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 instance fined the company and ordered the suspension of activities for which he does not have express authorization: “Request or promote the obtaining of resources from an undetermined person in the mass media, nor obtain or request from any person funds or resources in a habitual or professional manner or 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 deliver “10% monthly yield on financial markets.”
The company says on the same website that it diversifies its investments in Forex, companies in the health sector and plantations.
At Xifra we diversify investments in different markets to obtain the maximum benefit and at the same time take care of operations through risk and return analysis.
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, points out the CNBV.
Being a company registered 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
Xifra’s website does not state that it makes investments directly in bitcoin or any other cryptocurrency. However, there are advocates of the company who they allege in 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.
These mentions could be a way of giving credibility to the project, using renowned brands that, referentially, inspire confidence.
They also refer to the cryptocurrency in sales manuals for affiliates, in which they talk about 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 on TelegramThey 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.”
Ponzi in sight, users say
Although there are many promoters of this company’s model 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. CriptoNoticias has found multiple comments from people who claim to receive punctual payments of 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 words from @supermousemike.
Indeed, when trying to enter Xifra, in our investigation it threw us a message that warned that Enrollment could not be done without an affiliate or referral, as below screenshot shows:
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».