Milli Group scam warning

Be alert – the Milli Group scam is fishing for more victims! Cybertrace is issuing an urgent scam alert to the public about a crypto/forex/CFD trading scam operating from www.milligroup.com. These fraudsters are running a sophisticated operation and have swindled victims out of hundreds of thousands of dollars. If you are considering investing with them, heed our call: don’t! Despite a slickly designed website and convincing sales tactics, it is nothing but a scam. If they have already tricked you and will not release your funds, contact our experienced analysts today. We are cyber investigations experts and the first Australian provider of cryptocurrency tracing products to the public. Don’t let the scammers win – muscle up with Cybertrace on your side. But first, how does the scam work and what do our expert investigators look out for?

How does the Milli Group Scam work?

Like other investment frauds, the Milli Group scammers have various means to lure potential targets to their slickly designed website. Once there, the website encourages them to open a trading account, deposit funds, and start cryptocurrency, forex, and CFD trading. Next, the scammers build false trust by making their victims believe that they are quickly multiplying their initial investment. Often, this encourages them to deposit even more money. It’s only when victims try to cash out their “wins” that they notice the scammers trying to delay and obfuscate. At times, the fraudsters will demand further “income tax” or “verification fees” before victims can access their funds. Unfortunately, this is just a further scam and will not result in being able to withdraw anything. Don’t pay and throw good money after bad. Even more important: arm yourself with knowledge.

How do you know Milli Group is a scam?

While our expert analysts have access to sophisticated website forensics and online tracking tools, there are some things everyone can look out for to protect themselves and their families. Here are three questions to ask and one free trick to protect yourself from the Milli Group scam and others like it:

Question 1: Is it registered?

One of the first thing to check is where and in whose name any online trading platform is registered. The Milli Group scam website claims that it was established in 2012 and is headquartered in London. While an official UK government database does show that someone registered Milli Group Ltd, this did not happen until 2019. Furthermore, the only listed director’s name does not appear anywhere on the milligroup.com website. In addition, a business directory refers to its operation as belonging to “the Electronic Shopping and Mail-Order House Industry”. It looks likely that the scammers simply used the name of an unconnected business and bought a preexisting web domain to give themselves the appearance of longevity and credibility. At the same time, it looks like they also imitated several Australian-based companies with similar names, including a long-deregistered one. Our experienced investigators know this is a common scam tactic.

Question 2: Who regulates it?

Probably the biggest red flag for any online trading and investment platform is a lack of regulation. Having a strong financial regulator means customers can trust that the company’s financials are sound. Furthermore, they can expect that they would receive some financial protection in the case the trader went bankrupt. Tellingly, nowhere on their website do the Milli Group scammers state who regulates them. Although they claim to be UK-based, a quick search of the government’s Financial Conduct Authority (FCA) register comes up empty. A flag doesn’t get much redder than this!

Question 3: Who runs it?

Unlike some other recent investment frauds Cybertrace has exposed, at first glance the Milli Group scam website does not appear to be faceless. On its Directors page, it lists a well-credentialled management team with excellent qualifications from top universities. The only slight problem with it is that … it’s all fake! Search for the people in question on LinkedIn or Facebook and it quickly becomes apparent that they either do not exist or have nothing to do with Milli Group or, indeed, any of the other institutions they supposedly worked at. If you look closely, the Milli Group scammers even got a bit sloppy with all their fakery: two of their profiles list identical experiences and external appointments. What are the odds?

Is there a trick to make any of this easier?

At Cybertrace, we know it can be difficult to determine a crypto trading or investment site’s veracity. Fact-checking various details can be time-consuming and bewildering – who has time for all that? Isn’t there an easier way? Luckily, there is. In Cybertrace’s ongoing battle against scammers, frauds, and crooks, we have developed a band-new tool: ScamID. It’s a free, easy-to-use public scam detector to help you discern what is fake and what is real. Simply pop the website into ScamID and, within seconds, its user-friendly traffic light system informs you of the risk level. As explained in a recent blog, ScamID is so effective because it doesn’t just automatically tap into multiple global databases. Rather, it combines this with exclusive access to the vast vaults of virtual intelligence from Cybertrace’s forensic website investigations. ScamID is truly a premium product and best of all – it’s quick and completely free to use.

Too late – they scammed me already. What can I do?

If the Milli Group scam syndicate has already hooked you, don’t be embarrassed! These professional and convincing scammers run a sophisticated operation, and you are not the only victim. Whatever they tell you, do NOT send them any more money. Any “tax” or “fee” they ask for are simply further ways to scam you and won’t get your money back. Instead, get in touch with Cybertrace’s expert analysts today. Since 2015, we have successfully investigated cyber fraud, traced cryptocurrencies, and exposed scam syndicates all around the world. Talk to us today to find out how we can help you.

If you are a current or former staff member of the syndicate and would like to speak with us, you can contact us anonymously via [email protected]. We have successfully worked with conscientious insiders when investigating previous scams, thus bringing justice and relief to long-suffering victims. Your help can make a real difference!