PARADIGMA is the first law firm in Russia which field the criminal complaint to the ICO founders.
A first criminal case was initiated against ICO founders in Russia.
In the Department of Economic Security and Anti-Corruption of the Internal Affairs Directorate of the Internal Affairs Administration of the Ministry of Internal Affairs of Moscow, an petition to inititate criminal proceedings was received against an investor who bought Bananacoin tokens. This is reported by the Telegram-channel "Crypto-Chasovoy".
ICO-startup «Bananacoin» offered to invest in the cultivation of organic bananas in Laos, intended for export to China. According to information from the site Bananacoin.io, during the ICO, organized on the blockade Ethereum, managed to attract more than $ 3 million.
Eugeniy Titus from the Moscow region, who had invested in "banana coins," accused the founders of the startup of fraud. After he bought 1037 tokens (a digital asset that the investor receives from the company in exchange for money - "Pravo.ru"), he engaged in a deeper study of the project and found that he was misled - it turned out that in the project there is neither a plantation in Laos, nor a company registered there, nor a declared team.
Initial coin offering is a form of attracting investments in the form of sales of crypto currency. This concept is formed by analogy with the IPO.
The project site used real photos of a real banana plantation in Laos, made by Oleg Dobrovolsky, the founder of the Bananacoin project and the minority shareholder of the Lao company «Russian Agriculture Development Co», to which this plantation belongs. It turned out that the rest of the shareholders did not give a permission for photo and video shooting of the plantation, and now they are outraged at his behavior - in fact, he tried to get money from new investors - with the help of the company's assets under his "absolutely virtual project."
At the same time, there is an information on the ICO-startup site that the company Russian Agriculture Development Co is not the founder of the placement of tokens and is not responsible to their customers. The information is published in small print at the very bottom of the project's Internet page. Shareholders of the company-owner of the plantation called "false" almost all the marketing information posted on the site of the startup.
The ICO founders knowingly deceived investors, speaking about the success of their allegedly operating project.
In particular, the founders say they made a profit of $ 5 million - in fact the plantation in Laos brought its owners $ 250,000 in two years. In addition, bananas for export to China cannot be organic, according to the ICO founders - they cannot be grown without the use of chemical fertilizers.
"This is the first complaint to the ICO founders in Russia in the field of criminal law", - said Kliment Rusakomsky, which represents the interests of Titus. He advises investors to be "extremely cautious" and carefully study what and from whom they buy. "Where there is excitement, there are swindlers", concluded the lawyer.
"We do not know the circumstances of the case and its grounds," - says Denis Agaronov for "Pravo.ru", partner of law firm "IT-technology." He believes that after such applications, the investment attractiveness of Russia as a comfortable jurisdiction for ICO implementation reduces - and he sees the main risk of the situation. "It should also be borne in mind that, in accordance with Article 49 of the Russian Constitution, everyone charged with a criminal offense shall be presumed innocent until his guilt is proved. The guilt shall be established by a legally binding decision.", - he concluded.