Finterra – BEWARE of the Ponzi scheme

A product that never existed, thousands of dollars abused from
investors, yet still, a functioning company.

Time To End The Corruption.

“Who will compensate us for our HUGE losses?” “I can’t trace the money I invested, can someone please respond?” An irate telegram community (@Finterraorg) seeks for answers from the Finterra team with no excuses left to ease the situation. The peak in absurdity has reached its limit.

But it all started smoothly some years back in 2018. Hamid Rashid, current CEO of Finterra, did a presentation at the World Blockchain Summit, Nairobi, Kenya. Blockchain was the buzz word and people from all walks of life, investors, enthusiasts, and developers, flooded with high hopes toward this new technology.

Finterra technologies sdn bhd, a Malaysian based company, focused towards building a WAQF (endowment land) business by putting it on a blockchain, an idea that had never been done before. The idea seemed attractive to the many attendees at the summit in March 2018, in particular to Dipen Rajani and Yadav Jani, both established businessmen based between the UK and Kenya. After discussions and review of the concept, both partners agreed to host the company in Kenya for a week of fundraising events for their exciting new start-up. Finterra would leverage off their high reputation and large East African network to help promote their company.

The Finterra team arrived in Kenya for the second time in May 2018. Events were organized and hosted, every room was packed with a largel audience, funds were raised, and both parties were pleased with the outcome of the team’s hard work.

In September 2018, Finterra claimed to have a world class blockchain technology, advertised as being better than Ethereum’s blockchain protocol (which is the world leading blockchain technology). They introduced Gallactic Blockchain, with plans to outsource the technology to third parties. Investors were promised huge returns for their involvement in this project, so once again, Dipen Rajani and Yadav Jani were approached to help market this exciting product. They agreed as the first round had a successful outcome, returning a healthy 20% in 4 months from June 2018. This made the investment prospect exciting.

Nothing But a Scam

In November 2018, a series of events lasting 7 days took place in Dubai and Kenya to launch the Gallactic Blockchain. Yadav Jani and his partner, Dipen, spent 35,000 USD marketing these events, only to see nothing but a scam. Within 2 months, there was no information to show to Investors, no performance records, no product. There was no Gallactic Blockchain. Dipen and Yadav, with their reputation and network on the line, reached out several times to Hamid Rashid and Satesh Khemlani, founders and
directors of Finterra, but hardly ever received a response, and the few times they did, it was only for a series of excuses.

Third time’s a charm

Gallactic wasn’t the first project to go down the drain. During the same time, another product under Finterra, called the Fincoin, lost about 99% of its value since the launch in August 2018. Fincoin performed so poorly that some exchanges had to suspend trading on their own platform, which has finally left investors with no escape. At present it is impossible to sell their token for any considerable value, and a $3300 investment done
in June 2018 would be worth about $1.70 today. This is nearly a 100% loss. In July 2019, Finterra had the audacity to release their third investment proposal, where investors could buy preferential shares of their company for 6% annual return despite their failure with Gallactic Blockchain.

A very dangerous investment

A few team members, who prefer to remain anonymous, have spoken out about Finterra’s questionable ethics and operations, which result in the company’s high staff turnover. Investors have had enough with the lies, which include claims that the company was valued at $600,000,000, and that the world bank requested their own representatives to be on the board of Finterra. The company’s telegram channel surges with hundreds of angry customers every day (@Finterraorg) wondering where the products and their investment funds have disappeared. There needs to be a stop to this ongoing lie before more damage is done! The founders of Finterra, Hamid and Satesh, simply do not care to respond to any questions. Is this because they are guilty of abusing other people’s money? Where does the greed end? Finterra continues to operate the business disregarding any queries from their previous investors. Presently, the team continues to operate the WAQF model of Finterra, boasting it on their social media platforms, with photos of events, presentations, and their company functioning as normal.

Finterra is a very dangerous investment. With big offices, and big talk using connections to the world bank and Malaysian Government officials forming part of their board, they impress investors that this will be a promising long term business. Their public presenting skills and made up profile can allure many to fall for their “business ideas”, which history has proved, can only end up being scams. The founders lack integrity as business owners to manage their investors. And although in the crypto world, there are a
lot of similar scams and Ponzi-schemes, this is worse than a ponzi scheme, where innocent people are given false hopes by a company that portrays itself to be professional and established.

The intention of this article is to raise awareness of the injustice and protect others from falling into the trap. Yadav Jani and Dipen Rajani have taken the stance to personally pay back the investors they brought in over time to save their reputation and help investors recover their funds.

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