Earlier this year, the Estonia-based peer to peer (P2P) lending platforms Envestio and Kuetzal collapsed and their investors have lost a lot of money. Allegedly, more than 2,000 investors may have lost millions of dollars. Some of the investors have started private investigations together with their lawyers.
Envestio and Kuetzal Private Investigations
Guillermo de la Hera and his wife Azucena Lancbazo and their attorney Denis Piskunov from Magnusson Law is are investigating the alleged fraud on behalf of the damaged investors. They are convinced that the collapse of the two platforms was an exit scam they said to Crowdfunding Insider in an interview published a few weeks ago.
Based on the materials our attorneys have studied, both cases appear as clear scams. Estonian Police has also started criminal investigations against both platforms based on investment fraud.
Guillermo de la Hera in interview with Crowdfunding Insider
Magnusson is representing over 2000 investors with claims up to €13 million. While more than 550 victims and €3 million are associated with Kuetzal, Envestio records more than 1800 victims and €10 million in claims. It’s actually a huge scam.
According to our information, financial institutions in Estonia and Malta, as well as individuals from Latvia, are involved in the scam. The beneficial owners of the two platforms have excellent political connections and try to hide away from law enforcement and their investors.
The Estonian police have announced the opening of investigations on their website and ask victims to come forward.
Estonian police has started two criminal investigations regarding both crowdfunding platforms. Our first objective in the investigations is to find out whether it was a fraud and the platforms were created with the purpose of deceiving people, or the websites were closed due to a bad investment.
Estionian police (published on January 31, 2020)