Kuetzal fraud? (Bankruptcy – 12.01.2020)

Update 13.01.2020

This is what all Kuetzal investors got in their mailboxes on 12.01.2020.

Dear Kuetzal investor,

Our team wants to apologize for delays in payments and replies to e-mails received.

Unfortunately we have to inform that Kuetzal is announcing wind-down, furthermore the company will only process withdrawals of the funds, the company is no longer accepting new project applications, investors registrations and deposits. Company’s reputation was harmed sufficiently for the past weeks, and Kuetzal management does not see a way to recover investor’s activity, therefore we may not return to usual working process. The mission of the company may not be reached anymore.

Due to high number of reports, claims and negative messages SEB Bank and PAPAYA (the only two banks that Kuetzal used) initiated the AML check and has temporarily blocked Kuetzal’s bank accounts. Kuetzal is currently unable to perform any operations for undefined period. Kuetzal management is aiming to reestablish the activity of both operational bank accounts and perform buy-backs and withdrawals in shortest terms respectively.

Kuetzal will keep the investors informed.

We have not been able to make Kuetzal a successful player on crowdfunding market. We will however aim to exit the market quietly with minimum repercussion to our customers and the whole crowdfunding market. The website functions furthermore will be limited, only the user area will be kept. All the user area functions will continue working as before.

In case of technical issues with withdrawals or other question we kindly ask to use our contact mail instead of social networks or cellphone to receive the fastest service.

I strongly recommend reading a more skeptical opinion on Kuetzal’s case and other platforms.


Originally published on 12.12.2019

Wanted to warn my readers who might have not already heard of issues around Kuetzal. You can read more here – https://explorep2p.com/alborg-petrol/ and here – https://financiallyfree.eu/concerns-about-kuetzal-is-kuetzal-a-scam.

Several projects which are posted on their website seems like a fraud and if you have invested with them I am recommending to withdraw the money now and take the loss of 10% rather than 100%.

There are not issues with all projects, however, the recent event of changing their CEO does not help with trustworthiness.

Updated my comparison table accordingly.

26 comments

    1. Hi Steve!

      thanks for reaching out! To be honest, I would simplify and withdraw all of it at once.
      If I needed to reason a little more, I would try to withdraw in the following priority.
      First, take out money for projects which are mentioned in the articles without buyback guarantee. Secondly, for mentioned projects with buyback guarantee. Thirdly, depending on how things go with the decision making by the new CEO – take out the rest if needed.
      If projects have clear signs of fraud like these it is better to have 90% than nothing.

      Kindly,
      Janis

      1. Thanks Janis. I think they are now experiencing Cash Flight as investors withdraw, could collapse the whole platform.

        1. Definitely. That is something I am not so surprised to see to be honest. For new platforms to attract high volumes from investors – high interest rates need to be offered. This usually comes with high risk but is presented in nice deceptive wrapping.

          1. I see Jørgen has also started to withdraw his funds. I’ve initiated buyback and will see if I can get anything back. However I see today the contagion has spread to Envestio. You are very overweight in you r portfolio with Envestio, time to abondan ship???

  1. I made a total withdraw 2 days ago. Fortunatelly i only transfered money to Kuetzal, but never invested any, since there was now project i found interesting. The big question now is; will i ever see my money again..? Another thing is, that i vouldnt not withdraw money begore i had invested, so i was forced to invest 100 in some cranberry business! I ope to see the rest, 2900 euros, but i wouldnt be surprised if they are lost.

    1. Hi Jesper,

      you need to count in that there are banking holidays over the weekend. I have read in comments that people who did test withdrawals of couple of hundred EUR earlier this week, received their money.

      Please keep us posted on how this turns out for you!

      Kindly,
      Janis

      1. Hi Janis
        I am aware that they probably dont work in the weekend, and i did get excellent help from their customer service, so i am not worried yet. But i will leave the platform for sure, i dont like the revent news, and i dont like several of their projects.
        Sure, i will keep you posted on my withdrawel 🙂

          1. Hi Steve
            No, not a penny. I made the withdrawel 12/12, and the money disappered from my Kuetzal account 13/12, but no sign of them yet on my bank account. I cannot find any transaction document on the site, so i am starting to worry.
            What do you mean with your coments on Envestio? Problems there to??

          2. Good news, i got all my money back from Kuetzal.
            I made the withdrawel on the 12/12, and 28/12 there were back at my account. Interesting to follow the situation, but i am definately done with Kuetzal.

            I stay on the Envestio platform, but will follow them closely. So far it has been working perfectly for me and the yields are great

          3. Good to hear Jesper! Thanks for the update.

            Just to remind others, Jesper had withdrawn the money from Kuetzal account right after transferring it to the platform – not using the buy back possibility.

          1. The COO was involved in presenting a fraudulent “free energy” device by his former employer.
            He of course says he was just the salesman and did a presentation of it only.
            Also the new COO has made a quirky introduction video on Envestio YouTube channel, it’s very weird… Not at all confidence boosting and how other platforms act.

          2. It also say the COO is involved with the ROY club, where they are involved in pyramid schemes… The website is just in russian so it is not 100% verified..

            This supports the data from this blogger about many of the “borrowers” are building up huge sums of debt with Envestio and how sustainable that is.

            https://finsteininvest.pythonanywhere.com/2019/5/15/warum-du-envestio-etwas-genauer-anschauen-solltest/

            Finally, one of the founders of Envestio is associated with a 2m€ travel expenses fraud which of course she denies…

            Any how, for me there is too much dodgyness and I’m winding down Envestio.

  2. I made a withdrawal last week and nothing yet. At least it wasn’t much money, but i’m not expecting to take it back. About my money in the famous Alborg Petrol project i wouldn’t even ask 😀

  3. Hi, a month ago I invested some amount in one project on KUETZAL platform, unfortunately I did not receive the same email from them informing about the bankruptcy as you did.

    Was trying to make a withdrawal requested, but my documents are still not approved by KUETZAL, therefore I cant do that. I couldn’t find any email on the platform, can anyone write it to me so I can write email to them?

    1. Hi NewInvestor, sure, you can try to reach them on info@kuetzal.com. I expect that they are full with requests thus answer should not be anticipated in a reasonable time.
      But e-mail is the channel they mentioned they prefer, so worth to try.

      By the way I did not get this letter, as I did not invest in Kuetzal. I copied it from other investor who published it in one blog’s comment section.

  4. Please note, that Kuetzal has been reported to the police. But right now, they have not been declared bankruptcy. Their money is frozen in both banks. There is an international group trying to get them declared bankruptcy. I am in charge of a Danish group. If there are any Danes here I haven’t heard from, please contact me.

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