Validus has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Plus5 club. We’ve received over 4 complaints against Validus.
Validus, described as a Ponzi scheme, has received worldwide fraud alerts. It was run by Parwiz Daud and Mansour Tawafi of OneCoin fame, who received warnings from New Zealand, Australia, Belgium, and Dubai. It preyed on social media users with large deposits while disguised as FX training. Victims are left vulnerable since there is no regulation, and the company’s collapse after payment stops reveals conventional scam tactics.
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Key Takeaways
Is Validus Regulated? Do They Have a License?
Validus has been entangled in a number of problems, the majority of which revolve around its operations as a Ponzi scheme and the issuance of numerous international fraud alerts against it. Here’s a detailed look at the controversies behind Validus.
Validus has been discovered as a Ponzi scheme, which pays earlier investors using funds from new investors. This unsustainable strategy often collapses when there aren’t enough new investors to support the profits promised to previous ones. Validus was controlled by Parwiz Daud and Mansour Tawafi, who were also responsible for the infamous OneCoin Ponzi scheme.
International Fraud Warnings
Validus has received many fraud warnings from financial regulators in several countries.
Belgium: The Financial Services and Markets Authority (FSMA) issued a warning in December 2022 regarding Validus giving training in complicated financial products like Forex using a pyramid scheme framework.
New Zealand: The Financial Markets Authority (FMA) issued repeated warnings to Validus beginning in September 2022, and eventually issued a permanent stop order against the company in May 2023.
Australia: The Australian Securities and Investments Commission (ASIC) issued a fraud alert in November 2022, advising against investments with Validus that offered unrealistic profits.
Dubai: In December 2023, the Dubai Financial Services Authority (DFSA) clarified that Validus and its connected organizations were not licensed to conduct any financial activity in the region.
Misleading Promotions and Operations
Validus disguised its Ponzi operations behind a variety of fronts, including forex training portals. It primarily targeted younger investors via social media and encrypted chat channels, requesting big initial investments under the false promise of great returns.
Legal action and court proceedings
Validus also faced legal difficulties, including a lost appeal in New Zealand, where the High Court upheld the FMA’s stop order, which prohibited Validus from operating due to its misleading practices and unregistered status.
Impact on Investors
The exact number of victims and ultimate financial impact of the Validus scheme remain unknown, although the operation had a wide reach, with website traffic coming from France, Colombia, and Australia as of November 2023.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Validus 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 Validus, 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?
Membership Conditions and Deposit/Withdrawal Methods at Validus
This plan failed after disabling investor withdrawals and claiming “back office upgrades” as a scam. It worked by compensating earlier investors with monies from new investors, which is a common feature of a Ponzi scam. It received regulatory fraud warnings from New Zealand, Australia, Belgium, and Dubai, and its demise was blamed on a drop in fresh investment.
Validus’ MLM structure offers no actual items or services, with affiliates only pushing membership. The compensation plan guarantees a 300% ROI over 60 weeks, with investment packages ranging from $50 to $10,000.
Restrictions and Rankings
Withdrawals are subject to a 70% immediate payout, with the remaining 30% spread over twelve months. Affiliates advance through nine ranks based on their recruiting and investment volume, with commensurate bonuses and commissions.
Validus pays 10% referral commissions on the investments of directly recruited affiliates, up to a daily limit of $10,000. Residual commissions are paid using a binary structure, whereas matrix commissions are calculated depending on daily recruiting and investment volume.
Sapphire-ranked affiliates and higher receive one-time bonuses that range from consumer electronics to luxury automobiles. Membership involves an initial commitment of $100 to $10,000, which must be reinvested to sustain earnings.
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 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.
Validus Customer Service: Do They Handle Complaints Well?
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 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, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Validus Reviews: What Do Others Say?
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 Validus 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 Validus reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that 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 Validus, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Validus enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Validus reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Validus.
You should always look out for consumer complaints. In the case of Validus, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Validus? You can share your complaint in the comment section or submit an anonymous tip.
Is Validus Legit Or a Scam?
Validus has been embroiled in a number of problems as a result of its Ponzi scheme operations, prompting numerous international warnings and legal steps to halt its fraudulent activities. The fraud has put many investors at risk, with regulators repeatedly warning against any connection with Validus or similar firms.
Validus exhibits traits similar to a Ponzi scheme, with no regulatory registration and a dependence on new investments to maintain payouts. This structure is likely to result in financial losses for most participants.
Validus 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 Validus can run away with your money without any prior notice. It would help if you were 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 Validus?
All the evidence suggests that Validus 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.
Frequently Asked Questions
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How The Validus Online Scam Works
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