My Neo Group made its financial debut in 2020, portraying itself as a forerunner in the ever-changing landscapes of fintech and asset management. However, recent events have placed a pall over their image, since they have become the proprietors of a contentious investment scheme following their acquisition of Zeniq Technologies.
DUBAI, December 2, 2023. My NEO Group, a pioneer in fintech and cryptocurrency innovation, made news when it announced the acquisition of a majority share in ZENIQ DMCC. ZENIQ DMCC, a pioneer in blockchain-based digital asset management, has entered a new era with this strategic alliance.
This transformative merger has resulted in NEO ZENTECH, a synthesis of My NEO Group’s financial knowledge and ZENIQ’s technical capabilities that is poised to set new industry standards.
It is worth noting that My Neo Group acquired Zeniq Technologies on December 2nd, just over a month after the Central Bank of Russia warned about a Safir pyramid scheme fraud. Furthermore, Zeniq Technologies had gotten a securities fraud warning from Dubai in late 2021.
In 2021, Zeniq Technologies and Safir International were linked to a dubious cryptocurrency scheme centered on Zeniq Coin and featuring the well-known “number go up” Ponzi dynamics. CoinMarketCap only started tracking Zeniq Coin’s performance in late 2022. Before late 2022, ZENIQ was not publicly marketable, and its liquidity was dependent on Safir and Zeniq Technologies, resulting in a volatility from a peak of 6.9 cents to a subsequent decrease to 2.5 cents during the year.
Zeniq Technologies operates from Dubai’s financial hub, which is well-known for MLM (Multi-Level Marketing) criminality. In dramatic contrast, My Neo Group’s headquarters are in the luxurious enclave of Monaco.
Mickael Mosse, the founder and CEO, leads My Neo Group. Mosse describes himself as a “blockchain and cryptocurrency expert.” However, except from launching My Neo Group, his career record appears to be devoid of noteworthy accomplishments.
My Neo Group also has a partnership with Banca Neo, which claims to provide both personal and business banking services. Banca Neo provides financial solutions in conjunction with Satchel, a Lithuanian startup. Nonetheless, figures from SimilarWeb show that Banca Neo’s website received just about 13,500 views in October 2023.
Moving beyond My Neo Group, a closer examination at Mosse’s personal website, which is linked to his social media outlets, reveals an unusual redirection to a Korean gambling website. It is worth noting that Mosse’s Facebook profile has been inactive since 2020, and his Twitter account is private and inaccessible to the public.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Neo Zentech is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Neo Zentech, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Neo Zentech tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Neo Zentech reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Neo Zentech, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Neo Zentech enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Neo Zentech reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Neo Zentech.
You should always look out for consumer complaints. In the case of Neo Zentech, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Neo Zentech? You can share your complaint in the comment section or submit an anonymous tip.
One of the most concerning red flags is a total lack of regulation or control. Neo Zentech operates without a license or supervision from a credible regulatory entity, providing investors with no redress in the event of wrongdoing. This lack of accountability may allow the individuals behind Neo Zentech to flee with investors’ funds without facing legal consequences.
Furthermore, Mickael Mosse, the company’s creator and CEO, has no major achievements other than the foundation of My Neo Group. His personal website redirects to a Korean gaming site, and his social media presence is small and inactive, raising questions about his legitimacy.
Banca Neo, which is affiliated with My Neo Group, also raises concerns, as its website experienced a low number of visits in October 2023, indicating a lack of trust or interest from potential users.
Those who have dealt with Neo Zentech have reported numerous issues, including bad customer service, payment delays, exorbitant fees, a lack of openness about leadership, and aggressive sales methods.
The use of generic names for websites and apps, payment to influencers and social media pages for promotion, cold calls and spam emails, instilling a false sense of security through small wins, and disabling withdrawals once large sums of money have been invested are all typical scam operations.
In light of these facts, individuals should exercise great caution and due diligence before engaging in any activity with Neo Zentech or similar businesses. The absence of regulation and troubling track record should serve as a caution to potential investors to avoid this operation in order to protect their financial interests.
Neo Zentech is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Neo Zentech can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Neo Zentech?
All the evidence suggests that Neo Zentech is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is Neo Zentech a scam?
Can I withdraw money from Neo Zentech?
Where is Neo Zentech Located?
How do I get my money back from Neo Zentech?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.