Monir Islam: BeRules Scam Exposed? Let’s Find Out (Latest Update 2023)
Monir Islam, along with his brothers Mohd Islam and Ehsaan B. Islaam, has been operating Ponzi schemes targeting consumers internationally.
He and his brothers gained notoriety when they promoted the highly nefarious scam of OneCoin in the UK. Monir Islam was a prominent promoter of the crypto Ponzi scheme in the Muslim communities of the UK.
However, when people started realizing that it was a fraudulent scheme, he was one of the first people to leave the firm.
OneCoin is among the largest crypto Ponzi schemes of the last few years. It has victims in the US, Europe and Asia.
Monir Islam and his brothers were part of its UK’s promotions.
After leaving the company, they started running similar scams but were now based in Dubai. Recently, Dubai has turned into one of the biggest havens for financial scams.
In the following write-up, I’ll be going through some of Monir Islam’s scams and how he is defrauding people today:
Ran the Melius Scam from Dubai:
Melius used to be a forex and cryptocurrency MLM scam. The company claimed to have offices in Dubai and the UK where the UK address was merely a virtual office.
Moreover, their Dubai address was unverifiable. In other words, there was no guarantee of their reliability.
Monir Islam, along with this brothers, was promoting Melius in multiple third-world countries.
The company offered package subscriptions ranging from $450 for 90 days to $1800 for 365 days. Melius claimed to provide customers with forex and blockchain courses.
You would get the iGoTrade app along with their subscription so the affiliates could set up trades with signals Melius had provided them.
Melius used to claim that their GoPro Forex subscription would give you a passive ROI of 50%, which sounds too good to be true because it is.
To normal consumers, Melius might seem like a simple course-selling company with a trading app affiliation. However, it was a complex MLM scheme, operating similarly to OneCoin, Monir Islam’s previous scam.
Melius required affiliates to remain active by investing or getting others to invest at least 120 PV worth of funds every month. But the company never specified the dollar value of 120 PV.
It had a pyramid structure for affiliates where they earned 20% commissions on funds invested by their recruited affiliates. Also, second-level affiliates and clients helped them earn an extra 10% indirect commission.
There were also residual commissions although the Monir Islam Forbes page wouldn’t mention any of this.
Monir Islam was spearheading the company’s promotins in African countries such as Nigeria and Togo. Here’s a photo of him promoting this scam:
Melius collapsed in 2020 after taking money from gullible investors since 2018. However, that didn’t put a stop to the devious activities of the Islam brothers.
What is a Ponzi Scheme?
A Ponzi scheme is a criminal deception investing fraud pledging increased rates of interest with less chance of loss to investors. On the other hand, a Ponzi scam is a deceitful investing fraud that induces retrievals for earlier investors with money carried from later investors.
Monir Islam and the “Be” scam:
After Melius collapsed in 2020, Monir Islam and his brothers began promoting its rebranded version “Be”.
Keep in mind, Melius used to offer $50,000 trading accounts in exchange for $3000. Monir Islam and his brother Moyn Islam were the co-founders of Melius.
Since their days of OneCoin, where they stole from the ethnic minorities of the UK, they had come a long way and had stolen funds from victims internationally.
However, they realized that Melius wouldn’t operate for too long so they bought “Befactor.com” in March 2020.
Then, they started promoting this new scam in May of the same year.
According to the website, Moyn Islam is the President and CEO of the firm while Monir Islam is the CVO and Ehsaan B. Islam is the CTO of the “Be”.
This is a more vicious scam and it’s still operational. In fact, the Islam brothers have spent a lot of money on paid PR to ensure the company doesn’t get any negative press.
The company offers a Live subscription which gives access to a call/chat app, payment platform and a business app.
Its subscriptions are divided in three categories: Live, Learn and Elite.
Here are the Live subscriptions:
- Bronze Live ($199 first month + $99 per month)
- Silver Live ($499 first month + $99 per month)
- Gold Live ($799 first month + $99 per month)
Here are the Learn subscriptions:
- Bronze Learn ($199 first month + $149 per month)
- Silver Learn ($499 first month + $149 per month)
- Gold Learn ($799 first month + $149 per month)
Here are the Elite subscriptions:
- Bronze Elite ($399 first month + $149 per month)
- Silver Elite ($950 first month + $149 per month)
- Gold Elite ($1499 first month + $149 per month)
The affiliates of Be only earn commissions on the subscription tiers they sell. Like all pyramid schemes, Be has a detailed affiliate rank system as well.
The ranks are:
- Star (get 2 customers with subscriptions)
- Consultant (1200 BV)
- Sapphire (4000 BV and 2 customers with subscriptions)
- Ruby (14,000 BV and 3 customers with subscriptions)
- Emerald (29,500 BV and 3 customers with subscriptions)
- Diamond (90,000 BV and 4 customers with subscriptions)
- Presidential Diamond (180,000 BV and 4 customers with subscriptions)
- Royal Diamond (370,000 BV and 4 customers with subscriptions)
- Ambassador (1,110,000 BV and 4 customers with subscriptions)
- Royal Ambassador (2,997,000 BV and 4 customers with subscriptions)
- Crown Ambassador (7,997,000 BV and 4 customers with subscriptions)
Here, BV stands for Business Volume and is the sales volume of an affiliate and his recruited affiliates.
There are different bonuses such as Customer Saving bonuses and Fast Start bonuses.
Your residual commissions in Monir Islam’s company would depend on your rank. Consultants earn $125 per week while Crown Ambassadors earn $300,000 per week.
Although the company says that your 60% of payable commission volume must be from customers but doesn’t specify how it verifies the same.
There are also matching bonuses.
While the pyramid structure seems attractive, it’s the product that suggests Be is nothing more than a scam.
BeRules expects customers to pay $99 per month along with a $149 one-time fee to access a phone communications app, a travel discount app and a business app. Why would someone spend so much money to get access to such simple apps?
Moreover the company charges $45 for affiliate signups.
Clearly, BeRules is another Ponzi scheme. It will function as long as it gets recruits.
Received a Scam Warning from Canada:
AMF issued a warning against Be in December 2020 saying it is not registered with them in any capacity whatsoever.
THe warning stated that Be is based in Dubai, UAE and is not registered with Corporations Canada. Also, the company entices people with the promise of gaining a lot of wealth with little to no effort.
The AMF stated that it’s taking steps to put an end to the solicitation this company is performing. It reminded everyone in the warning that there is no such thing as a high return without a high degree of risk.
After receiving the scam warning, Monir Islam and his brothers changed the company’s domain from Be Factor to Be Rules.
The scam is still up and running.
Monir Islam is a highly experienced scammer. His scam of BeRules is targeting people from all over the world and follows the same structure his last two ventures did.
He has spent heavily on paid PR by getting articles published on Forbes and other news publications to make himself seem legitimate.
In reality, he is a scammer who first targeted people in the UK through OneCoin, then moved onto third-world countries with Melius (now BeRules).
MLM scams like Nesten and BeRules are getting more and more popular these days. Hence, it’s best to be cautious.
Avoid dealing with Monir Islam and any of his ventures.
The man is a vicious scammer. Both he and his brothers.
Monir Islam is a highly experienced scammer who was first involved with the notorious MLM scam, OneCoin. Then, he ran Melius which collapsed, causing severe losses to its investors. Now, he is running BeRules which has received a warning from Canadian authorities.
- Received warning from AMF