A so-called Cryptocurrency Trading Academy called IM Academy has been revealed as a scam by Spanish authorities. The fake Academy that operates like a pyramid scheme was found to be conning young people into believing that they would learn how to make money trading cryptocurrencies. Investigators described the academy as being like a cult, with members being isolated from their families and friends. More than 1,000 people are thought to have lost money in the scam.
This is not the first time pyramid schemes have targeted unsuspecting victims with promises of easy money, and it likely won’t be the last. Be sure to do your research before investing any money into schemes like this!
Eight Arrested
Eight people have been arrested in Spain for their involvement in the IM Academy scam. This online education program has been accused of using cult-like techniques to brainwash its students and take their money. María Fernández, Spanish National Police Spokesperson, said that the program used “deceptive marketing practices and employed coercive methods to convince people to buy its courses.” If you or someone you know has been scammed by IM Academy, be sure to contact the police.
What is the IM Academy Scam?
The IM Academy scam is a multi-level marketing scheme that purports to offer internet marketing training. However, the training is a sham and participants are unable to make any money through the program. The scam was uncovered in Spain, where police arrested eight people who were running the scheme. The arrests were made after an 18-month investigation that found the participants were using cult-like practices to control their victims.
The masterminds behind the IM Academy scam have been arrested. 8 people have been arrested in Spain, including the president of the company and several employees. The scam defrauded people out of millions of euros by convincing them to pay for online marketing courses that would teach them how to make money online. However, the courses were not only useless, but also involved cult-like practices, such as brainwashing and intimidation.
Cult-like Practices
The IM Academy has been accused of a number of cult-like practices, including brainwashing and coercive methods to keep members enrolled in the program. Some members have reported being isolated from their families and friends, having their bank accounts frozen without notice, and being made to sign over power of attorney. The police raided the academy’s headquarters in Spain this week and arrested eight people involved in the scam.
The scam Academy has been making the wrong headlines lately and has not yet responded to these allegations. This is just another example of how cryptocurrency scams are becoming more common. Be sure to do your research before investing in any cryptocurrency!
The fact that these people are using cult-like techniques to lure people in and scam them out of their money is a dangerous signal. The Spanish National Police are continuing to investigate. If you’re worried that you may have been scammed by the IM Academy, be sure to reach out to the police for help.
Please reach out to Scam Help if you are a victim of scams like this. We’ll work with you to assess the chances of recovering your money. You can start by taking advantage of this FREE CONSULTATION.
