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    Posted October 23, 2014 by

    Christian Kruppa, The German Madoff

    It may be one of the biggest investment frauds in German history. Thousands of investors trusted Malte Hartwieg and Christian Kruppa with their money. It all appears to be gone.
    It has been over a year since investors and their lawyers started looking for traces of their investment into the funds NCI New Capital Invest and Selfmade Capital. They have apparently been looking in vain, as at least 150 Million Euros have disappeared. The public prosecutor in Munich has taken matters into his own hands and launched a preliminary investigation. Malte Hartwieg, the founder of the two funds in question puts the blame on his investment manager Christian Kruppa. Kruppa, who lives between Dubai and Florida, was not available for comment.
    Founded in May 2008 Selfmade Capital sold investments in the UAE and Asia to wealthy investors. For Hartwieg and Kruppa it was the beginning of a lucrative business. As no interests were paid or any payments ever made, thousands of investors asked lawyers to take care of the matter and to trace their capital. The Munich based law firm Lachmair und Kollegen found no plausible evidence that Kruppa’s various Middle East venture companies actually wired the investor’s money into the indicated target investments (silver and gold refineries, cement factory, etc.).
    No evidence has been found either that the indicated investments of NCI New Capital Invest have been made in the US. There, Hartwieg and Kruppa, through dubious companies and funds, allegedly invested, among other things, into Oil and Gas shares. Instead of finding evidence for investments, the lawyers found connections to a company named Khan Investment Ltd which is, like all the Middle East venture companies, owned by none other than Christian Kruppa.
    According to various press articles in Germany, Hartwieg and Kruppa got to know each other between the years 2005 and 2008 when working for Dubai funds of the former investment company Trend Capital. Hartwieg used to be one of their top sellers and Kruppa, who was also part of the sales team, left in 2008 after a fierce dispute with former CEO Frank Simon. Meanwhile Trend Capital is now bankrupt and Simon has been in investigative custody on strong suspicion of embezzlement and forgery of documents. He allegedly used two Dubai-based funds to scam over 50 million Euro from 2 900 investors.

    Is history repeating itself?
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