Bitpaal - operating company from Sri Lanka?

The apparent online broker Bitpaal poses as an impeccable platform for online trading. However, there is ample evidence that there are strikingly many inconsistencies at Bitpaal. Reports from traders about Bitpaal are piling up, talking about telephone terror, rip-offs and investment fraud. All investors lost their capital invested in Bitpaal. Serious doubts are being raised. In the meantime, many Bitpaal investors are afraid that it is a case of investment fraud. All Bitpaal investors are asking themselves whether they have become victims of an investment fraud? And what can Bitpaal investors do if the suspicion of investment fraud is substantiated? Will Bitpaal investors get their money back? Does it make sense to file a criminal complaint against Bitpaal with the police? Where can I get help with investment fraud?



Bitpaal: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the Bitpaal makers is that the website does not contain an imprint. Thus, the complete information on the legally responsible operators of the website is missing. If one takes a look at the domain data of the Bitpaal website, there are no references to the operators. However, one learns that the domain was only registered on 30.11.2021 with NameCheap, Inc. from Sri Lanka.


Bitpaal: Who is behind it?
Answering this question will be rather difficult for many investors, as the Bitpaal makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? The Bitpaal website gives only scanty information on this. A worldwide search for Bitpaal in the relevant registers leads to no result. This makes it clear that this is a purely imaginary product.


Bitpaal: The customer acquisition of the investment scammers
The same approach can be found here again and again: Bitpaal's recommendations are presented in every conceivable media and channel. Often, the offers are misinformation. To reinforce the deception, they upload videos on YouTube in which interested investors are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". At the same time, an affiliate programme is usually started to encourage others to promote Bitpaal intensively.


Bitpaal: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their many years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software, such as "AnyDesk" or "TeamViewer", on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterwards and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?


Bitpaal: Repayment of the money will be conditional
Once in, it is usually impossible to get out. Rather, the administrators of the investment scams tie a repayment of the money to further deposits. This is where employees come into play who claim alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course the "rescuer" also wants a small fee - in advance!


Bitpaal: Scheme of investment fraud?
The online broker Bitpaal is not regulated. Bitpaal lacks the legitimacy of a recognised European supervisory authority, such as the English Financial Conduct Authority (FCA)or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Similarly, there is no authorization from the Swiss Federal Financial Supervisory Authority (finma) or the  Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. It is also difficult to overlook the fact that Bitpaal is a scheme of capital investment fraud. All those harmed by Bitpaal are advised to immediately consult an investment fraud lawyer.


Bitpaal: Where do the fraudsters operate?
Unfortunately, Bitpaal's illegal activities are not limited to the English-speaking world. Because Bitpaal also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward. Going through the list of supervisory authorities is recommended before any financial commitment in order to reduce the risk of becoming a victim of investment fraud.


Bitpaal: Investors want their money back!
The circumstances are far more promising than they seem. The victims can take action against the investment fraud and reclaim their invested capital. As things stand, it is unlikely that the Bitpaal investment fraudsters will be caught soon, but there is still reason to hope. Hope because the money flowed through accounts that were actually provided by reputable financial institutions. They obviously failed to check the investors' deposits, some of which were large and therefore subject to controls, and their forwarding for illegality. Such omissions enabled the investment fraudsters to carry out their criminal activities in the first place.


Bitpaal: They want their money back! How does it work?
Equipped with this knowledge, the investors would not have entered into a business relationship with Bitpaal. Now the only alternative left for the defrauded is to try to recover the money. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Probably all of them are now asking themselves whether they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. Before doing so, relevant points should be clarified. Where have the funds moved by Bitpaal been taken? Is there a possibility that the defrauded investors will get back the money they invested with Bitpaal? What actions are required from now on? Such questions can best be answered by a lawyer specialised in capital investment fraud.


Bitpaal: Who can help?
What can be done in the case of investment fraud? What help can victims of Bitpaal hope for in the event of investment fraud? Bitpaal victims will ideally find the help they need from an experienced investment fraud lawyer. He is able to take care of your case with Bitpaal both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading is also a possibility, because he is also familiar with the methods of fraudulent brokers such as Bitpaal.


Bitpaal: Follow the money!
The internationally active investor protection law firm Resch Rechtsanwälte has been pursuing such abuses on the grey capital market for more than three decades. Bitpaal's way of acting is therefore nothing really new. Over the years, Resch Rechtsanwälte has developed a sophisticated arsenal of instruments for tracking down misappropriated money and tracing the flow of funds. Making funds actually disappear has become very difficult in the age of the internet. The sooner investors follow the money trail, the more likely they are to have their money secured. What is important now is that those who have been harmed by Bitpaal react immediately.


RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of Bitpaal and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.