Ignatova laundering OneCoin funds through mother
Following a decision by Finnish authorities to “monitor” OneCoin’s scamming of victims, as opposed to doing their jobs, Finnish media have recently been reporting on the Ponzi scheme.
Much of what we already knew was covered in a recent Finnish Broadcasting Company (Yle) article, however specifics about OneCoin’s laundering of funds was news to us.
Following in the footsteps of Phil Ming Xu, who laundered WCM777 Ponzi funds through his sister and mother, and Steve Chen, who laundered USFIA Ponzi funds through his ex-wife, OneCoin majority-owner Ruja Ignatova is purportedly laundering invested funds through her mother.
Finnish OneCoin point man Vuorinen said that Bulgarian Rina Ignatova owns 90 percent of the OneCoin parent company. However the cash that’s being harvested in Finland and other countries flows through a different organisation.
Monies are handed over to a Bulgarian firm known as One Network Services Ltd, as Yle discovered after sifting through the Bulgarian trade register. It turned out that the Bulgarian company also owns another local business, which in turn owns a third.
The person at the end of the chain of ownership is another Bulgarian, Veska Ignatov. Yle asked Tommi Vuorinen where the money trail ends.
“Veska? Ruja’s mother,” Vuorinen responded, referring to Ruja Ignatova, an individual who has appeared in public as the Oxford-educated developer of OneCoin.
Vuorinen confirmed that the money earned from selling currency purchase options and training packages eventually went to the mother of the OneCoin company founder.
I suppose the hope is that, once regulators move in, Ignatova’s mother will do a runner and make off with a mutual retirement fund.
With OneCoin itself registered in shady Gibraltar, you can bet Ignatova has her mother stashing funds in an equally shady hidey-hole.
“Apparently, yes. This is something you can ask the company directly. I can’t say anything more about it,” he added.
While you’re at it, be sure to ask them who the mystery people are that own the other 10% of OneCoin. I’m sure they’re nothing short of reputable pillars of the MLM industry.
Estimates in the Yle article peg current investment into OneCoin at over $3 billion EUR ($3.3 billion USD). If accurate, this would eclipse TelexFree, who at $3 billion is the largest MLM Ponzi scheme bust to date.
Unfortunately however, if authorities are investigating OneCoin, for now the status of their investigation(s) is/are unknown.
What we do know however is the regulatory cleanup of OneCoin is going to be substantially messier than that of TelexFree.
In addition to recent warnings issued in Norway and Latvia, Vietnam’s Industry and Trade Ministry’s E-commerce and Information Technology Agency has issued a warning of its own.
The industry and trade ministry’s E-commerce and Information Technology Agency (VECITA) has warned consumers and investors to be cautious while purchasing virtual currencies on e-commerce websites.
Specifically, some websites, forums and social networks provide information on virtual currencies such as Swisscoin, Bitcoin, Onecoin and Gem coin, besides IL coin with offers of huge profits.
However, the State Bank of Vietnam said on February 27, 2014 that Bitcoin and other virtual currencies were not legal currency and payment tools in Vietnam.
With the exception of BitCoin, the other “cryptocurrencies” referenced are all confirmed MLM Ponzi schemes (see BehindMLM reviews of SwisCoin, OneCoin and USFIA’s GemCoin).
As per a February 27th warning issued by the State Bank of Vietnam;
The ownership, purchase and use of virtual currencies are risky and not protected by law.
In addition, VECITA said organisations and individuals should not do transactions relating to virtual currencies.
In an effort to halt the draining of OneCoin’s invested reserves, the scheme suspended affiliate withdrawals a fortnight ago.
Withdrawals requests are expected to be reinstated sometime over the next twenty-four hours. How long before OneCoin’s reserve runs dry again though is anyone’s guess.
This kind of sounds exactly like the way those gypsy, fly-by-night driveway paving companies structure their finances, wouldn’t you agree?
Ken’s a bit busy at the mo, pasting wall to wall vids of Dr. R on Facebook, whilst hammering F5 at xcoinx (still in ‘maintenance’ mode).
Shipdit and the others who love saying my name 🙂
No this sounds like Dr Ruja mom is the first affiliate of onecoin that what it sounds like to me… Plus Oz doing what he does best draw traffic to his other blogs! Oz, over 15 click offs to your other blogs lol your not even trying to hide your just cashing in on this …
Also I know through all the mess did you not notice this sentence by oz…
BUT you guys know it all right?
3.3 billion in business as Oz confirms … You just keep thinking we like the scams he has reported on ive said many times il have egg on my face or sand in my toes…
Just got back from Cali, Vegas so sand has already been in my toes thanks to onecoin 🙂
You keep getting your validation shipdit the future will prove either you haters wrong or us faithful ones wrong…
BUT id rather be a risk taker then a closed minded person like many of the people who think this blog is research!
Thinking onecoin is a scam… its not but you keep assuming (your all good at this) im wrong and be the sideline cheerleader your all being … your the one calling my name out going rah rah rah…
(Ozedit: Offtopic derail attempts removed)
Even the authorities in Letvia have issued a warning
(Ozedit: see here – https://behindmlm.com/companies/onecoin/latvian-fcms-warns-onecoin-resembles-a-pyramid-scheme/ )
Worked for Zeek Rewards investors. Worked for TelexFree investors.
PS. Local time in Bulgaria now is:
11:15 PM Tuesday, March 15, 2016 (GMT+2)
Can anyone OneCoin confirm withdrawals have reopened or are they sill blocked?
@Ken Labine, You would risk having your freedom taken away for several years, a criminal record, and a ruined reputation as a bonus?
Sounds pretty enticing. Where do I sign up?
So you got nothing but faith to sustain you… And you call this a business?
No he calls it a cash grab. He knows its a ponzi. He just doesn’t care.
@ Ken Labine
Just to confirm, if OneCoin turns out to be a ponzi scheme as Oz has shown, your DOWNSIDE is that you will have “egg on my face or sand in my toes”
Just curious. What will you say to the hundreds of people who trusted you, invested their money and purchased thousands of dollars tokens?
What will you say to them? Will you repay them for their loss?
In addition, the two weeks for “system upgrades” is over. Are you able to withdraw REAL MONEY today from the OneCoin system?
Now, now, look at it from his view… Even if he knows, he can’t tell anyone except the inner circle.
To the “public” he has to keep up appearances that everything is fine. all critics are just “haterz”, just trust me, etc. etc. If he express any doubt, they’ll throw him under the bus for not keeping the faith.
Look at Zeek, kept up appearances right up until the final week. The ONLY signs of impending doom was cancellation of multiple events. They were “handling” their problems, so they say.
People were lined up outside ready to hand in checks right up to the minute Secret Service walked in and shut the place down, and even then people don’t realize it’s the end.
Heck, some refuse to believe it’s the end even months later.
Given the choice of tell the truth… or pretending to keep the faith…
Kenny, baby! When was the last time you got paid?
@Ken Labine: The 100-day term is coming next month. And I remember your promise of having thousands of businesses accepting OneCoin by this date.
Do you know about any? If not than prepare your face, eggs are ready
(Not meaning to pile on Ken, but what the heck)
@Ken, will you make a public promise not to delete all the pro Onecoin videos on your youTube channel in the event the company gets shut down or sinks like the post iceberg Titanic?
Or should we just start downloading some of what would then be the more embarrassing videos now and repost them to other channels to better help warn the intended victims of what ever scheme you inevitably will go on to flog next?
(Ozedit: attempt to take discussion offsite removed)
So you saying you only been right twice in your life many more examples you can put OZ come on we both know tons of scams online but onecoin nothing like telefex or zeek
Stop being so prejudice to everything :-p
Yes I can, also can confirm i sold some coins to also confirm working fine and it is 🙂 Also uploaded KYC to couple downline accounts no issues were able to sell coins same day
David there needs to be two acts for a criminal element to take place actus reus and mens reus (I took a two year course to be a cop (Instead became a Private Investigator) i know what im talking about unlike yourself) AND no i will not go to jail even if I do end up with egg on my face but you keep assuming all you want :)…
Will say i fully understand my online reputation is on the line im ok with this as if im right … well just imagine look at all you yelling my name already lol 🙂 I will be known as the guy who took on the bloggers and was validated … 🙂
I dont fear this il take this risk 🙂
No Kchange but im smart enough to understand every choice in life forget this you meeting girl at shopping center, people who only fear will not approach that pretty girl , but some people will choose to have faith and not fear rejection…
Every life choice comes down to the simplicity of faith vs fear all you guys fear 1.5 million (so far) have faith…
ME- If people pay for education to become a doctor and dont get a job does the school give them there money back… the coins they get they get for free!
I understand you guys dont get our business model but we buy education packs i sell people education Dr Ruja gives them tokens they mine to coins… But what will i say, Shit guess I was wrong! BUT what if i help make 100’s of self made millioniars this the conversation i envision having 🙂 but your negative im not hence you fear i have faith 🙂
Since May 4 this has been my sole source of income I get paid every Monday 🙂 and have paid my bills on time since May 4 so im obviously making money but you can assume what you read on google is true 🙂
ME- April 18 we will have 30% mined I hope this means May 1 latest June 1 merchants open but I agree with you we best be getting some sort of major merchant announcment on this day or prior or first the first time il have fear seeping into my mind but i already know its all goood so i look forward to be proving right, and ive heard two numbers first was 150K but that is now up to 500K merchants… time shall tell 🙂
There you guys go as professional as i can make it feel free to whine about my terrible grammar 🙂
Ken Labine (Ozedit: attempt to take discussion offsite removed)
TelexFree = used newly invested funds to pay off existing investors.
Zeek Rewards = used newly invested funds to pay off existing investors.
OneCoin = uses newly invested funds to pay off existing investors.
Yeah no, totally nothing alike. I’m sure this time the Ponzi scheme business model will be vindicated.
Ken Labine.. it’s not as easy as just “getting egg on your face”.
Your reputation is ruined & civil (and maybe criminal cases may be filed against you).
How about your friends & Family who lost money? Will you at least return the commision you earned by talking them into investing.
Come on… any sane person know the education package is totally worthless & nobody is buying in for that.
There’s no physical or social loss if you get rejected by a pretty girl.
There is SIGNIFICANT physical, financial, or social loss if you hitched your wagon to a ponzi scheme.
Your analogy is, for lack of better work, psycho-babble bull****.
Scams work because you say so, right?
Oh no, because someone ELSE said so. Plausible deniability, ya know. I.e. Blame him/her, I’m just a fellow minion.
Interesting development. OneCoin sure have a lot of “maintenance”, don’t they.
The SEC revealed TelexFree had a plethora of banking problems in its final days, OneCoin is about the same size financially now so my guess is either MasterCard or their issuing merchant cut them off.
So let me get this straight. You sell education packs, in addition to coins, the same education packs that the good Dr. stole violating copyright laws. Great person to be working for isn’t she.
I wish I had a dollar for every Ponzi pimp who used the same lines you have in defending their Ponzi de Jour, for I would be a gazillionaire by now.
But what else can you expect from someone who has mastered the Ponzi playbook. I think this defense is on page 2 or it might be page 3, but it’s still there.
OneCoin real? ROFLOLOLOLOL!