Website Name
Yuan Pay Group (Yuanpaygroup.com)
Website Type
Digital Yuan Investment Platform
Is Yuan Pay Group Fake or Real?
Fake
Why is Yuan Pay Group Fake?
Yuan Pay Group claims to be a platform that allows anyone to invest in Chinaโs national cryptocurrency known as the โdigital yuanโ. The site is promising returns as absurdly high as 5,084% โwithin a few monthsโ. Such unrealistic returns are only promised in fraudulent schemes.
A domain name lookup of the website shows that it was registered on 10th February 2020. The registrantโs details such as name, location and contact details have been hidden using a paid service. Therefore, it is a relatively new website that is being operated anonymously.
Even though the website clearly did not exist before 2020, there are some fake statistics regarding page views and impressions from 2019. Not only is it weird for an investment company to boast about the number of visitors on its website, but the stats are also obviously fake as the website did not exist in 2019.
Yuan Pay Groupโs website states that the company has been developing Chinaโs digital yuan since 2014. This is a blatant lie as the digital yuan is actually being developed by the Peopleโs Bank of China (PBOC), which is the countryโs central financial regulatory authority.
It is also stated on the website that โYuanPay Group is the only approved and legalized company in China to trade and sell cryptocurrencies, and particularly this coin.โ This is not true as there is still a strict ban on cryptocurrency in China.
Funnily enough, another website called YuanPay Team (yuanpaycrypto.com) is also making the same claims as Yuan Pay Group. The website is identical to Yuan Pay Group, which hints that both websites may be created by the same scammers.
Yuan Pay Groupโs premise that anyone can buy the digital yuan is also completely fake, as the cryptocurrency is being rolled out in phases by the Chinese government and is currently only available within China.
The site has a fake timer that says that the price of the coin is rising every 45 minutes. The hilarious thing is that it resets if you refresh the page.
Yuan Pay Groupโs website is reminiscent of BitCrowdy, in that it makes false claims to create an illusion of credibility.
The site claims that the digital yuan has been named as โTOP 10 technological revolutions in the 21st centuryโ by Financial Times. The image beside the statement contradicts it by saying that it was named the โTOP 10 technological miracleโ. There is no evidence of any of these things being true.
The website also has fake Forbes Asia magazine covers hyping up the digital yuan. I could not find these covers anywhere else, which likely means that they are fabricated. I tried to track down the exact editions, but the text on the images is too blurry to make out the month and year.
There is a section on the home page that is nonsensically named โLegal Feedbackโ. It contains fake quotes by Peter Thiel and Richard Branson that can be found nowhere else except other dubious investment sites.
Yuan Pay Groupโs Terms & Conditions page is extremely strange as it states:
โYou are not authorized and nor should you rely on the Website for legal advice, business advice, or advice of any kind. You act at your own risk in reliance on the contents of the Website.โ
This implies that all the information on the website is fictional.
There are several social media links given on the website, but none of them are clickable. Yuan Pay Group does not seem to have any real social media presence apart from some spam advertising articles posted on sites like Reddit.
There are also some paid press released published through AP News wire, which might trick people into thinking that Yuan Pay Group has been written about in the media.
There are absolutely no contact details provided on Yuan Pay Groupโs website, which means that there is no real information about the company.
There are quite a few reviews for Yuan Pay Group available on Scamadviser and Trustpilot, and not a single one of them is positive. Investors have complained that their funds were diverted to random companies and they started receiving calls from rude salespeople to invest more.
It seems quite obvious that Yuan Pay Group is a scam. There is not a single piece of information on the website that appears to be legitimate. Yuan Pay Group claims to be developing Chinaโs national cryptocurrency known as the digital yuan. However, it is actually being developed by Peopleโs Bank of China (PBOC).
Yuan Pay Group is promising ridiculous returns as high as 5,084% โwithin a few monthsโ. Such returns are only offered in fraudulent schemes.
The website has been created in February 2020 and is being operated anonymously. However, the site claims that it has been active since at least 2019, which is clearly a lie.
The site contains references to several fake news articles, nonexistent quotes by famous personalities such as Peter Thiel and Richard Branson and fictional magazine covers of Forbes Asia hyping up the digital yuan.
Yuan Pay Group does not have any social media presence and there are no contact details provided on the website. Therefore, there is no information about the company and neither is there any way to contact them.
Reviews written by people who โinvestedโ with Yuan Pay Group are overwhelmingly negative. They have stated that their funds were diverted to random companies and they started receiving calls from unprofessional salespeople urging them to invest more.
It is advisable to avoid investing with Yuan Pay Group as it is not a real company. It seems to exist for generating leads for other investment scams.
How to Get Your Money Back from a Scam
Remember: If something seems too good to be true, it probably is.
To read about other Investment Scams, click here.
List of websites using the same content as Yuan Pay Group
- ccnfx.com
- yenfinancegroup.com
- yuan-pay-app.com
- yuan-pay.group
- yuanpaycrypto.com
- yuanpaygroup.org
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: This review is intended for information only and should not be relied on when making financial or business decisions. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.
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