
New Video from @micode Exposes Dubious Business Club
Investigative JournalismFinancial ScamsMulti-Level MarketingPyramid Schemes
The video begins with a dramatic introduction where the @micode team receives a worrying email from a subscriber about his brother-in-law Adam, who has been drawn into a business club based in Dubai called Exaku. The club promises impossible returns and exerts constant pressure to recruit new members. Faced with this situation, the team decides to conduct an in-depth investigation to understand what lies behind this enticing facade.
The investigation starts with a meeting with the subscriber to understand exactly what happened. Adam, 22 years old, dreams of financial independence and has been attracted by the club's promises of quick wealth. The team decides to infiltrate by creating a fake profile, Timothé, a copywriter aspiring to financial freedom. They make contact with a club member, Omar, who quickly proposes investing in dubious financial services.
The team discovers that to join the club, one must pay a subscription, which gives access to an internal platform and investments. Omar shows them a capital curve that seems too good to be true, with returns of 1100% in 1.5 years. The investments are managed by trading firms whose names are not revealed, raising doubts about the transparency and legality of the operation.
Digging deeper, the team finds that the club uses a multi-level marketing (MLM) system, where members are encouraged to recruit new members to earn commissions. This model closely resembles a pyramid scheme, where new entrants finance the gains of higher levels. The team attends meetings and afterworks to understand how the club operates and recruits new members.
The team also discovers that the club offers a stock market service called Serenity, which promises returns of 33% per year. However, this service does not have approval from financial regulators, making it illegal. Additionally, members are encouraged to invest in a token called OCA Coin, whose value is artificially inflated by the recruitment of new members.
The team finally confronts the club's founder, Kevin Valfin, to get answers. Kevin seems to genuinely believe in his model and promises to refund members if the club fails. However, the team discovers that most of the club's leaders have a questionable past, having participated in pyramid schemes or Ponzi schemes.
The video ends on a reflective note, highlighting that MLMs prey on people's dreams and aspirations, pushing them to exploit the trust of their loved ones to climb the pyramid. The team realizes that despite their efforts to convince Adam with rational arguments, he remains loyal to the club, showing the power of the illusion sold by these systems.