That is indeed a good question raised and applies to many thousands affected by this once popular practice among all of you.
Yes, this is not really a tricky or complicated issue to address and it has been considered & discussed often since the Marsdens were apprehended.
Is the email "loan confirmation" from PIPS enough evidence??? = Not admissible, not one bit!!
It is clearly inevitable as inadmissible for proof and can be a double-fold situation 2B honest about this dilemma for many involved with such a transaction regarded as ... "in lieu of" and was viewed as "converted cash" for an abstract sum. The drawback here is when BM and his Ponzi scheme were later concluded & deemed as charged by the Malaysian Authorities as such and everything related to it as of then, has no legal merit for justification nor credibility bonded or associated to the transaction which you went through albeit with an individual or as a group.
With the proof you and others still retain, in any civil court case, the judicial argument remains with YOU and the immediate recipient that received your money.
That is how the Law will view it. Whether that person(s) or business entity, whether it is or was a registered company or not, your monies ended with them and if they are NOT licensed to undertake such a regulated Monetary exchange, even on your behalf on grounds as a middle man, you have a case against THEM to start with. You have the proof with you for that score at them separately and they in turn, need to decide to go after Bryan Marsden for their part. If they don't for whatever form, shape or magnitude.... it is the risk they face or shudder should you proceed against them for your own personal loss and interest resulting from it.
In the first attempt Claim, there were some who were in such a position and they felt "responsible" for their part too so, when they received their Refund eventually, it was left to them to disburse as best as they can among those they helped convert received cash with their amassed PicPay monies but that is a separate issue where our earlier efforts does not get mixed up with nor be involved at any rate.
At least those TPCs (in the 1st Refund Attempt) concerned had the "conscience" to do all they can to settle and refund back personally with their group of duped friends, family members etc.