shorter, then recruiters start to notice what’s up. Hence, the aforementioned three associates first established BizzTrek in January 2019, which they renamed to BizzTrade once their stocks crashed down in July of that year.
The BizzTrade regulation never existed. For an entity to provide financial services in the UK, it has to possess a license issued by the country’s Financial Conduct Authority (FCA). Unsurprisingly, BizzTrade isn’t registered with the FCA, we checked it.
Thus, the scammer is unlicensed and unregulated to provide services in the UK or any other ESMA-overseen country in the EEA zone. Despite this, BizzTrade kept conducting its vile plot, violating the law in the process, which eventually resulted in the scammer’s website getting taken down.
Either BizzTrade felt the heat and decided to run away or the authorities busted the scammer and shut down the site. Regardless, we don’t exclude the possibility of this fraud returning.
To reiterate, BizzTrade is not a Forex broker but rather a terrible Ponzi scheme. The entity has no license and isn’t registered with the UK’s FCA.
We didn’t find a valid physical address. Plus, the FCA has no information on the entity. BizzTrade reputation took a heavy blow here.
Thus, BizzTrade lied about being authorized to provide services by the local government. Which authorities in their right mind would allow a Ponzi scheme to take place?!
It seems that BizzTrade was all over the place. The fraudulent BizzTrade scam left traces in the following countries:
On similarweb.com, we confirmed this data. The website was also visited 17,100 times in January with some visitors being from Germany, Canada and Sweden. Fortunately, the site is down.
With 77 negative reviews on Trustpilot and complaints about the broker, it’s safe to say that BizzTrade is definitely a scam. Looks like the fraudster defrauded a lot of people.
After consistent lies, BizzTrade seemingly violated the terms and conditions and deceived traders. Here’s one confession from a poor victim:
This company is a scam. They’ve scammed me £3000. Rehab Gohar, Rizwan Gohar,Abdul, Haida and the rest. Scammers…
BizzTrade isn’t a real broker. Thus, the BizzTrade trading platform doesn’t exist. You’re not actually trading anything with BizzTrade. All you’re doing is giving money to the financial swindler.
Scammers such as BizzTrade are masters of finding potential victims. They run marketing campaigns online and buy fake Google ads.
Or, they create Facebook, Instagram and YouTube content. A more direct approach would be phone calls and emails. We wouldn’t count out private WhatsApp and Telegram chats.
Another possibility would be LinkedIn ads. Sometimes scammers ‘seduce’ their victims via dating apps such as Tinder or Bumble. Anything to get the Ponzi scheme going…
As mentioned, you don’t trade anything. There are no trading platforms, assets or instruments. You cannot trade CFDs or crypto assets. Forex education is just a ruse in this case.
Instead of trading accounts, BizzTrade offers compensation plans. Affiliates invest and are promised a “guaranteed return”.
We’ll outline the plans below, but our question is what are people supposed to invest in? BizzTrade offers no concrete products, no CFDs, digital assets, etc. Who can guarantee returns there?
If you look at the statistics, over 95% of MLM fail to make income and 60% end up with losses. On the other hand, the scammer on top will profit from ripping-off poor people and their friends.
No doubt withdrawal issues will arise here. We don’t believe that any BizzTrade withdrawal requests have been fulfilled. We also don’t know which funding methods BizzTrade uses, but we guess they include credit/debit cards, wire transfers, e-wallets and cryptocurrencies.
If you’ve lost money to this Ponzi scheme, know that you’re not the only victim of BizzTrade scam. Worry not, Global Fraud Protection is here to help you.
We can assist you in getting your hard-earned money back. Depending on the method you used to deposit funds, our team of experts will instruct you to request a chargeback or trace the crypto transaction using CipherTrace.
On your part, if you have any useful info, please share it with us so we could contribute to finally putting these scammers behind bars!
If this broker steals your money, contact us for help. Use Online Chat, the easiest and fastest way to book your free consultation with us and start the chargeback procedure!
Absolutely not. BizzTrade is a vile Ponzi scheme. If you already invested, call us so we could help you get your money back.
No. BizzTrade isn’t a real broker so you don’t have different account types but rather compensation plans.
BizzTrade doesn’t have a trading platform so there’s no need for an app. The scammer could have some kind of app though.
BizzTrade offers “Matching” & “Achievement” bonuses. It’s just a hoax that promises you a Porsche if you generate 21,000 imaginary points and stuff like that.
Absolutely not. BizzTrade is a vile Ponzi scheme. If you already invested, call us so we could help you get your money back.
No. BizzTrade isn’t a real broker so you don’t have different account types but rather compensation plans.
BizzTrade doesn’t have a trading platform so there’s no need for an app. The scammer could have some kind of app though.
BizzTrade offers “Matching” & “Achievement” bonuses. It’s just a hoax that promises you a Porsche if you generate 21,000 imaginary points and stuff like that.
The post BizzTrade Review – Unsafe MLM Con Artist Lurking Online appeared first on Global Fraud Protection.
