Irish Co with Bulgarian Ties Turns Pyramid Scheme

The company MPS Bulgaria, an affiliate of the Irish MPS Global, which is believed to have been a pyramid scheme, was set as a real estate consulting business. File photo

The Irish Property Fund, MPS Global, which also has a registration in Bulgaria, was merely a pyramid scheme, the company’s liquidator Myles Kirby told the Irish Sunday Business Post.

The company took EUR 4.4 M from almost 60 individuals on the pretext of investing in foreign properties. However, the liquidator told the High Court that some of the company’s assets appeared to have vanished, while others could not be located.

The money of the latest clients has been used to pay those who got involved with the Fund earlier. MPS Global lured clients with promises for guaranteed return of 15% a year.

In its reports, the company listed ventures in the UAE, Bulgaria and the US.

It also claimed to have signed an exclusive property investment deal with Dubai company Avanti Holding for USD 14.7 M of planned acquisitions.

The company further filed documents with the Companies Office, stating it had property investments valued at EUR 7.6 M at the end of February 2008, but Kirby was unable to locate any documents proving the above claims.

MPS Global Head is businessman, Jal Kalsi, who registered in Bulgaria a company named “MPS Bulgaria,” listing as main activities consulting services for investments in real estate in the country and aboard and a capital of BGN 5 000.

 

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