Santiago del Estero authorities warn of new pyramid schemes

Authorities and cybercrime specialists in Santiago del Estero, Argentina, have issued an alert regarding new pyramid schemes following the PETA case. Fraudulent digital platforms, including names such as ‘Knight’ and ‘Invesco’, are targeting users by promising extraordinary returns in dollars.

These unregulated entities lack formal registration or authorization from the National Securities Commission (CNV) or the Central Bank of the Argentine Republic (BCRA). The schemes typically operate through WhatsApp or Telegram, where they solicit initial deposits in cryptocurrencies or virtual wallets. Users are promised high daily returns in exchange for performing simple tasks, such as liking products or recruiting new members.

Experts have identified several red flags, including the use of cloned names from recognized international financial institutions to simulate solvency, hierarchical referral systems, and the freezing of funds or the demand for additional ‘tax fees’ when users attempt to withdraw their earnings. Victims are advised to report irregularities to the Economic Crimes Division of the provincial police or the local Prosecutor's Office.