Centra Tech (CTR) is a Blockchain Based cryptocurrency project which is focused on providing financial services to the crypto users. The main highlight of this project is the crypto cards which, according to company, can be used to make payments in crypto's while making any purchase in outside world. Centra Tech also announced some partnerships with VISA and promised their investors that new Centra cards will be introduced shortly with VISA support.

But as per some latest sources and an article in Cointelegraph, SEC busts the Centra's co-founders for the fraudulent money raised through ICO back in year 2017.

SEC says that the co-founders of Centra Tech, Sohrab Sharma and Robert Farkas, had raised $32 Million in un-registered investments through Centra's CTR tokens. Robert Farkas was even trying to leave the country but got arrested before boarding his flight.

In fact, after the arrest of both the co-founders, it was revealed that the whole project was just a ruse and there was no official partnership with VISA by Centra Tech. The project was completely fake and there was nothing 'developmental' going on in the project expect some frequent social media updates.

The SEC also revealed that Centra Tech even promoted their fraudulent project by making fake executive resumes as well as corporate presence. Also, the co-founders financed some celebrities like Floyd Mayweather to promote the project via their respective huge followerships on social media platforms.

As per the source, Stephanie Avakian, the Co-Director of the SEC’s Division of Enforcement said the below charges on basis of what Centra Tech was apprehended:

"We allege that Centra sold investors on the promise of new digital technologies by using a sophisticated marketing campaign to spin a web of lies about their supposed partnerships with legitimate businesses. As the complaint alleges, these and other claims were simply false."

After this news got viral, the Centra's (CTR) token price fell significantly within few seconds. It just fell from $0.50 to mere $0.12 and still falling. Let's see what happens next in the future of Centra Tech.

Thanks for reading ...!!

Information Source

Image Credit