Brazilian Police to Auction Assets Seized from Suspected Crypto Fraudsters

Authorities in Brazil have revealed their intention to auction off assets seized from Trust Investing, a suspected pyramid scheme operating in the cryptocurrency industry. A Federal Court in Campo Grande has granted permission for the auction, which includes seven luxury cars, including armored vehicles, valued at approximately $288,000.

The vehicles consist of BMWs, a Land Rover, Porsches, trucks, and other cars, with three of them being armored. The vehicles are owned by Patrick Abrahão and his wife, Perlla, a well-known pop star. Abrahão and his father, Ivonélio, who is a pastor, have been accused of orchestrating the alleged scheme.

Trust Investing attracted investors with promises of returns of up to 200% within 10 months, but suspicions arose when some individuals reported difficulties withdrawing funds from the platform. The police investigation, which began in 2019, estimates that the company may have collected up to $359 million from customers.

Despite the ongoing probe, Trust Investing continued to expand, even operating internationally in Cuba. The court’s decision to auction the assets is based on concerns that their value may depreciate if they are not sold.

These assets are part of a larger collection of items and cryptocurrencies seized during police raids in October 2022, which resulted in the detention of several company directors and the confiscation of various assets, including livestock, luxury cars, jewelry, precious gems, and approximately $250,000 in cryptocurrencies.

source