Fazil M. Jabar, the public face of Nugen Universe, promised investors a 133% return on their Nugen Coin investment by January 13th, 2023. The deadline passed without payment, and the cryptocurrency scheme dissolved, leaving thousands of participants empty-handed.
Throughout 2022, Nugen Universe actively discouraged investors from withdrawing funds. The company disabled all withdrawals in late 2022. For months afterward, they offered repeated, broken promises regarding when investors could expect their money back. Jabar’s January 2nd announcement, offering an exchange for Ethereum at a 133% profit, was the last communication before the operation went silent. When investors pressed for information, company representatives instructed them to repeatedly refresh for news that never materialized.
This collapse followed warnings from British Columbia’s securities regulators, who identified Nugen Universe as a fraud risk in August 2022. Even before this public notice, company insiders claim Nugen Universe instructed affiliates to conceal evidence of securities law violations. These were not covert actions; they were overt attempts to cover up illicit activities while the scheme continued to operate.
By September 2023, the Nugen Universe websites had vanished. Investors were met with dead links and absolute silence for weeks. Then, in late October, the Nugen Universe website reappeared. Jabar resurfaced online, seemingly unconcerned by the scheme's collapse or the regulatory scrutiny. He announced a rebranding of the operation under a new name: Britto Capital.
This cycle is a familiar one. A fraudulent enterprise promises unrealistic returns, blocks withdrawals, misses payment deadlines, faces regulatory action, disappears, and then re-emerges with a new identity. Investors who believed in the Nugen Coin pitch have learned a costly lesson about the ephemeral nature of such operations and the willingness of their operators to simply restart under a different brand.
The British Columbia Securities Commission issued an investor alert against Nugen Universe on August 25th, 2022, naming Fazil M. Jabar. The alert stated Nugen Universe was not registered to trade securities in British Columbia and warned the public that the company was making unsolicited offers of securities.