Is Whyi legit or scam company? Let’s explore the reasons that support the claim that Whyi.co is indeed a scam.
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Whyi Legit or scam – Reasons
Below are facts and evidence that proves that whyi.co is 100% scam
Lack of Communication Channels
Effective communication is a crucial aspect of any reputable business. Unfortunately, this is one area where Whyi.co falls short. The CFO of the company, Abdul Rehman Sandhu, who used to regularly appear in Zoom meetings, has been absent for several years now. This absence raises concerns about the transparency and credibility of Whyi.co
Non-Functioning Email Support System
Another red flag is the non-functioning email support system. Both compliance@whyi.co and support@whyi.co are either unable to receive emails or simply cannot be found. This lack of proper communication channels further adds to the suspicions surrounding Whyi.co.
Sudden Termination of the VP of Sales Representative
Investors relied on Azim Mirza, the VP of sales at Whyi.co, for informati
on and guidance. However, without any explanation, the company terminated his employment. This unexplained termination raises doubts about the company’s integrity and their commitment to providing reliable services to their investors.
Unfulfilled Promises of Igniter 100 Shares
A reputable company is expected to deliver on its promises, especially when it comes to financial matters. In the case of Whyi.co, they failed to deliver on their commitment to pay Igniter 100 (i100) shares, dividends, or profits to their investors. Whyi.co initially originated from solmaxglobal.com, where individuals invested significant amounts in the company’s shares, worth hundreds of millions of pounds. The company assured investors that these shares would be listed on the London Stock Exchange at a rate of £4 – £6 per share. However, this promise remains unfulfilled, as evident from an update shared on the official Whyi Telegram channel since April 2022.
Failure to Disburse SMG Tokens
Adding to the suspicions, Whyi.co also failed to disburse SMG tokens obtained from their second website, solmaxgroup.com. Investors entrusted their funds to this platform while awaiting the listing of i100 shares on the public exchange. The failure to distribute these tokens further questions the legitimacy of Whyi.co and its operations.
KYC Verification for Additional Fees
To compound matters, after a prolonged period of waiting, the company introduced KYC verification on the Whyi.co website. Members were required to pay €10 each for this verification process. When considering the potential participation of 500,000 individuals, this amounts to a significant sum of approximately €5,000,000. Such additional fees raise concerns about the motives and integrity of Abdul Rehman Sandhu, further casting doubt on Whyi.co.
In conclusion, based on the aforementioned reasons, it becomes apparent that Whyi.co is a scam. The lack of communication channels, non-functioning email support, unfulfilled promises regarding Igniter 100 shares and SMG tokens, and the introduction of KYC verification for additional fees all contribute to the overall deception and lack of trustworthiness displayed by Whyi.co. It is crucial for investors to exercise caution and avoid engaging with this fraudulent entity.
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