TUX Online Ponzi scheme collapses: Moldovan authorities investigate
Dozens of people in Moldova have lost money after the online financial investment platform TUX became inaccessible, raising fresh concerns about unregistered trading schemes in the country.
Experts suggest the platform, which promised huge returns, was in fact a Ponzi scheme. So far, neither the police nor the prosecution service has registered any official complaints from victims, and their total number remains unknown.
The National Commission for the Financial Market (CNPF) reiterated that the platform was never legally registered in the country. The financial regulator said its activities were promoted through fraudulent accounts promising rapid and substantial gains.
"We must introduce clear prevention measures. Citizens, first and foremost, must be financially literate; they need to better understand financial platforms, to know the difference between an authorized investment service and an unauthorized one," said Vladimir Rusnac, Vice-President of the CNPF.
On 7 October, users were informed they had to contribute $100 (£80), or their accounts would be blocked. The platform then went offline. Specialists say this demonstrates a lack of financial and digital literacy among Moldovans.
"Any platform unregulated by a financial authority poses a risk. A pyramid scheme operates simply: profits for older users are paid from the funds of new investors. When the flow of new users slows, the platform collapses," explained Dinu Ţurcanu, Vice-Rector for Digitalisation at the Technical University of Moldova.
A local Moldova 1 news crew visited the TUX headquarters on Andrei Doga street on Thursday. The door was locked, but a day earlier, several people had gone to the company's office to demand explanations.
"- We'll figure it out. - Who takes the bribe... - We took the risk. We all took the risk when we joined this platform."
The woman speaking with the victims is Antonina Samoil, who is reported to represent the platform. She has denied this on social media.
"I am not part of the administrative management of the TUX platform. Do you know the good news? There are hundreds and thousands of members who have earned a lot of money on the platform."
People say they heard about the controversial platform after it was heavily promoted on social media.
"I heard something, some acquaintances got involved, yes. It's a big scam."
"Yes, I heard that quite large sums were lost. It's regrettable, but what can you do? Uninformed people fall for it."
"In this case, these investments weren't successful; the program wasn't secure. But, I understand them. I also invested in other platforms."
Translation by Iurie Tataru
