The founders of the Crypto Fintech firm Banner use funds from the 2018 Initial Coin that offers the project to buy luxury features worldwide, according to a report of the organized crime and corruption reporting project.
The OCCRP reported On April 28, the company’s leak notes and bank statements, which nearly half of the funds from the Banner’s 100 million euros ($ 114 million) ICO were transferred to a bank in the Vanuatu Pacific Island country purchased by project founders, Vytautong Karalevičius, Justas Dobilieauskas and Mantas Mackevičius.
Soon, Vanuatu Bank was reported to have begun issuing millions of euros to loans to trio-owned companies to produce a luxury real estate portfolio-including a villa in French Riviera and high-end owned in Lithuania, where the project was established.
Leak records and statements reported showing that funds were used to underwrite loans to other companies, which were used to buy high-end real estate.
The Vanuatu bank also lends millions directly to three founders for “personal use,” according to an OCCRP report.
The lawyers representing the founders have been reported to have denied that the ICO is deceptive But refused to comment on specific transactions.
Cointelegraph was in contact with the banksa for commenting but did not receive an immediate response.
The over-promised banksa, not delivered
Banksa promised to be a “bank for the blockchain period,” offered a suite of retail and institutional services while holding and exchanging most of Largest cryptocurrencies.
Many investors were attracted to the Banksa (BNK) ICO token by the promise of discount rates on the banks and products of the banks, including the opportunity to earn BNK’s weekly payout.
However, an investor in Bancora’s ICO at OCCRP said the weekly payouts began to “drop significantly below the promised value.”
The income sharing scheme has been reported to have stopped in 2022.
Related: Tether Scales Payment Crypto in Eastern Europe with new investment
Banksa also reported to get a European Union Banking License, which is not yet materialize.
Despite 100 million euro ICO to toply, BNK’s fully melted token value is currently at $ 975,710, Coingecko data Shut up.
Banksa continues to provide crypto banking services and maintains an active social media presence In LinkedIn and, on a lower size, X.
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