Instagram’s NYPokerKing Promoting ‘Ponzi scheme’ Claims Chase Bianchi1 year ago
Poker pro Chase Bianchi has taken to Instagram to accuse Pokerclub.ag and its chief promoter Adnan Mohammed of running a ‘Ponzi-like business’ after discovering that the site doesn’t hold all the player funds, leading to slow or non-existent withdrawals.
For Brooklyn-pro Mohammed, who has some $230,000 in tournament cashes on Hendon Mob, it’s not the first time he has been called out over alleged scams, an entire Instagram page devoted to his dealings in the poker and wider gambling world, as well as at least two 2+2 poker forum threads detailing his ‘activities’ in poker and sportsbetting.
PSA: The poker club @nypokerking is associated with has admitted they do not hold player funds in full. The first red flag was not having timely cashouts. This may be explained in payment processing difficulties, but noteworthy regardless. Secondly, the way they process a withdrawal is paying them directly with depositors. This is a MASSIVE red flag that implies at worst they don't have player funds at all and are running a Ponzi-like business. At minimum it means their payment processing method was shut down and now they're putting that risk onto their customers. And finally the person handling cashouts ADMITS that player funds are not held in full. I would advise you cash out while you can, which probably won't last long since they need a deposit for every withdrawal. I am presenting the facts of the situation, and the implications of those facts. I am not a lawyer. Do your own research and act accordingly. Edit: spoke with Adnan on the phone. He said they process smaller transactions by matching peer to peer to avoid PayPal and Venmo issues. There is also someone in the comments of this post and next post with some explainations. I hope that the warning signs are simply warning signs, but what you do with the information is up to you.
The latest in a long line of disputes involving self-styled ‘nypokerking’ Mohammed has seen Bianchi stating that withdrawals being processed only when a deposit is made by another player is:
“…a MASSIVE red flag that implies at worst they don't have player funds at all and are running a Ponzi-like business.”
Those behind the Pokerclub.ag site are unknown at the moment, although many believe that Adnan Mohammed himself is running the entire show.
One poster on 2+2 late last year responded to a sportsbettor who was having trouble getting paid by Mohammed, stating:
“If you couldn’t figure out that his imaginary friends platform was a scam then you deserve to lose the $287. This guy’s poker career has been funded by scamming, he can’t beat the games. He scammed someone else out of 3500 doing the same paypal bet rig. He will get his ass kicked soon.”
On today’s thread re: the Pokerclub.ag ‘Ponzi scheme’ claims, posters are already on the case, ‘markdirt’ writing: ‘This site is clearly not a safe or trustworthy place. If you choose to play here, accept the consequences when they inevitably arrive’, while ‘backdoorflush’ offered up the following: 'No auditing, no regulation, and no responsibility. What could possibly go wrong?” – answering his own question with the ‘spoiler reveal’… ‘Full Tilt’.
Bianchi later edited his post to add that he “spoke with Adnan on the phone” and was given explanations for the unusual withdrawal practices – Mohammed apparently stating that they “process smaller transactions by matching peer to peer to avoid PayPal and Venmo issues” - but Bianchi ends by saying:
“I hope that the warning signs are simply warning signs, but what you do with the information is up to you.”
Both Adnan Mohammed and Pokerclub.ag have been contacted for a response to these allegations.
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