The inaugural Dubai Metaverse Assembly, first announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and organized by the Dubai Future Foundation, is set to take place on September 28 and 29.

While a host of global organizations will be in attendance, as Dubai showcases how it is at the cutting edge of future technology and will remain so in the future, several crypto fraud rackets also are making frantic bids of penetrating into this important event pretending as crypto-expert thus hiding their past crime records.

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Weeks before the Dubai Metaverse Assembly, internationally known fraud-master and scammer Jorge Sebastiao has launched another fraudulent venture named ‘EcoX Africa’ with the nefarious goal of cheating millions of African people with his fraudulent crypto venture. Earlier, Jorge Sebastiao with the help of another fraud named Kamil Grund has launched a fraudulent venture named ‘EcoShumi Foundation’ (Web Archive Link) with the agenda of cheating people in the United Arab Emirates, Bahrain, Qatar, Saudi Arabia and other Middle Eastern nations. Following publication of an investigative report in Blitz, many people has already left ‘EcoShumi Foundation’ fraud racket after knowing the criminal past of Jorge Sebastiao, Kamil Grund and few other members of this group.

Jorge Sebastiao (Jorge Sebastião) aka Nuno Jorge Da Cruz Sebastiao, who has past track record of series of frauds and scams, including swindling 136 million Euros from people in Spain through a cryptocurrency scam named Nimbus.

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It may be mentioned here that, sensing immense opportunities of cheating millions of people in the Middle East, nefarious scam Dracula such as Nuno Jorge Da Cruz Sebastiao alias Jorge Sebastiao recently launched ‘EcoShumi Foundation’ in Dubai. Jorge Sebastiao has already established an office of a fraudulent company named EcoX in Dubai under the garb of event management company, although members of EcoX including Jorge Sebastiao are active member of a scam cartel named Bank Bene Merenti and YEM Foundation which sells bogus YEM coin. A Jordanian national named Saif Al Naji (known as DJ Saif) is a partner in EcoX. Another individual named Dan Settgast is also one of the kingpins of this racket.

According to credible source, Nuno Jorge Da Cruz Sebastiao alias Jorge Sebastiao is one of the kingpins of massive scam cartel named Bank Bene Merenti that sells fake crypto named YEM coin to hundreds and thousands of people around the world, especially African and Asian nations. Bank Bene Merenti claims its fraudulent ‘YEM coin’ is “Rainbowcurrency”, an alternative name of Crypto. In our previous reports we have reported in details how this dangerous scam cartel, by making false claim of being an affiliated of the Bank of Japan is robbing-off hundreds of millions of dollars through fake YEM crypto by fooling people in Uganda, Nigeria, Ghana, Burkina Faso, Niger, Gabon, Zimbabwe, Gabon, Bangladesh, India, Pakistan, Sri Lanka, Afghanistan, the Philippines, Indonesia, Thailand, Vietnam, Cambodia, LAO PDR, Myanmar, Malaysia, Lebanon, Saudi Arabia, Jordan, Oman, Bahrain, Syria, Libya, Iran, Iraq, Egypt, and the United Arab Emirates.

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Read: Chechen man runs online casino business in Dubai

Dan Settgast and Jorge Sebastiao are two of the kingpins of the scam cartel named Bank Bene Merenti, which has been robbing-off hundreds of millions of dollars through fake YEM crypto by fooling people through false claims and well-orchestrated propaganda. This scam racket runs under a Nevada-based non-profit named ‘YEM Foundation’. By pretending as an affiliate of the Bank of Japan, this scam cartel is mainly cheating people from Uganda, Ghana, Gabon, Tanzania, Nigeria, Kenya, Gambia, Ethiopia, Congo, Sudan, Angola, Burkina Faso, Mozambique, Cameron, Madagascar, Mali, Malawi, Senegal, Chad, Somalia, Zimbabwe, Rwanda, Guinea, Benin, Burundi, Tunisia, Libya, Egypt, Sierra Leone, Togo, Central African Republic, Liberia, Mauritania, Eritrea, Botswana, Lesotho, Guinea-Bissau, Mauritius, Eswatini, Djibouti, Comoros, Cape Verde, Seychelles, as well as South Asian countries such as Bangladesh, India, Pakistan and Sri Lanka. According to credible sources, this racket has also expanded network in the Philippines, Indonesia, Malaysia, Lebanon, Jordan, Oman, Bahrain, Syria and UAE.

According to information, Bank Bene Merenti and YEM coin cartel is running under the umbrella of another entity named ‘YEM Foundation’, a domestic non-profit corporation registered in Las Vegas, Nevada, USA as a non-profit company. Company Number: E0553072017-8. Native Company Number” E0553072017-8. YEM Foundation does not have its own office in the US. Instead it uses a virtual office address provided by a company named PHYSICALADDRESS.COM.

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Our investigative reporter in the US has already checked every detail of the YEM Foundation, and found that the YEM coin and Bank Bene Merenti scam cartel is using this US non-profit as a shield of their criminal activities. It is also learnt from credible source that hundreds of millions of cheat-fund of Bank Bene Merenti, YEM coin, Dan Settgast, Jorge Sebastiao and other members of YEM Foundation scam ring is secretly deposited in various offshore accounts with the help of the Nevada-based company that provides virtual office address (304 S JONES BLVD, Las Vegas, NV, 89107) to this cartel.

It is also learnt, Jorge Sebastiao, real name Nuno Jorge Da Cruz Sebastiao, is the President of YEM Foundation and one of the top kingpins of the Bank Bene Merenti and YEM coin scam cartel.

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More about Dubai Metaverse Assembly

The Dubai Future Foundation said that the assembly aimed to position Dubai as one of the best cities in the world by investing in promising economic opportunities, adopting and deploying metaverse technology, and developing digital infrastructure that supports global transformations and the digital economy.

The assembly will establish a global platform for launching discussions that will help to identify the opportunities of the metaverse and harness its potential, state news agency Wam reported.

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It added that specialized workshops will bring together major companies, specialists and pioneers. This is with the objective of capitalizing on metaverse technologies to create tangible outcomes and enhance the quality of life in both the real and virtual worlds.

There will be more than 300 global experts and more than 40 specialized organizations discussing, exploring and shaping the future of the metaverse.

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The event will host the likes of the World Economic Forum, Meta, Mastercard, Emirates airline and Accenture.

Hamad Al Shirawi, Dubai Future Foundation’s director of projects said, We expect speakers from leading and most innovative global players in the metaverse-sphere to gather at the assembly to engage in meaningful dialogue around key topics such as the role of government; enabling factors for creating ecosystems on the metaverse; how Web3 technologies are enabling new business models and interactions on the metaverse; and how private entities are driving change in sectors such as gaming, art, education and finance.

On July 18, 2022, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai in a tweet said: “We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy”.

Sheikh Hamdan said the plan was the “next revolution in the technological and economic field that will affect all aspects of life over the next two decades”.

The initiative aims to double the number of blockchain companies and the metaverse by five times.

As of July, there were 1,000 companies in Dubai working in the metaverse, Sheikh Hamdan said.

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