Investing
On Friday, August 26th, the British government announced it was shutting down two related companies due to a possible crypto scam. The two firms hit are Micasa WW Ltd and Remultex Ltd.
Why is the UK Government Liquidating Micasa and Remultex?
According to the press release, Micasa failed to provide adequate justification for several large transactions it made. An investigation identified that the company secured a £50,000 Bounce Back Loan but couldn’t prove it really qualified for one.
The post continues to explain that almost this entire sum was transferred to a firm called Remultex. Furthermore, Remultex secured its own £30,000 Bounce Back Loan and received payments totaling £250,000 from three other companies. Allegedly, most of this money was withdrawn from the business in cash.
Both companies are said to have failed to provide justification, an adequate explanation, or a paper trail detailing why they made these transactions and how they qualified for the Government loans. Therefore, the High Court ordered the liquidation of both companies.
The post also stated that Micasa “had been identified as potentially involved in a cryptocurrency scam, although the lack of accounting records meant it was not possible to verify whether its business was legitimate trading activity.”
