Dan Settgast is the kingpin of a scam cartel named Bank Bene Merenti, which has been robbing-off hundreds of millions of dollars through fake YEM crypto by fooling people through false claims and well-orchestrated propaganda. By pretending as an affiliate of the Bank of Japan, this scam cartel is mainly cheating people from Uganda, Nigeria, Ghana, Burkina Faso as well as South Asian countries such as Bangladesh, India, Pakistan and Sri Lanka. According to credible sources, this racket has also expanded network in the Philippines, Indonesia, Malaysia, Lebanon, Saudi Arabia, Jordan, Oman, Bahrain, Syria and UAE.
Media reports claim, Bank Bene Merenti has so far collected more than US$2.14 trillion by fooling people who lack adequate knowledge inter-based scam cartels in the world of crypto. These reports said, the YEM coin crypto which is sold by Bank Bene Meneti and few of its co-gangs is non-existent and people putting money into this fraudulent venture would definitely lose everything.
The so-called Bank Bene Merenti shows a market cap of its YEM (Your Everyday Money) equivalent to US$ 2.14 trillion and claims to be a project of the Bank of Japan. Under Japanese and international laws, such claims are tantamount to serious criminal acts.
Indian news portal Eastern Herald in its report said, the name of “Bank Bene Merenti’s name flashed during a crypto launch event in Dubai. EcoX event agency launched this event in Grand Millennium Hotel in Downtown Dubai. Another name came into the light the ‘YEM coin’. They also coined this term with an abbreviation – Your Everyday Money.
EcoX senior management, including Jorge Sebastiao, was also available during the event to endorse this fraudulent YEM coin’s promoters.
Muzaffar Ahmad Noori Bajwa, Editor of Eastern Herald said: “After extensive research and in-depth investigation, we found no records about the Bank Bene Merenti. But, in the search we found “Biedrība “SOVEREIGN ORDER BENE MERENTI”, a registered foundation, definitely not any sovereign nation or sovereign nation’s bank or whatsoever”.
The Indian news portal said, while Dubai is looking for emerging as the capital of the crypto world, and while there is a huge possibility that many large crypto companies would enter the country, taking this advantage, many scam cartels and fraud rackets would attempt to enter Dubai with the notorious goal of cheating people with false promises and features.
The newspaper further said, unless scam cartels such as Bank Bene Merenti are not barred from entering the United Arab Emirates and other countries in the world, it will continue cheating hundreds and thousands of people in Dubai, the Middle East and other countries by selling its fake YEM coin. The existence of scam cartels such as Bank Bene Merenti would ultimately turn Dubai into the “capital of dirty crypto” activities.
Following the event organized by EcoX, at least 70-100 people registered on the YEM coin website. For the registration and KYC (Know Your Customer) one needs to pay a US$10 fee. This seemed like a data theft fraud where one has to pay to share his data including his home address and Emirates ID which is critical to the individual’s privacy.
The only website talking about this fraudulent YEM coin is Safezoneprimer . This website described YEM coin as the “world’s first Digital Fiat Currency”. In its ABOUT US PAGE, this dubious website said they are “not an affiliate Unicorn network page”. Most interestingly, this website does not have any physical address or phone number.
It is proved that YEM (Your Everyday Money) coin is not available on any legitimate blockchain network, while it was also proved that this YEM coin does not exist in the real crypto market. This huge scam cartel is cheating people through a number of dubious websites and fraudulent companies.
To be continued …
Next installment: Bank Bene Merenti, a crypto Ponzi scheme