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“The first thing that people buy during a crisis after food is jewelry.”ī2B Jewelry’s suspicious activity started to show up back in December 2019, when a court seized the bank account of the Zymorodok charity fund for dubious transactions made for the company. On July 29, he said that, after strict quarantine measures were over in May, B2B Jewelry stores had opened.Īnd while there were no sales during the first week, as of July “sales are growing exponentially and prospects are great,” Honta said at the time.
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“This is a financial pyramid that has no license,” Rozhkova told journalists during an online meeting on April 29.Īt the same time, just one month before the SBU blocked his firm, Honta was not hiding from journalists and answered questions willingly. “The jewelry business has existed for thousands of years, and it’s impossible to come up with a model that would provide a profitability of 400% per year,” Vyshlinsky told Ukrainian news agency on March 1.Īfter a recent law on financial monitoring entered into force on April 28, Kateryna Rozhkova, the first deputy governor of the National Bank of Ukraine, also said that B2B Jewelry “violated all laws possible.” For Hlib Vyshlinsky, CEO of the Center for Economic Strategy, it all looked like large-scale fraud. 31, news website Ukrainska Pravda reported that Honta made an announcement that its jewelry stores were working as usual and his lawyers were preparing lawsuits against the SBU for blocking his business.Įxperts warned about the risks behind the B2B Jewelry business model at least half a year ago. Honta did not respond to the Kyiv Post’s request for comment.
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Moreover, the Honta started issuing cryptocurrency in May called B2BToken, which Ukraine’s National Securities and Stock Market Commission reported to be “doubtful.” At the time, the commission said that the cryptocurrency operation may be aimed at the “illegal seizure of investors’ funds.” Organizers spent the money on luxury items and even purchased an island on the Dnipro River in Kyiv, as well as 18 luxury cars worth over $100,000 each, according to the SBU.Īt first, the company paid interest and cashbacks to its customers at the expense of new clients who invested money, giving the false hope that the business had nothing in common with a Ponzi scheme.īut since mid-March, B2B Jewelry has stopped paying money to its depositors, hiding behind quarantine measures imposed by the Ukrainian government to fight the COVID-19 pandemic.
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The company also offered unrealistic cashbacks of over 100% within one year from each purchase of silver or gold jewelry put up for sale in any of the 135 B2B Jewelry stores across Ukraine, Russia and Kazakhstan.Įarrings, pendants, necklaces and rings are produced by a small factory called Charm, which is located in the city of Ladyzhyn in Vinnytsia Oblast and also owned by Mykola Honta.ī2B Jewelry - which has no official legal entity in Ukraine, but only operates as a brand name for the Charm factory - is run by about 20 key people, who allegedly withdrew people’s money via around one hundred legal entities, including one charity fund called Zymorodok, founded by Olena Honta.Ĭaught on the Bihus.Info investigative journalists’ cameras, every day Honta’s people would carry plastic bags full of cash collected from its stores and pack them into cars. “I’m happy that the SBU finally noticed them, but why did it take so long to do it?”įounded by Mykola Honta and his wife Olena, B2B Jewelry promised sky-high interest rates from 8% per week to 416% for a year, while each certificate cost anywhere between $11 to $3,000. “It’s an outright scam,” said Denys Bihus, a Ukrainian journalist leading the Bihus.Info investigative team. Two days earlier, the Security Service of Ukraine - known as the SBU - said that it blocked “illegal activity of an organized criminal group” that had created a financial pyramid and seized more than $250 million since the beginning of 2019, when the controversial company was founded.Īlthough the SBU did not specify the name of the company, most Ukrainian media have pointed to B2B Jewelry. Around 600,000 people in Ukraine may be at risk of losing their money after investing in a company called B2B Jewelry that sells jewelry and fraudulent certificates while promising unusually high-interest rates, according to an investigation by the Bihus.Info journalism project published on Aug.