{"id":6903,"date":"2023-03-18T19:19:38","date_gmt":"2023-03-18T19:19:38","guid":{"rendered":"https:\/\/khaleej-trend.online\/eng\/?p=6903"},"modified":"2023-03-18T19:19:38","modified_gmt":"2023-03-18T19:19:38","slug":"monspace-scam-story","status":"publish","type":"post","link":"https:\/\/khaleej-trend.online\/eng\/monspace-scam-story\/","title":{"rendered":"monspace scam story"},"content":{"rendered":"<div id=\"khale-694511371\" class=\"khale-- khale-entity-placement\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9610686647069611\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-9610686647069611\" \ndata-ad-slot=\"1846615391\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><div id=\"khale-3180449167\" class=\"khale-before-content khale-entity-placement\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9610686647069611\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-9610686647069611\" \ndata-ad-slot=\"1846615391\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><p><span style=\"font-size: 18pt\"><strong>Is Monspace a Scam? A Story of Fraud and Deception<\/strong><\/span><br \/>\n<strong>By: James Charles<\/strong><\/p><div id=\"khale-3459152630\" class=\"khale-- khale-entity-placement\" style=\"margin-left: auto;margin-right: auto;text-align: center;\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9610686647069611\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-9610686647069611\" \ndata-ad-slot=\"1846615391\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div>\n<p>Monspace is a company that claims to offer various products and services, such as e-commerce, travel, health care, entertainment, and cryptocurrency. <strong>However, many people have accused Monspace of being a scam that operates a pyramid scheme and defrauds its investors.<\/strong><\/p>\n<p>In this article, I will share with you some of <strong>the evidence and allegations against Monspace and its directors, as well as some of the legal actions taken by the authorities and victims.<\/strong><\/p>\n<h2>What is Monspace?<\/h2>\n<p>Monspace was founded in 2014 by Datuk Seri Lai Chai Shuang (also known as Jessy Lai), who is the CEO and director of the company. According to its website,<strong> Monspace has branches in 16 countries and regions,<\/strong> including Malaysia, Singapore, Indonesia, Thailand, Cambodia, Vietnam, China, Hong Kong, Taiwan, Japan, Korea, Australia, New Zealand, United States of America (USA), United Kingdom (UK), and Europe.<\/p>\n<p>Monspace claims to have over 100 million members worldwide who can enjoy various benefits from its platform<strong>. Some of these benefits include:<\/strong><\/p>\n<ul>\n<li>Earning commissions from recruiting new members and selling products<\/li>\n<li>Earning dividends from investing in Monspace&#8217;s cryptocurrency called MSD<\/li>\n<li>Redeeming products and services using MSD<\/li>\n<li>Enjoying discounts and rewards from Monspace&#8217;s partners<\/li>\n<\/ul>\n<p>However, many people have questioned the legitimacy and credibility of Monspace&#8217;s business model and operations.<strong> Some of the red flags include:<\/strong><\/p>\n<ul>\n<li><strong>Lack of transparency and accountability<\/strong> on its financial statements and performance<\/li>\n<li>Lack of clear information on its products and services quality and availability<\/li>\n<li>Lack of proper licensing and regulation for its direct sales and cryptocurrency activities<\/li>\n<li>Lack of customer service and support for its members<\/li>\n<li>Inconsistent and unrealistic promises on its returns and rewards<\/li>\n<\/ul>\n<h2>How did Monspace scam people?<\/h2>\n<p>According to various reports and testimonies from victims and whistleblowers, Monspace scammed people by using several deceptive tactics such as:<\/p>\n<ul>\n<li>Using<strong> fake or misleading testimonials<\/strong> from celebrities or influencers to endorse its products or services<\/li>\n<li>Using<strong> fake or misleading news articles or reports<\/strong> to promote its achievements or recognition<\/li>\n<li>Using<strong> fake or misleading events or activities<\/strong> to showcase its popularity or social responsibility<\/li>\n<li>Using <strong>fake or misleading certificates or awards<\/strong> to prove its legitimacy or credibility<\/li>\n<li>Using <strong>high-pressure sales tactics or emotional manipulation<\/strong> to persuade people to join or invest in its scheme<\/li>\n<\/ul>\n<p><strong>One of the most common ways that Monspace scammed people was by enticing them to invest in MSD<\/strong>,<br \/>\nwhich was claimed to be a digital currency that could be used for transactions within Monspace&#8217;s ecosystem. However, MSD turned out to be a worthless token that had no real value or market demand.<\/p>\n<h2 class=\"content text-message-content\" aria-hidden=\"true\">What is a pyramid scheme?<\/h2>\n<p><strong>A pyramid scheme is a fraudulent investment scheme<\/strong> where returns are paid to earlier investors using the capital contributed by newer investors.<strong> The scheme relies on the recruitment of new investors to generate profits for the earlier investors.<\/strong> The scheme collapses when the recruitment of new investors slows down, and the earlier investors are unable to receive returns on their investments.<\/p>\n<p>Monspace also promised that MSD would increase in<strong> value over time due to limited supply, high demand, and strategic partnerships with other companies<\/strong>. However, these claims were never substantiated by any evidence or proof.<\/p>\n<p>Many investors who bought MSD were unable to withdraw their money, redeem their products, or contact their agents after they realized that they had been duped. Some investors even lost their life savings, properties, or businesses due to their involvement with Monspace.<\/p>\n<h2>What happened to Monspace?<\/h2>\n<p><strong>In May 2019, three directors of Monspace, including Lai Chai Shuang, were arrested by Malaysian authorities for allegedly conducting a direct sales business without a license.<\/strong> They were also charged with violating Malaysia&#8217;s Direct Sales and Anti-Pyramid Scheme Acts.<\/p>\n<p>They pleaded not guilty to the charges and were released on bail pending trial. The next hearing was scheduled for June 14th, 2019, but there has been no update on the outcome since then.<\/p>\n<p><strong>In March 2020, a Malaysian High Court ordered Kepong Member Of Parliament Lim Lip Eng To Pay RM2 million ($481k USD)<\/strong> for defaming MonSpace And Lai Chai Shuang. Lim had accused MonSpace Of being A Scam And Lai Of being A Fugitive In China In A Press Conference In 2016.<\/p>\n<p>Lim appealed against The Judgment But Lost The Appeal In December 2020. <strong>He then applied For Leave To Appeal To The Federal Court But Was Denied In February 2021.<\/strong><\/p>\n<p><strong>As of Now, It Is Not Clear What Is The Current Status of Monspace and its directors,<\/strong> as there has been no recent news or updates on their legal cases or operations. However, it is clear that many people have been negatively affected by Monspace&#8217;s fraudulent activities and that the company has faced legal action and scrutiny from authorities and victims.<\/p>\n<h2>Conclusion<\/h2>\n<p>It is important to always do thorough research and due diligence before investing in any company or scheme, <strong>especially those that promise unrealistic returns or rewards.<\/strong> It is also important to report any suspicious or fraudulent activities to the relevant authorities to protect yourself and others from potential harm.<\/p>\n<div id=\"khale-144105305\" class=\"khale-after-content khale-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9610686647069611\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"autorelaxed\"\r\n     data-ad-client=\"ca-pub-9610686647069611\"\r\n     data-ad-slot=\"3780750108\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Is Monspace a Scam? A Story of Fraud and Deception By: James Charles Monspace is a company that claims to offer various products and services, such as e-commerce, travel, health care, entertainment, and cryptocurrency. However, many people have accused Monspace of being a scam that operates a pyramid scheme and defrauds its investors. In this &hellip;<\/p>\n","protected":false},"author":3,"featured_media":6904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[10075,10073,10074],"class_list":["post-6903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apps","tag-how-did-monspace-scam-people","tag-monspace","tag-monspace-scam-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>monspace scam story - kworld trend<\/title>\n<meta name=\"description\" content=\"monspace scam story\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/khaleej-trend.online\/eng\/monspace-scam-story\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"monspace scam story - 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