Final Conclusion

Section 9: The Final Conclusion

 We are going to put together all the information that we have gathered and validated through this validation of Investreport and based on the information that we have gathered from the beginning of this report we would have to say it was shocking. We took this task of validating the claims from Investreport for the purpose of determining who was being deceptive with their claims and in order to do this we felt it would be from people that were involved with this project from the start. We knew this process would be very time consuming to accomplish but we felt in order to be 100% confident in this project we needed these questions answered that Investreport exposed with his claims on his site.

 We would have to go back to a time before the KBC project when Harold’s business was selling gold in small increments to affiliates. We were all told that Harold Seiz had a reputation of keeping his promise to all affiliates from our leaders of Karatbar’s own words. We determined based on the information collected that Harold Seiz was facing stagnation with his business model based on his previous profit and losses that were reported. And this fact was also confirmed through his own admission with the two videos that were uploaded to YouTube on Karatbar’s channel dated 7/22/2019 title “Documentary movie about Harald Seiz (CEO and Founder Karatbars International) Part 1 time mark 5:10 and “DOCUMENTARY Harald Seiz – The Path to Freedom”9/5/2019 time mark 17:50 that in 2017 his business stagnated and he wanted to know why and it was because of crypto currencies so he acted immediately where “greed devours the brain” from his words so between November 2017 to February 2018 Harold lunched his KBC coin. Some time in this time frame is where his business relationship with Josip Heit as he was appointed as Executive Board of GSB Gold Standard Banking Corporation AG on January 2018 according to Politik National International website as shown in figure 160. We believe this is the time where Harold Seiz credibility began to be question and the current events that unfolded with the KBC project. We suspect also that this is the time frame where Alex Bodi’s close relationship with his Godfather Eastern European Mafiosi Adrian Tâmplaru came into the picture and the deception with the mine in Madagascar came into the planning stages through Josip Heit’s best friend which he calls his brother every time as shown in figure 161 and Alex Bodi’s mob connections. The question that needs to be answered now was Harold Seiz aware of Josip Heit and Alex Bodi mob connections or was he complicit with the deception since his finances and the stagnation with his business overwhelmed him to go along with this deception. Keep in mind that in order to properly obtain a mine in another country it’s a very long time consuming process that can take at least 6 years and that time can be extended with the countries laws and regulations. The ideas that we would of had a mine in Madagascar and have it operational in less than two years should have been our first red flag warning but at that time all the affiliates had gold fever. We suspect that for this reason, Harold Seiz was complicit with the fraud regarding the ownership of the mine in Madagascar. Also since he knew that if the coin was not backed by gold as he claimed, Karatbars would not had the record sell off of the KBC coin during the ICO and would not generated millions which leads us to his own words that he used in the videos as “greed devours the brain”.                    

 During Section 1, we analyzed and made comparisons between two documents the Valuation, Audit Report to an official release version via the official Karatbars site. The validation results in the documents were found to be a fabricated plagiarizes works from the true author Svetlana Barurens that worked for Basinvest for the Valuations Report and the Audit Report was found to be a fraud that was completely fabricated. During this time frame we could not determine if the author of the fabricated Audit reports was even a real person.    

 During Section 2, we analyzed the three companies listed on the Statement of Facts about The KaratCoinBank. We were able to fully validate two of the three companies that were listed on the document. Since Top Alliance International Limited location was in Hong Kong it became very difficult to confirm the physical address to the building’s location but we validated that the company existed since 2016. But since the lack of online presence compared to other companies in Hong Kong, we suspect that this company was a front company that is used by criminals for illicit purposes. We also suspect through Josip Heit and Alex Bodi’s Mob connections it is very plausible that this company is also used for said purposes.    

 During Section 3, we done an evaluation of the resources in Madagascar and learned that in 2016 Madagascar started exporting gold and in 2011 United Arab Emirates (UAE) reported $250 million worth of gold and gemstones from Madagascar but a USGS document stated that gold production as being 157 kilograms as of 2012 but there were no other listings after that date in the document.

 During Section 4, we notice three anomalies regarding the Memorandum of understanding. The first was with the Top Alliance International Limited with the missing registration number, the stamp of the company and the document itself that was not notarized. We validated that the mining permit did not belong to Karatbars, in which, they claimed in the past that they own the mine in Fort Dauphin Madagascar. But we validated that it belongs to Tsaravintana Mining SARLU after contacting the Government agencies that handle mining contracts and permits. We learned that the mining company doesn’t have the valid Professional Card for the year and their last one was back in 2017. We determine inconsistencies regarding the substances that were authorize to be mine between what the Memorandum of understanding and what Tsaravintana Mining SARLU is authorize to be mining. We also validated that the mining company has a partnership with Century Mining SARLU Madagascar for permit No. 15745 dated March of 2017 only and not for permit No. 39756. We determine that the partnership was eight months before the inception of the KBC project as stated with Harold’s own admissions that between the months of November 2017 to February 2018 was the creation of the KBC coin time stamp 5:48 of “Documentary movie about Harald Seiz (CEO and Founder Karatbars International) Part 1” video. We also validated after contacting the Government agencies that handle mining contracts and permits for Century Mining SARLU Madagascar that the mining company didn’t exist in one of the Governments data bases that handles the mining permits. But was also listed as not having any valid Professional Card for the year and didn’t have any partnerships with any other companies with one of the other Government agency. We also determine that according the Malagasy State laws Article 63 of the Mining code any partnership has to be registered with the Malagasy State. We validated that both of the mining companies in question according to Madagascar Government records show that they should not be in operation since they don’t have the valid documentation to be in operation even if one may still hold a valid mining permit. But if Tsaravintana Mining SARLU failed to pay the yearly mining tax they would lose the right to mine and would have to re-apply for a new mining permit. We begin to understand why Century Mining SARLU & Tsaravintana Mining SARLU that held the permits were selected for this deception from the beginning. We suspect that Karatbars had no intentions of releasing the Memorandum of understanding on 7/17/2019 via CashMaster’s website or back in August 2018 as listed on Section 8.2.1. KCB whitepaper but were forced too due to the Smear Campaign from Investreport. They knew by releasing this information, they would be taking the chance of being exposed for the deception that they planned from the start regarding the ownership of the mine. But they were clever to use a mine that had a partnership in place and didn’t have any online presence and no way to have direct contact with so they can use the front company in Hong Kong to link it to and claim that Top Alliance International Limited has 100% shares to Century Mining SARLU Madagascar.        

 During Section 5, we witness the change of the mining company that Karatbars was claiming that they had the agreement with after the posting of the articles that forced Karatbars to publish the Statement and facts about the KaratCoinBank Coin (KCB) via CashMasters website on 7/17/2019. We suspect the releasing of this document was to show the affiliates that were questioning the claims about Karatbar’s ownership of the mine that the sole purpose was to prove to them that they had an agreement with the mining company in Madagascar. We also validated the claims of affiliates allegedly receiving virus emails but after analysis they were confirmed to be only a deceptive move by Karatbars.Since the emails that were sent to the affiliates from the Smear Campaign were only links that redirected them to the Karatinfo site that contained the report documents from Investreport. We validated two articles that were published, in which; one of them got taken down then the next day the other one was published on a different site. But before the first was taken down a Telegram group managed to take screenshots of the first article that claimed that the mine in Madagascar was owned by GSB Gold Standard Banking Corporation AG and Singapore-based Karat Gold Corporation PTE. LTD. This was a direct contradiction from the other article that was published the next day reason they quickly took the first one down since Investreport had already exposed the connection with Tsaravintana Mining SARLU as being the true owner’s of the mining permit.    

 During Section 6, we validated from the police report that was filed by a Markus Georg Mincker that introduced allegations against Marvin Steinberg for alleged criminal offenses dated 7/22/2019 but it was signed on 8/7/2019. This is the same individual that we disregarded from our last search since he was an owner of a Security Service not an Audit firm. But after a direct match of the physical address from the police report we were able to validate that this was the correct person that we were searching for. We also validated that Markus Georg Mincker committed a crime for providing false information in a police report since his physical address information was from a previous physical address and he claimed to work for an Audit firm but according to North Data’s website information he was shown as working for a Security Service. We also determine the reason he did not provide the current physical address was that it belonged to a Health Club. We determined that this is the same pattern as seen on the Audit and Valuation reports with fake physical address locations of other business establishments which makes him an accomplice to the fraud.  

 During Section 7, we validated the claims that Eastern European Mafiosi Adrian Tâmplaru was indeed the Godfather of Alex Bodi. We also can determine since Josip Heit is a very close friend to Alex Bodi which he calls him his brother then we would also have to determine as well that Josip Heit has that same Mob connection through Alex Bodi. We validated that Harold Seiz purchased a company name and changed it to Karat Gold Gmbh under the same address but we determined that this is normal for companies to do this when expanding to different business operations. 

 During Section 8, we validated that there were three new documents that were uploaded to the We determined that the three documents that were uploaded in conjunction with the two other articles were very suspicious since the last article validated the claims that Karatbars wanted for the affiliates to see. We also suspect that Karatbars was forced to travel to Madagascar to get the copies of the documents to re-gain the trust from the affiliates and use it to back up the claim to the mine. We determined that the first document was a Notary Service document that establishes a representative that represents both companies. We validated the second document as being the Geological Survey for the LM 61 region and the additional scan documents that were provided with this document was referencing the Geologist Rakotoandriana Andriambelo personal and professional documentation that is required by the Malagasy State after email exchanges with the geologist. We determined that the third document was the Mining Permit Operating License for Tsaravintana Mining SARLU. We also validated that Tsaravintana Mining SARLU was the requester of the document copies dated 8/14/2019. We suspect that Karatbars had to scramble and to travel to Madagascar to obtain the documents needed to show their claim of the mine and this is the reason the document copies were dated 8/14/2019 since we suspect that there is none before this date. We determine that there was deception on behalf of Karatbars regarding the length of time of the mining license, the inconsistencies regarding the authorize substances to mine and the removal of the video that showed the inconsistencies of the amount that was vaulted in Hong Kong. We highly suspected Karatbars was very deceptive regarding the gold that was vaulted in Hong Kong that it really came from the sales of the KBC ICO and used to purchase gold which then was vaulted to give the impression to the affiliates that they were getting the gold from the production of the mine based on the simple math calculations.

Figure 160: The screenshot below is from the Politik National International site.

Figure 161: The screenshot below is article which states that Josip Heit’s best friend Alex Bodi which he calls his brother.


 Now that we fully completed this validation report with the data that we were able to analyze and evaluate during this long process, we can answers the questions that Investreport reports 1-4 exposed. We decided to add all the claims from start to finish of the reports as shown below.    

Below is the list of claims that the four reports provided.

GCC Gazella is owned by Josip Heit now renamed Gold Standard Banking Corporation AG (GSB) and also Croatian White Rock d.o.o., White Rock Minerals d.o.o.

  • 1. Does Karatbars actually have the gold to hedge the KBC and KCB Coin?

Answer: Based on my research that we conducted there seem to be 100% No evidence that would suggest that Karatbars has ownership or partnership with any mining company in Madagascar that can be dated prior to the time they claimed ownership of the mine.

  • 2. Karatbars video shown in March time frame that claims that there is 1.12 tons of gold, were already stored then on the same video Seiz comments that they had now stored 40 kg of gold.

Answer: This claim has been validated.

  • 3. The bank they supposedly visit in Miami, that they own, is a Regus building, the shared rental space that you can pay by the hour.

Answer: This claim has been validated.

  • 4. Guinean mine has a deposit of 700 tons of gold.

Answer: There has been webinars stating that Karatbars had purchased another mine in Guinea in the past but there is no evidence of this other mine and no audit or valuation reports regarding this mine have ever been officially released.

  • 5. The license numbers 39756 and 15745 don’t belong to Karatbars they belong to another mining company.

Answer: This claim has been validated.

  • 6. The company which is registered to is TSARAVINTANA MINING S.A.R.L.U.

Answer: This claim has been validated. 

  • 7. Whitepaper, about KaratCoin Bank. In the disclaimer regarding the gold mine.

Answer: This claim has been validated.

  • 8. Corporation business register for companies that have included „Karat Coin“, „Karat Gold“, KaratCoin Bank „,“ Karat Bank „,“ KBC „etc in Florida Corporations is office rented space not a bank.

Answer: This claim has been validated to date but Karatbars claims that they are still in the process of getting the full Bank Credentials but produced videos stating that they had a full license bank which was very deceptive.

  • 9. 5.2 The Karatgold Coins in white paper claimed the mine was valued up to 5 billion €. Audit and Valuation papers that were presented publicly illustrated a value of 0.94 billion €.

Answer: This claim has been validated.

  • 10. Markus Mincker from Frankfurt/Main (has plagiarized, in its entirety a report written originally in 2010 by Ms Svetlana Baurens from Switzerland.

Answer: This claim has been validated.

  • 11. Chapter 1 “Introduction On pages 9 and 10, footnotes 8, 9 and 12 have been skipped, On page 7 there is a footnote 1, but no corresponding source. On page 8, we quite casually found the original company name “Antofagasta” which in all other references was replaced by “KBC”. Chapter 8 is a practical chapter. A copper mining group, Antofagasta, is validated with different valuation methods.” The KBC forgery states:” Chapter 8 is a practical chapter. A copper mining group, KBC, is valued with different valuation methods.

Answer: This claim has been validated.

  • 12. Chapter 2 page 13 states that mining takes several years (5-10) for the mine to be functional, to quarry for gold. Their version by stating that the mine in Madagascar is completely operable and functional.

Answer: This claim has been validated.

  • 13. Chapter 3 Valuations of Explorations Properties”: letter by letter, was adopted unchanged, other than for the forgotten footnotes.

Answer: This claim has been validated.

  • 14. Chapter 4 Cycle importance in valuation of mining and metals companies. Page 31, like all other pages, was also replicated identically. Illustration number 3 gives reference to the Basinvest report. Erased the correct citation and replaced it with “White Rock”. Corresponding footnote 62 again replaced “Basinvest” with “White Rock”.

Answer: This claim has been validated.

  • 15. Chapter 5 page 44, where they tried to replace the original from Antofagasta” from the year 2010 to KBC in 2010; however, KBC did not even exist in 2010. Chapters 6 and 7 were also completely copied from the original.

Answer: This claim has been validated.

  • 16. Chapter 8, where the actual mine rating is concerned, was not only completely copied, but extensively faked. Original document is about the mine in Chile for the company “Antofagasta”, this name was replaced by “KBC” in all references. Statement sources and the timeline for the assessment in the last paragraph are forged as follows: “Antofagasta” is replaced by “KBC”, the bank “Merrill Lynch” and the year “2010” with “GCC” and “March 2014. Investment banking firm “Raymond James” and “FD Capital” were exchanged with “White Rock Minerals,” another extension of Mr Heit’s company.

Answer: This claim has been validated.

  • 17.Subchapter 8.2 The Antofagasta mine called “Los Pelambres” was replaced with “Fort Dauphin” didn’t even correct the typos and retyped “Company Date” instead of “Company Data.” KBC miraculously will have the same amount of gold as the other company’s copper. The original company, Antofagasta, will recover (442,500 tons) as “caco3 Mineral” that will convert to copper. Pay attention to inconsistency presented by the conversion to gold quantities. Gold and copper are measured quite differently; they are not apples-to-apples. Instead of 22 tons of gold, as indicated in the manipulated table and elsewhere in the evaluation paper as well as the audit, only 600 kilograms are mentioned in this white paper. They forgot to use their own made up figures.

Answer: This claim has been validated.

  • 18. The KBC review, moreover, page 59, the footnotes and table source references are replaced by WR (White Rock) and GCC, and the various minerals, replaced by others. Page 60, illustration 15, the Antofagasta Mine Production Facilities are used to rename “Antofagasta Global Operations” to “KBC Global Operations”. All of chapter 8 was forged with similar manipulations as described above. Page 66 The stock price of Antofagasta uses Bloomberg as its reference source which they replaced with “Token Price KBC”, and the crypto exchange, HitBTC in the Karatbar forgery document. The manipulated table suggests that HitBTC existed in 2004, and crypto currencies traded 15 years ago. Table 19 on the same page, Antofagasta’s earnings per share have been replaced by earnings per token but wait a minute, how did the KBC token exist in 2008 when the company is only a few years old?

Answer: This claim has been validated.

  • 19. The Romanian mafia boss from Sibiu in Romania, Adrian Tâmplaru, is the Godfather of Alex Bodi.

Answer: This claim has been validated.

  • 20. There are also rumors circulating against Josip Heit that he is a former felon and spent a few years in jail.             

Answer: This claim can’t be validated at this time.

  • 21. Karatbars had only made losses since their founding in 2011. Only in the 2014 financial year, after a disastrous year in 2013 (net loss of EUR 1,151,393.68 and liabilities of EUR 985,566.91), the German LLC was able to generate net income for the year 2014 of EUR 1,288,649.25. The following year Harold Seiz got a company loan amounting to Euro 508,809.26. For the following years – from 2016 to 2018 – all of a sudden no financial reports have been filed until today.

Answer: This claim has been validated.

  • 22. May 14, 2019, an existing company called Firststep 24 GmbH from the German city of Leipzig was bought up and renamed into “Karatbars Gold GmbH” under the commercial register No. HRB 769390.

Answer: This claim has been validated.

  • 23. Karatbars is now actually a completely new company with a similar name, same CEO, and the same business address in Stuttgart in Germany, Vaihinger Street 149A.

Answer: This claim has been validated but this is normal for companies to expand Operations while using the same address location.


The Case of ‘Karatbars’ – the Biggest Gold Pyramid Scheme of All Times? (Part 1)


Karatbars Scam – Counterfeiting, Deception, and Plagiarism (Part 2)

Valuation of Metals and Mining Companies


Event Disaster: The Gold Independence Day Turns out to Be a Total Flop – KBC Coin Now in Freefall (Part3)


Karatbars in der Krise – Drohende Insolvenz – Karatbars-Geständnis vor dem Landgericht Mainz (Part 4)

5 thoughts on “Final Conclusion”

      1. Please look in the mirror before you call other people names. All the links on these sections contain all the information that you need to confirm for yourself so if you don’t even look at them then that is on you.

    1. This site is not to make any money, it’s to inform the public. All the links are there for you to look it up yourself. If you don’t bother to read it fully yourself then that is the type of comment I expect from people that are blinded by the truth.

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