Of course these exist by the thousand in many regions of the world including some developed countries. It is a major business. Many people don't realise how inventive do people who are cut off by Western VC-backed ecosystem, get to make money.

I know a guy who works in unregulated trading broker. They rake in $10M per month with 100 employees and wages are 1-2K per month and dozens of suicides among clients per month. And in the town where i live, there are 400 head offices of similar brokers. Everyone knows what they are doing. They hug with President, government ministers and Church hierarchs, because they are they keystone of economy and society here (and 2nd most important industry, is porn).