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Nutrihold Cannabis Cryptoscam: Where’s the Money?

Did Nutritional Holdings raise any capital through cryptocurrency sales, and if so, where is it? This is the question a lot of investors are asking in the wake of the resignation of Nutrihold director and CannaCrypt founder,  Nikhyle Dasarath, as the JSE investigates the issue .

 

Several investors on the Reddit and Sharenet platform have questioned the legitimacy of Nutrihold’s statement of 25 March 2021 which was sent out by bulk email claiming super-profits were to be had from investing in its new cryptocurrency, CannaCrypt. Five days later Nutrihold withdrew its CannaCrypt.

 

As one investor, Soommerso, remarked on Sharenet:

 

After reading the SENS of the new board appointment, I got interested in Ukusekela and see where they originated from. I can only get a WIX web page, not even the domain name is on the URL. There is no info under Investor, only incomplete web pages. No contact number, no address. 

 

Nutrional Holdings under the contact us page, the CEO is listed as  mohammad@gulfdevelopment.ae …. gulfdevelopment.ae?  The closest I could get to that was gulfdevelopment.com which is a signage shop. The Investor Relations is also lacking any new SENS announcements. Looking at the address listed under contact us, Maps has a warehouse type complex and there is also no street view on there. 

 

I deliberately left out the URL’s and pages that you can find it yourselves. But this feels a bit odd…. in relation to a company that secured a R1 Billion deal? One would think there is at least a better looking website? This feels somewhat fishy … looking at the Investor Relations page, the R1b deal is listed there, but reading it, it almost feels like NUT paid a German company R1B to manufacture and distribute… it feels a bit ambiguous with regards to who paid whom for the supply. 

 

See the conclusion of the 25 February 2021 Nutrihold statement below, which as one investor, Larry K, wrote on Reddit: “The crypto presentation is terrible, it sounds very scammy. Let’s hope I’m wrong”:

nutritional holdings crypto

nutritional holdings crypto

nutritional holdings crypto

 

Among investor comments on the Reddit platform on the above are:

“Seems like the number and contact details was changed on NUT holdings website.

Even the spelling of info@nu… is wrong”

 

“Fellow investors, please be careful with emails like these.

This is either extremely low effort and a bad communication means, or 99.9% a scam. Look at the email from, reply to address.” (See below):

 

nutritional holdings crypto

 

The Folllowing Comments are from the Reddit trading platform

Has anyone had a look at the websites of Nutritional Holdings and Ukusekela holdings? 

I agree, I’m incredibly skeptical… The time frame alone is red flag central to me.”

 

Soomerso: “Gents, I’m a bit worried. Went through each of their sens and read it with a bit of scepticism. None of what they’ve mentioned seems legit. The purchase of the lab for R 59 m, Ukusekela Holdings, the contracts reported. It all seems vague. They’re selling ‘ultimate immune boosters’ but I can’t find anything related to that product other than another company with that listed website. These contracts seem fake, I just don’t know how they’ve passed JSE compliance. I don’t think their financials are real or whether the transactions are too. It’s all a bit vague”.

 

Yeah their communication/administration has gone to shit with how they released this stunt.”

 

“This company’s financial advisory firm has resigned with immediate effect. This is normally an indication that there could be something fishy going on. You can’t sell shares at present as no one is willing to buy”.

 

I went back to my notes when i was reviewing them and deciding whether to buy. “Long shot. Classic penny stock, corp governance and leadership likely to be fast & loose. Could go to shit. Upside massive if this works out. Small punt, it’s a casino bet. Don’t bet too much <name>!” So I guess I’ll just hold and see what happens.”

 

Seemed like NUT were really on a path of turning things around but now I’m very skeptical.
The Ukusekela deal also seems a bit vague. I remember NUT releasing a SENS about them taking control of management of Ukusekela having made some agreement but never saw a SENS of the actually acquisition deal going through. Yet it seems to be taken in the media that Ukusekela is a subsidiary of NUT ???
NUT also have 16 743 368 179 shares in issue (as per moneyweb website data. just a few days ago it was about 1 000 000 000 less shares in issue. no SENS mention) and are only allowed to have 15 000 000 000 in issue ????
I wondered how they will get funds to do these acquisitions.

This crypto could be a scam or a very dodgy attempt to get funds.

Rings some bells of Ecsponent (now called Afristrat. Conveniently changed name) who started dishing out all kinds of funny monthly preferred shares and then notes to generate billions.Ridiculous !!  What bothers me is how Executives so easily gets away with this type of behavior while getting enormous pay checks.”

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