Real estate scammers Vivalavi on trial
Real estate scammers Vivalavi facing trial in Paris ( France ) on Wednesday 18/11/2020 charged with cheating more then hundred investors. The two former owners of the Vivalavi group , The French brothers Frank and Eric Girardot who managed the project ” 3V Rening Bay Hotel ” in Jembrana will be judged for fraud , abuse of corporate assets and money laundering. The French Bank ” The Caisse d’Épargne ” suspected of not having complied with its due diligence obligations, will be also charged for money laundering.
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The ecological real estate project ” 3V Rening Bay Hotel ” a complex of 27 villas with bar and swimming pool in Jembrana never saw the daylight. With a promised investment return of 8% tax-free, the accused promoters of this investment Vivalavi group Frank and Eric Girardot attracted nearly 200 investors . The financial package turned out to be a pyramid-type scam that collapsed in 2014. Between 2009 and 2014 they cheated investors who lost more then 13 miljoen Euros ( 15 miljoen US$ ). Many victims have lost their live savings and one victim became homeless and was forced to sleep in his car.
The French Bank ” Caisse d’Épargne ” where one of the scammers accounts was registrated is accused of not having been sufficiently vigilant regarding the source of revenue of millions of euros. The legal action against the acused scammers started in the summer of 2014, when more then fifty individuals claiming to have been cheated by the two brothers Frank and Eric Girardot which promised them very high investment returns, up to 8%. During the period 2009 until 2014, the brothers Frank and Eric Girardot raised the total amount of 12.5 million euros from their investors.
Many victims field brainwashed during the coaching sessions when they been offered a real estate investment in Bali, The entry ticket to acquire shares in the project was set at 5,000 euros ( 6.000 US$ ). In reality the investigators discovered that the invested funds have not been used to build the villas but to supply other budgetary items or to provide benefits in kind to the directors of Vivalavi. The interest received by the first investors came from the payments made by the following ones. A system that was based on a vacuum that collapsed in May 2014 when the Girardot brothers unsuccessfully tried to set up a rescue plan. The beginnings of the scam can be found in the coaching activities and the communication made to investors, The construction of the Rening Bay resort on the beachfront in Jembrana started in 2008 with only a third of the project was built before the bankruptcy in 2014.
Their have three men accused of the large scam , only two of them will be present in court, the third person passed away. He was the wellness coach and a former follower of the Church of Scientology. They took advantage of the credulity of the victims to hide their fraud on the Ponzi scheme. Or a system in which the first investors are remunerated by the money brought in by the following investors.The two brothers, who spent several months in detention in 2016 and have been set free under judicial supervision.
source : http://www.boursorama.com
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