Scam

Kalpesh Patel: $600 Million Scam, HyperFund, ZeekRewards.com

Kalpesh Patel is the biggest scammer of 2022. He is a UK citizen currently residing in Dubai. He is a serial scammer who constantly reinvests the money he earned from his previous scams to his next ones. 

His latest scam was none other than the infamous Hyperfund – Hyperverse, where he as the top promoter. It was a $500 million scam!

Kalpesh has been active as a money launderer scammer and fraudster for over a decade. His experience in scamming people helps him devise specific strategies and schemes which end up fooling hundreds of thousands of people.

Sentenced To 12 Months In Prison In the UK

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He was sentenced to 12 months (a year) in prison in the UK for a $15 million fraud case

14 others were charged alongside Kalpesh Patel. The scam involved NHS trusts and even the government of Guernsey.

This scam was operated from January 2011 to July 2012. The scammers posed as legitimate construction companies while providing fake bank details for payments.

They were charged after an inquiry with the Economic Crime Unit of Lincolnshire Police.

The investigation was codenamed Operation Tarlac. It was launched in September 2011 when the Lincolnshire Partnership NHS Foundation Trust became a victim of this fraud.

After further inquiry 9 people were charged with conspiracy to defraud (from 1st of January 2011 and July 31, 2012).

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The name of these 9 individuals are as follows:

  • Oluwatoyin Allison (48, London)
  • Arif Habib (54, Glasgow)
  • Asif Habib (51, Dubai)
  • Imtiaz Khoda (42, Dubai)
  • Mohammad Nadeem (31, Worcester)
  • Abdul Naeem (33, Worcester)
  • Kalpesh Patel (43, Dubai)
  • Monica Thomson (38, Airdrie, Scotland)
  • Stephen Tyndale (45, London)

5 more people were also charged with conspiracy to launder criminal property. These 5 individuals were:

  • Abdul Ghaffar (66, Worcester)
  • Tariq Khan (33, Dubai)
  • Zahid Muhammed (46, Glasgow)
  • Shazia Nisa (33, West Midlands)
  • Yagnesh Patel (44, Middlesex)

The 15th and final defendant was Oghogho Ehnire, a 41-year-old from Preston who was charged with one offence of getting into an arrangement of laundering criminal property.

The defendants were to appear at Lincoln Magistrates’ Court.

Kalpesh Patel’s $15 Million Scam

In February 2015 Kalpesh Patel was investigated by Lincolnshire Police after receiving allegations of fraud and money laundering for  £12 million.

He was later charged with money laundering and fraud and was tried at the Crown Court at Leicester. The trial lasted from October 2016 to December 2016.

The Crown Court had put a restraint order on Kalpesh Patel’s assets until the criminal proceedings were pending. And Kalpesh breached that order, admittedly.

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On March 2017, he was sentenced to a year of impression ment and was fined a sum of  £330,000.

Hyperfund: Kalpesh Patel’s Illegal Cash Cow

The UK Financial Conduct AUthority or commonly known as the FCA regulates more than fifty-one thousand financial services firms and markets. On December 10, 2021, the FCA issued a public warning against investing in Hyperfund and Hyperverse.

Zijing (Ryan) Xu was the founder of Hyperfund aka Hypertech aka HyperCapital:

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He along with his partner Sam Lee went on the run after being exposed. To scam a younger audience, they decided to rename the company to Hyperverse. 

The Hyperverse aka HyperFund affiliates were being promised a 300% ROI.

The UK financial authorities were not the only one in the world to warn their people. Regulatory authorities from other countries including India, Germany, New Zealand, Bermuda, and Guernsey also issued serious warnings against them.

Warning From UK’s FCA

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Source: https://www.fca.org.uk/news/warnings/hyperfund-hyperverse-hypernation

Warning From The Indian Government

Source: https://economictimes.indiatimes.com/markets/cryptocurrency/cryptocurrency-hyper-fund-under-government-scanner/articleshow/86316428.cms

Warning From Guernsey’s FMA

Source:

https://www.fma.govt.nz/scams/warnings-and-alerts/hyperfund/

Warning From Germany’s BaFin

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Source:

https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2021/meldung_211019_thehyperfund.html

Warning From Bermuda’s Police Service

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Source:

https://www.facebook.com/bermudapoliceservice/posts/10160633330471062

Warning From Guernsey Financial Services Commission

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Source: https://www.gfsc.gg/news/hyperfund

Hyperfund and Hyperverse were providing financial services all over the world without any authorization or regulation. 

As said earlier, Kalpesh is not a novice scammer, he has been in the industry for over ten years. And in those ten years, he has operated and overseen multiple fraudulent operations. Here are the ones we have been able to trace back to him:

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Xip4Life: CBD Pyramid Scheme

Xip4Life was extensively covered on the famous Ponzi scheme exposing blog BehindMLM.com.

Kalpesh Patel was the co-founder of Xip4Life

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In their review, they alleged that Xip4Life was a Ponzi scheme launched in 2015.

This company offered CBD products, however, they did not provide any details on the pricing of their products on their websites.

They also featured dodgy affiliate ranks and compensation plans which were similar to a Pyramid Scheme. 

The affiliates of this company were not even paid in dollars, instead, they were paid a 20% commission on every sale in dollar. Which was supposedly an internal currency that could only be used to purchase more of Xip4Life products.

Kalpesh Patel was also a big promoter of this scam.

EarlyBird Academy: App Marketing Scam By Kalpesh Patel

EarlyBird Academy targeted the financial services niche. Kalpesh Patel was the CEO of this venture.

Similar to his other ventures, EarlyBird Academy followed a similar pattern of Ponzi scheme payouts.

It had no retailable services or products. Affiliates could only market the membership of the EarlyBird Academy and receive commissions for it. However, it had a Pyramid scheme structure in its compensation plan.

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Zeek Rewards – $600 Million Ponzi Scheme USA Shut Down By SEC

On the 17th of August 2012, The Securities and Exchange Commission announced fraud charges and froze the assets of ZeekRewards. A $600 million Ponzi scheme that was on the verge of collapse. The quick action by the SEC assured that the victims could recoup more of their funds and might’ve avoided life-ruining losses.

An online marketer by the name of Paul Burks and his company Rex Venture Group was also involved in the scam. They had allegedly raised over 1 million online users in the USA and overseas through ZeekRewards.

Kalpesh Patel stole $140,842 from the victims of Zeek Rewards.

You can take a look at the official SEC complaint against ZeekRewards.com here:

https://www.sec.gov/litigation/complaints/2012/comp-pr2012-160.pdf

Success University

Success Univesity is also the brainchild of Kalpesh Patel. He claimed he loves to transform people’s lives. He promoted Success Uni as a “network marketing opportunity” and flaunted his black Mercedes.

It cost $149.95 to join the University after which you had to pay a monthly fee of $25 to “attend” the university. 

The buyer could then persuade their friends and family members to join the university and the buyer would get $5 per new member.

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Kalpesh revealed that he had more than 2,500 “premium students” at this University. When journalists questioned him about the payment structure of Success University looking like a Pyramid scheme, he simply replied “No comments”. And left in an angry manner.

Mirror did a great piece on Success University in 2008, you can check it out here in case you want to learn more about the scam.

My Shopping Genie

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(David Freed, CEO, of My Shopping Genie) 

Kalpesh Patel was one of the top promoters of My Shopping Genie (MSG).

He worked with Bruice Brise, John van Deurzen, and David Freed to promote this fraudulent scheme.

MSG or better known as My Shopping Genie had no product, all they had were “rewards” and an MLM payment plan which is commonly seen in Ponzi schemes.

Kalpesh Patel: Serial Ponzi Scammer

2.5Expert Score
Ponzi Scammer

Kalpesh Patel is the biggest scammer of 2022. He is a UK citizen currently residing in Dubai. He is a serial scammer who constantly reinvests the money he earned from his previous scams to his next ones. 

Rating
2.5
Pros
  • -null-
Cons
  • Multiple $100+ million scams
  • Serial Ponzi scammer
  • Still on the loose
27 Comments
Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. Kalpesh Patel is promoting the WeWe Global scam in India. He has scammed countless people in our nation and there is no stopping him. The Indian government has no clue about this scammer, he is just like Mallya.

  2. Please stop getting scammed by these swindlers. They are making fools of our consent, and the reason for these incidents is less reading and investigations because most of the time you never try to search about the company’s registrations and policies. Be attentive before handing over your money to these scammers.

  3. Success University is nothing but a Pyramid scheme, where scammers like Kalpesh are making millions after scamming thousands of users all over the globe.

  4. Now the governments of all the countries should ban those sites which aren’t regulated and not even registered to some authorities. I have lost my money because of Hyperfund, now I am always afraid of investing my money with these online firms. It’s my request to the FCA and other major legal authorities.

  5. I appreciate the decision of The Crown Court of Leicester as they charged him with £330,000 and also imprisonment for 1 year. These punishments aren’t enough for this scoundrel but yes will give some satisfaction to the users and members who got scammed.

  6. Nowadays, it is not a big deal to scam millions of people as thousands of fraudsters only make money after scamming their users. Including those who have taken loans from banks that amount to billions and then flew away to another country.

  7. Reply
    Arrest Kalpesh patel
    December 19, 2022 at 2:12 am

    He is only attracted by the schemes where scams are operated, as he used to promote a Ponzi scheme named aa Xip4life. Basically, he was using his identity to make people suffer through that nefarious site. He got rich by making others suffer.

  8. FCA wasn’t happy with Hyperfund’s financial returns policy because the company claimed a return of 300% which isn’t possible, and looked like an attractive scheme for scamming the users. Thus many companies had warned their people from this nefarious site named Hyperfund, but the game that Kalpesh and the team tried to play was they renamed their company name to Hyperverse but people knew about this scammer. Thanks to the FCA for their alert actions. I just wish they had the power to arrest this guy and put an end to this mess.

  9. People like Kalpesh shouldn’t be allowed to get out of prison as they will only litter dirt and make others life devastated, this is an alert for those who love to invest their money with firms and online schemes, remember the name Kalpesh Patel, avoid at all cost!

  10. Many investors have lost their names because of the fake construction site. One of my friends who owns a farm required some renovation. Then he found this site and was asked for advanced payment which made him land in the field of scam and got tangled in the trickery.

  11. The author is just jealous of this guy’s massive success. Who cares if he had to earn his money in a non-Cristian way? At least he is not broke and crying about what others are doing. Get a life man.

  12. I’ve made a discord channel for the victims of Hyperfund, contact me to join. We hope to put a stop to these promoters and help the victims get their money back

  13. A class aciton lawsuit should be filed against him

  14. If there has been so many warnings published against this individual, then why haven’t the authorities taken action against him? Why haven’t they apprehended his nefarious activities?

    I’m utterly disappointed in the UK government and the financial authorities of countries where his scams operate.

    Scammers like Kalpesh only sporut because of the sheer lack of competence on the part of the legal system.

  15. Me and my family lost a lot fo money due to the Xip4Life scam. I hope Kalpesh Patel and his fellow scammers get punished for ruining so many lives.

    • I know what you are talking about. I am a victim of Kalpesh Patel too. Success University was one of the products of Kalpesh Patel which claimed to be a life changer for students but was completely the opposite and belonged to the structure of Ponzi schemes, where you will be offered 5$ for every new member you bring. It scammed me.

  16. I hope one day he will be thrown in jail and stopped from launching any more scams. The problem is no matter how many warnings are issued against his companies, it doesn’t affect him. He will just close one company and launch another one.

  17. My son had invested in Hyperfund because one of his friends suggested it. He still hasn’t been able to recover his funds. People like Kalpesh Patel face divine punishment. I’m sure of it.

  18. Hyperfund by Kalpesh Patel was such a huge scam. It is unbelievable that the man is still free to launch new scams. How incompetent are our justice systems are? This man needs to be taught a lesson.

    • You can’t blame the system when it’s obvious that his operation is not limited to just one country. Kalpesh has victims all over the globe. How is the government in one country supposed to stop a scam that’s so vast?

  19. This was an interesting read. I just can’t fathom how this guy is still allowed to roam around the globe so freely?!

    • I used to work in the NHS Trust where Kalpesh was running a construction site where he asked his customers to transfer money using fake bank details and his identity wasn’t transparent.

  20. I lost more than $10,000 because of Zeek Rewards. I was supposed to make all of my money back within a few months but that never happened. The company had sh#t customer support and they would always give you the same reply. Sometimes there would be no replies at all. Thank God it was shut down.

    • Zeek Rewards caused me a lot of losses too. I had invested a bit of my savings into that company. I waited for months to get my money back but it never arrived.

  21. I guess this is what you you would call a “serial scammer”. People like him disgust me. He should be made to held accountable for his scams.

    • This man is that dirty fish of the pond which if not pulled out and thrown will make others suffer. He is not only defaming himself but making the online market affected negatively. People are afraid of investing their money in online platforms because of these scammers.

  22. Kalpesh needs to be arrested immediately. I know a bunch of people who were hit hard because of his scam. His companies make so many false promises, it’s insane. People get tempted to invest their savings into his schemes and eventually they end up losing it all.

    The process is slow and painful. Hopefully global authorities will take notice and throw him behind bars.

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