Were Envestio and Kuetzal a fraud?
Estonian police has started two criminal investigations regarding both crowdfunding platforms. Our first objective in the investigations is to find out whether it was a fraud and the platforms were created with the purpose of deceiving people, or the websites were closed due to a bad investment.
What should I do if I lost money with either Envestio or Kuetzal?
Firstly, gather all information you have regarding the investment you made and contact the police. It is important that your application contains as much information as possible. Send us your contact details, describe what happened and indicate the material damage you have suffered.
We have created two e-mail addresses for this.
If you placed your money with Envestio, download and fill in the crime report form and email it to us at .... You will receive an automatic reply and we will ask you to fill out the form attached and enclose any documents in your possession relating to Envestio SI OÜ, proving that you have suffered damage. You can ignore the automated e-mail if you have already complied with the requirements set out in the letter.
If you placed your money with Kuetzal, e-mail us at .... If we need any additional information, we will contact you.
Can I turn to my local police?
Estonian police is cooperating with police within the European Union in order to simplify the process of making an application regardless of where you are located. You can turn to the police in your home country, and act according to the instructions you receive.
You will have to get in touch with Estonian police directly if you are located outside the European Union.
The criminal investigations regarding Kuetzal OÜ and Envestio SI OÜ were started in Estonia, thus reaching out directly to Estonian police is the fastest option.
When can I expect a reply from the police?
We have received a large number of appeals regarding both platforms. Other Estonian investigative authorities have also received many appeals regarding this issue. We are working to gather all information and we will be contacting people from whom we need more information.
There is no need to worry if the police have not contacted you – it means that your application contained all the information necessary.
We might contact you further in the investigation, for example if we need you to testify.
Will I get my money back?
Understandably, people who placed their money with either of the platforms are most of all interested in recovering their funds. Police is working to establish how money was moved. Usually, in case of international fraud money is quickly shifted between accounts in different countries until it is withdrawn through an ATM. Due to this the chance to recover the money is small.
What will the police do next?
It is important to identify the people connected to these companies and determine whether the crimes were committed in Estonia or elsewhere. In these investigations we will collect data, look into the backgrounds of the companies and people connected. Our first objective in the investigation is to find out whether it was a fraud and the platform was created with the purpose of deceiving people, or the website was closed due to a bad investment.
Is it safe to place money in any other crowdfunding?
Most crowdfunding platforms are trustworthy, but we recommend always checking where you are placing your money. It is also important to remember that every investment carries a risk and losing money does not necessarily mean that it was a fraud.
How do I recognise a fraudulent investment platform?
Before investing into a company, it is necessary to do background work and check where exactly the money will go. A promise of a high return and claimed amount of people involved or money invested are not guarantees. We recommend to look past advertisements, social media posts and websites, and to look into the background of the company in more depth. Look into open source registries; consult with your home bank or a local Financial Market Supervision Authority. Be vigilant, if a company is registered at an apartment building or an office that houses a large number of other businesses.
Are there more such platforms?
We cannot rule out the possibility of deceitful platforms existing. That is why it is important to do background work before investing.