Home » Bank Bene Merenti, a dangerous Western fraud cartel with non-existent crypto

Bank Bene Merenti, a dangerous Western fraud cartel with non-existent crypto

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A 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 to be an affiliate of Bank of Japan.

According to an exclusive report published in the Indian news portal Eastern Herald, 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 a footprint in many African nations thus stealing hundreds of millions of dollars from people by giving false hope.

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 the Bank of Japan. Under Japanese and international laws, such claims are tantamount to serious criminal acts.

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 Millenium Hotel in Downtown Dubai. Another name came into the light the ‘YEM coin’. They also coined this term with an abbreviation – Your Everyday Money.

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

According to Eastern Herald “Muzaffar Ahmad Noori Bajwa, Editor of The Eastern Herald news journal was also present at the event to keep an eye on the launch. Ahmad always wants to make crypto space safer for people. He is attending several such crypto events in the same interest.”

“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 the crypto world, and while there is a huge possibility that huge prospect of many crypto companies entering the country, it is anticipated that several scam cartels 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 cheat hundreds of thousands of people in Dubai and other Middle Eastern countries. The existence of scam cartels such as Bank Bene Merenti would ultimately turn Dubai into the “capital of dirty crypto” activities.

The Eastern Herald said, “during the YEM coin launch event, organized by ECOx in Grand Millenium Hotel, Dubai, the Bank Bene Merenti was presented as a legitimized central bank of a sovereign nation called “Sovereignty of Bene Merenti”. A big projector screen and a lot of applause made everyone believe in what was being said during the event. Upon further investigation, we found no records of people behind this shady bank. Between 70-100 people registered on the YEM coin website. For the registration and KYC (Know Your Customer) one needs to pay a US$ 10 fee. This seemed like a data theft fraud where one has to pay to share his data including his home address and Emirates ID which is critical to the individual’s privacy”.

What is a YEM coin?

YEM, an abbreviation for Your Everyday Money, is claimed to be a decentralized cryptocurrency by the organizers. There are several beautiful and luring images presented online for this fake crypto coin.

Anyone willing to know about YEM Coin needs to go online and search the term ‘YEM Coin’ and there are very few results about it. No legitimate website or news publication considered YEM Coin to be noted on their websites as a legit business.

The only website talking about this shady YEM coin is Safezoneprimer.com. The website wrote about the legal status of YEM as the world’s first Digital Fiat Currency. This website in its about us page wrote that they are “Not An Official Unicorn Network Page”. The website has no physical address or phone number to be contacted, but only a contact us form.

Indian news portal Eastern Herald contacted the SWIFT authorities and they are unable to answer anything about the bank. This is because this bank (Bank Bene Merenti) is not there on their books. The newspaper also tried to search for the bank on several search engines including Google, Bing, and Yahoo, and found only one website, www.bbm.money. The Bank Bene Merenti website has only one page where there is just one logo.

The Eastern Herald team also tried to reach some banks in the European Union and they also reported nothing about this “bank”.

YEM (Your Everyday Money) coin is found to be nowhere on any legitimized blockchain network. The Eastern Herald, during further investigation, found that there is no such coin [YEM Coin] that exists in the real crypto market.

A team of investigative reporters of BLiTZ also is working for finding further details on this Bank Bene Merenti or the so-called YEM coin.

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