BLGM basically operates as a Hong Kong clone of Zeek Rewardsd ponzi scheme, with various "winners" paraded as "proof" that the auction works, and then claimed the auction brought in so much profit that it needs investors to expand. However, according to BehindMLM, there were cash flow problems that was first discovered in 2014.
Apple News HK reports: (translated, original linked below)
http://hk.apple.nextmedia.com/news/art/20150213/19040479HKPD Commercial Crime Bureau has broken up an auction website alleged of using pyramid selling technique to defraud people. The affected company’s Tsim Sai Tsui office is dark and locked yesterday, with many victims knocking on the door looking for redress. Five arrested have made bail and will await trial. The founder of website, Luke Teng, 55, is son of HK’s most famous Christian Church leader Jing-Hui Teng.The affected company “Bidder’s Paradise Ltd” office at XingWengHua center is locked. Only two people were observed enter. When confronted, one said “I’m a relative of Luke Teng, and the company’s active for two years, and said “We don’t cheat people”, and claimed there will be a press conference later to explain everything, and otherwise, no comment.
Many victims approached the office later. One Nepalese man claimed he’s merely a security supervisor at a milk company, and joined last July, put in 400000 HKD, earned up to 10000 HKD a month. Got many friends and family to join, have put in about 1.58 million HKD. He even pawned all his jewelry. He is afraid he will get back nothing. Another victim “Saiman” claimed he found the company online, and put in nearly 3 million HKD, and earned early on, but haven’t received anything recently. He had even reported it to the police at HKPD HQ.
There is a similar report in the HK Gospel Herald in Chinese that went into how could son of the most famous church leader in Hong Kong could have gone astray, but also warned people not to prejudge Luke Teng.
http://chinese.gospelherald.com/articles/24858/20150212/%E6%BB%95%E8%BF%91%E8%BC%9D%E4%B9%8B%E5%AD%90%E6%B6%89%E9%A8%99%E6%A1%88%E8%A2%AB%E6%8D%95-%E7%89%A7%E8%80%85%E6%8F%90%E9%86%92%E6%AD%A3%E7%A2%BA%E7%9C%8B%E5%BE%85%E4%BA%8B%E4%BB%B6.htm
Stay tuned for developing news.
We have a big group of people developing blgm etc in Gothenbourg Sweden. They are now talking about raising a big PR company which is supposed to represent BLGM as the biggest headquarters in Europe.... Im extremely sceptical and have followed the bullshit for long time now. Have many friends and family members that invested, and I am an "insider" in the group though not talking sceptical in front of it. I need tools to stop, sue, refund etc for all the loses. Is there anything you'd recommend me to do?
ReplyDeleteAnonymous
Report it to your local police, show them the BLGM leader arrested in Hong Kong. They may not arrest any body, but if you get get enough people to report the fraud the police will have to start an investigation. If you can get a local news (newspaper or TV) to investigate it would be even better.
DeleteSeems to me, from my small learning at "original slide show presentation" (but I retain memory) the company earns funds by your using your bids. Meaning what? Meaning, if you do not bid, the company earns slowly, and if you do not bid, you also are losing your global earnings (one, of the five categories of bonuses, is lost if you do not bid, AND if you do not bid, the company earns funds slowly). So, why would anyone choose to not bid? Memory loss? Typical memory loss from typical "non-involvement" from typical "get something for nothing" ideology from typical "enslave someone else" breeding. My mama taught me well. How do I know? Look at your oil consumption at cars. Oil is a WONDERFUL SLAVE, liquid slave, oil is a liquid slave which fits under your car, an addiction-to-oil, a liquid slave under your car (a mobile slave of oil, and you see the price rises and rises and rises for your liquid slave, which others use to enslave YOU by "too few oil refineries, purposefully limited refineries creating a bottleneck at America AND too few refineries elsewhere" when more refineries cause lesser cost without bottleneck at falsely rising prices). Seems to me, from my small learning at "original slide show presentation" (but I retain memory) the company earns funds by your using your bids. Meaning what? Meaning, if you do not bid, the company earns slowly, and if you do not bid, you also are losing your global earnings (one, of the five categories of bonuses, is lost if you do not bid, AND if you do not bid, the company earns funds slowly). Meanwhile, all investigations have resulted the same result: Look to the written materials; if you do not utilize the bids, and if others do not utilize the bids, you limit yourself and you limit the company, and yet the company continues moving forward to Phase 2 and Phase 3. Yay little me ! ! ! I recruited none, as the model uses "no recruitment needed" principles, relying on your (ahem) bidding, compensating yourself from units you transact and place under yourself, without relying on "recruiting" even I remember from the original slide show presentation. Yes?
DeleteIm also from Gothenburg, Sweden, and I was invited to a meeting by my friend here a few weeks ago! I've spent this evening looking for more information to take to my next meeting with representativs from BLGM. and so far it sounds... stop, scheme, ponzi..etc. Im thinking of going to my next meeting(friday 10:00 AM) and seem intressted, then just law all the facts on the reps. and wait for what they have to say?? or do you have any other suggestions.?
ReplyDeleteThey'll just call you a liar then have security kick you out for being "disruptive".
DeleteYou can't save everyone, at least, not by yourself. EXPOSE them. Go to TV station, Radio, Newspaper, etc. Just tell them "Scam busted in Hong Kong reached Sweden" and show them some proof. They will do the rest, and then police will get involved.
It seems you have ignored the obvious: why would they need your bid money when they can easily go to a bank and get a loan for MUCH MUCH lower interest rate?
DeleteThe logical conclusion is they are too illegitimate or immature to get a loan... and thus they must rely on your gullibility of their fictitious business model, since they cannot get money legitimately.
My sister also one of a victims of blgm
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