Bolivian Pay Diamond Scammers  Unveiling the Complex Network of Fraud and Deceit

In a significant breakthrough, authorities in Argentina have apprehended the perpetrators behind the notorious Pay Diamond scam.

Following the issuance of arrest warrants by Interpol, Brian Gutierrez (27) and Nilda Coque (47), a mother-son duo, were successfully detained in Buenos Aires.

This remarkable development came to light as Ignacio Gonzales Prieto shared footage of Gutierrez and Coque’s arrest on Twitter.

The detainees now find themselves under the jurisdiction of the Argentine National Criminal and Federal Correctional Court 6, awaiting extradition proceedings to Bolivia.

As the investigative efforts unfolded, it became evident that Gutierrez and his mother had established yet another “financial company” within Argentina.

Authorities meticulously traced the ill-gotten gains from their ponzi scam, revealing a web of assets including properties, supermarkets, apartments, high-end vehicles, and luxurious homes.

How Authority arrested pay Diamond Scammers

Pay Diamond, the nefarious MLM Ponzi scheme that promised a staggering 5% weekly return, originally surfaced in Brazil in 2015.

Subsequently, a series of arrests rocked its foundations in 2019.

Although Gutierrez and Coque were not the architects of this scheme, they played a pivotal role in establishing a “branch” of the scheme in Capinota, Bolivia.

This branch, part of a pyramid that had its origins in Brazil and extended its reach to Peru, Portugal, and Paraguay, eventually relocated to Hong Kong amidst mounting concerns about operating without proper authorizations.

Gutierrez and his mother preyed on approximately 30,000 Bolivian migrants in Argentina, siphoning off an estimated $60 million.

Central to their success was their ability to attract members of the Bolivian community, leveraging their influence and credibility.

Operating from offices in the Flores neighborhood, they orchestrated large-scale events, promising financial education in exchange for capital contributions.

The end of the scam?

In February 2020, Bolivian authorities apprehended Luis Miguel M.A., who was allegedly a “founding partner” of Pay Diamond in Bolivia.

Shockingly, Miguel resurfaced after the collapse of Pay Diamond, launching at least two more Ponzi schemes.

The Pay Diamond scam did not confine itself to the borders of South America.

In addition to regulatory actions taken in Bolivia, Brazil, and Argentina, Paraguay witnessed the opening of a criminal case in 2017.

Further afield, Canadian authorities issued a securities fraud warning related to Pay Diamond in 2017, underscoring the global scope of this intricate web of deceit.