OFUYC at the Centre of a Formal Complaint and Criminal Investigation

Tubrazy Shahid
1 day ago
4 min read

At the centre of this legal reconstruction is a formal complaint-appeal filed with the Economic and Financial Police Nucleus of Pistoia (Guardia di Finanza) and subsequently transmitted to the competent judicial authority. This is not an informal denunciation or a preliminary alert, but a procedural act that formally initiates criminal proceedings.

According to the complaint, the victim suffered a total financial disbursement of approximately EUR 200,000, with no practical possibility of recovering the invested sums. The platform identified as OFUYC is cited as the central instrument through which an investment activity in cryptocurrencies was allegedly simulated, presenting fictitious profits unsupported by real transactions or verifiable blockchain evidence.

The WhatsApp Group as an Instrument of Trust Engineering

The recruitment mechanism is a critical legal element. Entry into the scheme did not occur through public advertising or regulated financial channels, but through a WhatsApp group presented as a “financial academy.”

Within this group:

Individuals introduced themselves as lecturers, analysts, or market experts
Other members acted as support staff, assisting users privately
No immediate financial request was made

This phase served a progressive legitimisation function, using technical jargon, market commentary, and staged professionalism to gradually reduce the victim’s perception of risk. From a legal standpoint, this method aligns with confidence fraud (fraud by inducement) rather than spontaneous deception.

OFUYC Platform and the Simulation of Crypto Investments

After a period of trust-building, users were invited to access the OFUYC platform, described as a professional cryptocurrency trading environment. Entry was conditional upon bank transfers to IBANs communicated privately, rather than through transparent or institutional payment gateways.

Following the deposits:

Users saw balances denominated in cryptocurrencies, mainly USDC
Suggested daily trades generated small apparent profits
No withdrawals to external wallets were ever executed
No transaction hashes or public blockchain verification were available

Legally, this configuration strongly suggests a closed-loop accounting system, where values exist only within the platform interface and do not correspond to real on-chain activity.

Escalation and the Construction of Virtual Wealth

As confidence increased, the scheme escalated. Victims were encouraged to:

Increase capital commitments
Shift to medium- and long-term strategies
Participate in an alleged ICO-style opportunity, promoted as low-risk and highly profitable

According to the official minutes, the complainant’s account eventually displayed a balance exceeding USD 5.5 million. This figure was purely virtual, not transferable, not withdrawable, and unsupported by any external financial or blockchain confirmation.

In legal terms, this constitutes illusory enrichment, a recognized fraud technique where false accounting values are used to justify further financial demands.

Fund Freezing and the “Tax Payment” Mechanism

The decisive moment occurred when the complainant requested withdrawal of funds. At this stage, OFUYC representatives:

Claimed suspension of operations in Italy
Conditioned the release of funds on the payment of alleged foreign tax obligations
Requested additional transfers totaling EUR 146,000

These payments were directed to Italian IBANs registered to third parties, a factor of significant relevance for criminal and AML investigations.

Once the victim refused further payments, all funds were frozen, definitively revealing the fraudulent nature of the operation.

OFUYC as a Systemic Crypto Scam in 2025

This case does not appear to be isolated. Throughout 2025, OFUYC has emerged as one of the most structured and harmful crypto fraud schemes, with estimated losses amounting to tens of millions of euros, primarily affecting Italian retail investors.

Investigative reporting, particularly by Decripto, highlights:

Recurrent operational patterns
Replicated platform structures
Identical recruitment methods across cases

The consistency of these elements suggests an industrialized fraud model, adapted to different victims rather than sporadic misconduct.

IBANs, Banking Channels, and AML Implications

A crucial aspect of the complaint is the inclusion of:

Specific IBANs
Account holders
Transaction amounts
Telephone numbers
Chats and platform screenshots

The use of Italian banking channels establishes a direct link to the regulated financial system, opening the door to:

Anti-money laundering audits
Financial Intelligence Unit (FIU) reporting
Transaction tracing and account scrutiny

In many crypto fraud cases, traditional banking rails represent the only enforceable point of regulatory intervention.

A Repeating Pattern, Not an Exception

Following the filing, the Guardia di Finanza forwarded the case to the Public Prosecutor’s Office, initiating formal investigations. While asset recovery is never guaranteed, the legal significance lies in contextualizing the incident within a broader criminal architecture.

The OFUYC case confirms a now-familiar pattern:

Fake academies
Opaque trading platforms
Virtual profits
Final “unlock” or “tax” payment demands

Names, branding, and interfaces may change, but the underlying logic remains constant.

Final Legal Observation

Anyone encountering similar dynamics should consider them high-risk indicators of organized crypto fraud. Early legal consultation and prompt reporting significantly increase the chances of containment and investigation.

Hai il sospetto di essere vittima di una truffa in criptovalute? Agire tempestivamente è essenziale.

Disclaimer

The information provided in this article is for general informational purposes only and does not constitute legal or financial advice.

Author & Crypto Consultant

Shahid Jamal Tubrazy (Crypto & Fintech Law Consultant)

Shahid Jamal Tubrazy, a certified top expert in Crypto Law from Duke University, is a leading authority in the cryptocurrency and blockchain space. As a seasoned Fintech lawyer, he offers a full spectrum of services, including licensing, legal guidance for ICOs, STOs, DeFi, and DAOs, as well as specialized expertise in crypto mediation, negotiation, and mergers and acquisitions. With a proven track record and published works on Blockchain Regulation and Cryptocurrency Laws, Shahid provides unparalleled insights into the complexities of the fintech world, ensuring compliance and strategic success. 🌐💼 #CryptoLaw #Fintech #Blockchain #LicenseServices #CryptoMediator #MergersAndAcquisitions #CryptoCompliance #FrozenAssetsrecovery.