This was a fraudulent site and app that used the form of a betting platform as a cover. In reality, it was a Ponzi scheme that operated throughout the second half of 2021. Ultimately it hit Malaysian and Indian investors the most.
Platform and Cover
The frauds employed a common and effective tactic to confuse people. They used a similar sounding name to an official organization City Football Group (CFG for short). This is a global holding company with the majority of stakeholders from Abu Dhabi, and they invest in football clubs across the world.
Since CFG is a prominent name in the world of football, the con people used all the dirty tricks to make their CFG4 betting site seem affiliated with City Football Group. They used all the promotional presentations and video materials of football events, and it was no wonder why so many people believed in the legitimacy of CFG4.
Along with the site, the scammers promoted the CFG4 betting app, to facilitate extorting people’s money. As of January 2022, the web.cfg4.com site is down, while the app doesn’t allow withdrawals. Furthermore, the official app stores have taken down the software.
How Did the Scam Trick People?
Betting sites and apps are perfectly legal and they openly issue warnings to their members that they should only use funds they are ready to lose. This is simply because betting is a high-risk form of earning money with huge potential for loss.
CFG4 had a completely different sales pitch. They would promote a foolproof plan that would guarantee returns without any risk. This implied that an investor should follow their tips and instructions, and by doing so they would earn money. This promise of risk-free betting, enticed people to join and invest more money. Unfortunately, they were unaware that they were funding a Ponzi Scheme.
The app made an illusion of effective tactics, while it generated earnings from the money of fresh betting investments. The app users were encouraged to leave their money on the platform, because it could generate greater income. This was simply a trick to keep people from withdrawing their money.
In January 2022, the Ponzi scheme popped. The site went down and the app disabled money withdrawal. Thousands of people ended up losing their money.
If you or someone you know has been the victim of the CFG4 Ponzi fraud, you should know that there are actions you can take. Contact us for a free consultation, and make a first step towards retrieving your money.