An internal investigation by Germany’s top financial regulator revealed OneCoin had received around 360 million euros into German bank accounts.

The funds were deposited and transferred through OneCoin’s international money laundering network between December 2015 to 2016.

Unfortunately by the time BaFin was in a position to seize the funds, only 29 million EUR remained in the accounts.

Nevertheless the 29 million euros were frozen and remain so pending the outcome of an ongoing investigation.

OneCoin appears to have petitioned for the release of 3 million EUR, through a complaint filed against BaFin’s freeze order.

As I understand it OneCoin, through the shell company, tried to make the case that the 3 million euros were a result of transaction fees and not their money laundering activities.

Last week the Higher Regional Court in Hamm rejected the objection. As per the court’s order, the funds will remain frozen ‘in case of a later criminal conviction‘.

The Managing Director of the Greven shell company OneCoin used to launder funds stands accused of Payment Service Supervision law violations.

That investigation is ongoing, as are wider investigations into OneCoin in Germany and Bulgaria.

In a statement issued to Westfalen-Blatt on Friday, Bielefeld prosecutor Ralf Günther stated “the investigation (into OneCoin) is far from complete.”