IRS Says Trust Investing Was a Pyramid Operating in Churches

After months of investigation, the federal police and the federal tax authorities launched Operation La Casa de Papel against Trust Investing leaders, disclosing some details after the company’s demise.

The operation ended with the arrest of some of Trust Investing’s top leaders after federal law enforcement officers issued six arrest warrants in several states.

Last Wednesday (19), search and seizure warrants were issued against business executives, who had seized bills, vehicles and other luxury items.

The operation was attended by 19 tax inspectors and eight tax analysts from the Federal Revenue Service, as well as 150 federal police officers and 3 more National Mining Agency employees.

IRS Says Trust Investing Was a Pyramid Operating Out of Churches

Operating with the support of a church in the religious environment, Trust Investing was yet another financial pyramid that attracted believers to its cause, Brazil’s Federal Tax Office said.

When releasing details about Operation La Casa de Papel, the tax authorities created an organization chart to show how the plan worked, with the “mentors” at the top of the pyramid.

Among them came the “Leaders”, people who would have to attract “Associate” customers to participate, the base of the pyramid.

Before the IRS, mentors and leaders promised investments in various markets with promises of 20% per month returns, while simply taking money from investors and spending it on their luxury lives.

Federal Tax Office declares operation against Trust Investing called La Casa de Papel
Federal Revenue declares the operation against Trust Investing, called La Casa de Papel. Photo: RFB.

But what really drew attention was that the group used a church to launder money from the scheme, along with 25 other companies that were part of the criminal group.

For Revenues and PF, the loss is R$4.1 billion dollars, at 1.3 million people in Brazil and other countries.

“It turned out that the research created a network of followers and collaborators on the internet, causing losses to Brazilian, European and especially residents of Latin America. The scheme raised millions of dollars and caused damage to more than 1.3 million people worldwide, on charges of hacking, auditing and lying.

own cryptocurrency

Since the Trust Investing company had in its group a company that issued its own cryptocurrency and leaders of Spanish nationality, the operation was named “La Casa de Papel”, a reference to a famous series whose theme is about criminals who destroy the house. of the currency in Spain.

But Trust Investing’s use of the church made it possible for the IRS and federal law enforcement to understand their plan.

Source: Live Coins

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