Estonia's Consumer Protection Board announced on August 4th it is investigating Kairos Technologies, seeking to determine if the company is engaged in illegal activities. This probe follows a recent regulatory investigation in Turkey and a warning issued by Lithuanian authorities, signaling increasing scrutiny of the company across Europe.
The Estonian board's decision stems from research that has raised serious doubts about the company's legitimacy. "The company is registered in Great Britain, and which country’s legislation applies to the company’s activities?" ERR news portal quoted a representative as asking, highlighting concerns over jurisdictional ambiguity.
Kairos Technologies operates with a shell registration in the United Kingdom, a common tactic in multi-level marketing schemes that skirt regulatory oversight. Its terms and conditions, however, reference New Zealand law. The company appears to lack any substantial physical presence in either jurisdiction, with its CEO, Janni Cavassini, reportedly based in Dubai, the apparent center of operations.
Pyramid schemes are illegal in Estonia under the Consumer Protection Act. In September 2015, Daily Exposed reviewed Kairos Technologies and concluded it was operating as a Ponzi scheme. The Consumer Protection Board is also currently examining Global InterGold, another entity suspected of being a Ponzi scheme with ties to Russia.