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Grupeer: Another Scam?
30/03/2020
Grupeer: Another Scam?
New information uncovered about Grupeer raised heavy suspicions, which were then confirmed by loan originators.

Update 30/3/20 19:15 UTC – Information received from loan originators throughout the day implicates Grupeer of fraud. In some cases Grupeer displayed different loan amounts than those requested by originators (and possibly pocketed the difference?). In other cases, originators which deny ever having worked with Grupeer were listed on the platform with made-up loans.

Criminal and civil proceedings are already starting to roll. Every loan originator working with Grupeer, or mentioned as if working with Grupeer, is strongly advised to hold all payments to Grupeer and contact law enforcement authorities.
Latvia entity: Grupeer SIA, reg. number 40203023192
Ireland entity: Grupeer Limited, reg. number 629937

Statement from loan originator Dziesiątka Finanse:

Older information:

What’s wrong

Concerns about Grupeer have quickly escalated over the past couple of days. Here is what we know or suspect:

1. A few weeks ago Grupeer announced that Finsputnik would stop offering a buyback guarantee for deal partners. This may indicate imminent trouble in upholding those guarantees.

2. Most of the staff was recently fired. It’s unclear who remains and whether Grupeer can conduct business as before.

3. There have been several sudden changes in banking providers. This often indicates that banks had become suspicious and froze accounts.

4. There are late payments from Primo Invest in at least one project.

5. Withdrawals requested since the 18th/19th of March have not been received. Alla explained that coronavirus is slowing down the workflow. But processing withdrawals should not take this long if the money is available in the bank.

6. There was a problem with real estate project “Promenada” in Brest, Belarus. Construction had reportedly been halted even before the loan was listed, and it seems unlikely that the project could have been repaid as indicated on Grupeer.

7. Three of the Russian loan originators on Grupeer do not appear in the list of licensed lenders:
– Monetria
– Lion Lender
– Epic Cash

Update 30/3/20 8:42 UTC Apparently these companies serve as brand names for Planeta Cash, a licensed lender. Sadly, the ties between them were initially not disclosed to investors. Also, Grupeer listed loans as if they had been issued by these entities, which don’t have a lending license.

8. Those originators seem tied to Grupeer itself. In the following email correspondence, the same person who represents Planeta Cash and Epic Cash also represents Grupeer. Epic Cash is described as an “internal” company:

(More detailed info can be found in PeerDuck’s Telegram group and Grupeer discussion group.)

For the past two days there has been no communication from Grupeer’s management. Speculation is running wild, and investors’ trust has quickly deteriorated. This puts us at a critical moment.

Message to Grupeer – Going forward

If Grupeer has nothing to hide and this is all just a misunderstanding, then the management must communicate openly to address our suspicions, explain the current status and regain trust. Corona is not the whole story.

If the legal situation is more complex… The truth is that investors care less about the details and more about the safety of our investments. Whatever happened along the way, we want to believe that Andrejs and Alla had launched Grupeer with good intentions. Your reputation is on the line, together with our money. It’s in your interest, and ours, to avoid prolonged criminal and civil proceedings.

If Grupeer’s management/board/owners reply and engage with the community, we can proceed with a mindset of finding a positive solution. But if you do not engage with us, we must conclude that actual crimes have taken place, you have abandoned ship and no longer seek a good-will solution.

As a first step, we would ask you to share with us the actual status and health of Grupeer’s loan book and bank accounts, so that we can sit down together (Grupeer on one side, a representative of investor group on the other) and seek pragmatic solutions that work for both parties.

Talk to community representatives. Don’t become the next Envestio. You did not launch Grupeer to end up with your pictures in the crimes section of global newspapers.

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