Following publication of serialized investigative reports exposing scamming activities of Bank Bene Merenti, Dan Settgast, and YEM coin, Jorge Sebastiao of EcoX fled Dubai fearing arrest and police investigation.

Indian news portal Eastern Herald in its report said, “Bank Bene Merenti, a name flashed during a crypto launch event in Dubai. EcoX event agency launched this event in Grand Millennium Hotel in Downtown Dubai. Another name came into the light the ‘YEM coin’. They also coined this term with an abbreviation – Your Everyday Money.

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EcoX senior management, including Jorge Sebastiao was also available during the event endorsing this fraudulent YEM coin’s promoters.

Indian news portal The Eastern Herald in its report said, “After extensive research and in-depth investigation, we found no records about the Bank Bene Merenti. But, in the search we found “Biedrība “SOVEREIGN ORDER BENE MERENTI”, a registered foundation, definitely not any sovereign nation or sovereign nation’s bank or whatsoever”.

This Indian news portal said, while Dubai is looking for emerging as the capital of crypto world, and while there is huge possibility that huge prospect of many crypto companies entering the country, it is anticipated that several scam cartel and fraud rackets may attempt to cheat people with false promises and features. Unless scam cartels such as Bank Bene Merenti are not kicked-out of the United Arab Emirates and also outlawed globally, scam cartels like Bank Bene Merenti or its fake YEM coin will cheats hundreds of thousands of people in Dubai and other Middle Eastern countries. Existence of scam cartels such as Bank Bene Merenti would ultimately turn Dubai in the “capital of dirty crypto” activities.

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It may be mentioned here that, the scam cartel named Bank Bene Merenti has been cheating hundreds and thousands of people especially in African countries such as Uganda, Nigeria and Burkina Faso as well as South Asian nations such as Bangladesh, India, Pakistan and Sri Lanka by pretending as an affiliate of Bank of Japan.

Bank Bene Merenti, which is headed by a master-scammer named Dan Settgast has so far collected more than US$2.14 trillion by fooling mainly people without any knowledge about inter-based scam cartels. This scam cartel Bank Bene Merenti has established footprint in many African nations, including Burkina Faso, Ghana, Uganda, Tanzania, Gabon, Nigeria etcetera thus stealing hundreds of millions of dollars from people by giving false hope.

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Bank Bene Merenti shows a market cap of its YEM (Your Everyday Money) equivalent to US$ 2.14 trillion and claims to be a project of Bank of Japan. Under Japanese and international laws, such claims are tantamount of serious criminal acts.

Seeking anonymity, a source in Dubai told this correspondent, Jorge Sebastiao founder of the GBO (Global Blockchain Organization and EcoX networking) and a founding member of Yem coin, fled Dubai sensing the impact of the expose of scammers network in the Emirates. As Dubai authorities are very sensitive about scammers and frauds, Jorge, a known influencer of crypto and well-connected so-called leader of crypto world in Dubai, fled the Emirates without even intimating his team members and colleagues. Jorge Sebastiao informed everyone that he is leaving for Brussels but eventually he landed in African continent.

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People who are lured by YEM coin first of all try to know about it by surfing on the net. Most of the people, by Googling the word ‘YEM’ would first find a United Nations website that mentions YEM to be a project of it. But, in fact, this ‘YEM’ of the UN has nothing to do with the fraudulent YEM coin. This UN project is called Youth Employment in Mediterranean (YEM).

YEM is a 36-month regional project funded by the European Union (EUR 2M) and implemented by UNESCO over the period of 2018-2020.

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It is neither a project or affiliate of YEM coin Ponzi scheme.

Secondly, YEM coin scam cartel has many other similar scam projects, such as Rainbow currency. In various fraudulent websites Rainbow currency is projected as “universal expedient household digital money”.

It would further say, “More than 3,000 co-founders, spread across 157 countries, have formed the Rainbow Foundation. Together, these co-founders have invested in more than 30 billion Twinkles, the terminology that refers to the Rainbow coins”.

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In a bitcoin discussion site, someone asked in April 22, 2020: “I have Rainbowcurrency/YEM. Can I convert in Bitcoin?”. The answer was, “As far as I know … NO!

That PERNUM wallet is shit (just a list and nothing more) and could not find YEM listed on any sort of exchange. If you find a way let me know as I have a friend who owns a few of those”.

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But, Dan Settgast of Bank Bene Merenti gave a false description of YEM and Rainbowcurrency on a website named Cyber Bump to prove it legitimate, which was later removed.

On this Blockspot website people will not find any information either on Rainbowcurrency or YEM coin.

YEM coin claims to be an affiliate of YEM Foundation. On its website, YEM Foundation claims to be “Registered as a Nonprofit Corporation # E0553072017-8 under the Laws of Nevada, USA. International Non-Governmental Organization (INGO) # XM7617 at the Union of International Associations Legal Regulatory Authority for YEM Currency”.

This website of YEM Foundation has no office address, no contact details or list of people involved in it.

YEM coin uses the symbol of Japanese Yen. But, according to international law, it is a serious crime. The Bank of Japan can sue the entire gang of Bank Bene Merenti, YEM coin and other affiliates of this scam racket for violating law by using the sign on Japanese Yen in its logo.

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