An investigation carried out by news sources has revealed a hidden family involvement in a crypto real estate project called Tangible. This hoax project which is the Tangible’s Real Estate crypto scam inflated property prices and misrepresented it to investors. Tangible, which had real-estate backing for its USD-denominated USDR — and a hidden set of deals between CEO Jagpal Singh and his brother Joshvun Singh. According to charges filed in the case, these included deals signifying flips of properties with barely enough markup (20%) and not just a couple hundred grand missing from investor funds but many millions. Sources are positive that Tangible’s Real Estate Crypto scam has met its waterloo.
Investors In the Dark over Family Transactions
Claiming to be the home of safe, stable, high-yield investment via a token pegged 1:1 against the dollar and backed by rental properties in its real estate-based crypto project with $328M USD rent roll. But the investigations have been able to unearth a string of internal business deals between Tangible’s CEO Jagpal Singh and his brother, Joshvun Singh. The firm BMS Luna Stacks, owned by Joshvun, purchased more properties for cheap and instantly sold them to Tangible at market rates. The investors, oblivious to the connection between the three firms and these overmarked deals, saw their money sucked away through them.
Before the massive event that unfolded in October 2023, Investor ZilAYO had invested $50k into USDR and was not oblivious of the air displaying red flags. A panic-triggered bank run drained USDR of its liquid reserves on October 11, causing its value to plummet from USD $1 to fifty cents. The crash surprised investors at the time, but commensurate with regulators efforts as it turned out was Tangible Dynamics’ own opacity.
Investigations Uncovering Unjustified Markups
Following a CoinDesk investigation of hundreds of documents, corporate records and U.K. land registries reveals the secret transactions that plagued the Singh brothers. In one such case, Joshvun Singh’s business bought a two-bedroom home in Halifax for £138,500 and sold it to Jagpal SPV – at the cost of £167,782 (£30k higher price) on the same day. Investors were unaware they had overpaid for the properties backing USDR/data tables.
These margins were labeled as “excessive” in a report by U.K. estate agents, who also cited lack of transparency around the practice. Professor Tommaso Gabrieli, from University College London’s Department of Real Estate said: “Such a price increase on the same day, or even in any short period of time, doesn’t seem to be justified on any ground.”
Apart from these dubious sales, Tangible’s Real Estate Crypto scam also included regularly obscuring the nature of deals by editing seller information from records provided to investors.
Tangible’s Real Estate Secret Transactions Cost Investors Millions
The probe found that hidden markups from Tangible had drained at least £875,590 out of USDR’s treasury. Still, the overall figure could be even higher. Documents show that Tangible ceased buying homes after October 2023, when the USDR collapsed, but more than 200 property transactions analysed suggest a potential overall shortfall of over £2.5 million.
Perhaps the worst example discovered by news sources was that of Westcott House, a residence in Hull, England. Tangible sold NFTs representing the building’s 24 flats to USDR investors for $2.32 million in June. However, documents obtained by Record investigators revealed that Joshvun´s firm acquired leaseholds for the building site valued at £1.56million before being sold on to Tangible – who got a major price hike.
“Would be hard to argue that investor interests have been put first – which they should be.” said Nick Mansley, a real estate specialist at the University of Cambridge.
Tangible’s Real Estate Crypto Scam: The Non-Transparent Nature
Although investors asked for clarifications, Tangible consistently declined to provide complete details of its property deals. You can imagine how this might further irritate investors who had virtually no insight as to where their money was actually being spent when Chief Marketing Officer Mike Slatkin obliquely referred to the company’s cult of legal opinions, saying they are a “competitive advantage”.
Investors suffered huge losses in the wake of Tangible’s Real Estate Crypto scam collapse. One CEO, invested based on that promise of transparency being delivered through public and tamper-resistant blockchain tech in the case with Tangible, “My assumption as a citizen of Web3 was that Tangible would act as transparently as the blockchain USDR is built on” stated the investor who requested not be named, referring to USDR.
Yet, this transparency was ephemeral. Tangible’s opaque dealings had shattered belief before most even understood what they believed in the first place.
Conclusion
The fall of USDR and the discovery on Tangible’s Real Estate Crypto scam speaks to how a willingness to obfuscate business practices, along with hidden familial relationships, can come apart under scrutiny. And so were investors, promised 15% returns and blockchain real estate but sold imaginary prices upticks and siphoning millions from USDR’s coffers through under-the-table markups. Amid the debacle, with hundreds of properties on its U.K. books, liquidators work to see investors right—though many have lost tens of thousands and still await clarity from Tangible about when they will get their money back.
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