The Australian Federal Police (AFP) has announced that a Melbourne man has been found guilty of being involved in a $30 million pyramid scheme. AFP said it was not aware of any other parties involved in the scheme. Helio Lending Ponzi scheme convicted in Australia The AFP news agency reported that the scheme defrauded investors of more than $30 million.
Helio Lending is an online lending platform that provides loans to individuals and small businesses, the company said. AFP said it had known about the company for some time, but could not identify its owners or investors because the company's anonymity is protected by privacy laws.
Last November, police arrested two men and seized $1 million worth of cash and property as part of an investigation into Helio Lending. AFP news agency said it later published information about the company on its social media platforms, prompting further complaints and launching further investigations.
AFP said it was working closely with major Australian city authorities in the investigation into Helio Lending.