London Police drop OneCoin investigation, defer to DOJ
After three years the City of London Police have revealed they’ve dropped their OneCoin investigation.
The revelation was made in what appears to be a public request for a case review.
As per Kieron Vaughan of the Economic Crime Directorate, London police have closed their investigation because
- OneCoin and the scammers running it aren’t operating from within the UK;
- they’ve been “unable to identify evidence” that they can bring against foreign OneCoin defendants in UK courts;
- they can’t prove beyond a reasonable doubt that UK scammers involved in OneCoin “committed criminal offenses”; and
- there are no UK based OneCoin assets for them to go after to compensate OneCoin victims.
The City of London began investigating OneCoin back in late 2016, a few months before the Ponzi side of the business collapsed in early 2017.
At the time OneCoin events were being regularly held in the UK, so apprehending promoters of unregistered securities would have been trivial.
Instead London police appear to have… well we don’t know what they’ve been up to, save to say three years later they’ve thrown in the towel.
Not because OneCoin isn’t a Ponzi scheme, but because it’s easier to let the US deal with it.
The US authorities have announced charges against senior OneCoin personnel.
We have supported their investigation and continue to do so.
Vaughan ends his communication by providing the public with contact details for the Southern District of New York DOJ.
While I can appreciate the London Police for not being able to do much about Bulgarian scammers, the least they could do is admit those promoting OneCoin in the UK fled to Dubai and elsewhere before they could get their act together.
Former top UK promoters Moyn and Monir Islam fled the UK shortly after OneCoin collapsed.
Muhammad Zafar, another prominent UK OneCoin promoter, is still pushing OneCoin spinoff scams in the UK.
Not that the London Police seem to care.
Last we heard the police had made arrests in connection to OneCoin money laundering. Presumably however, those charges have since been dropped.
What’s particularly depressing is that the ongoing US investigation has pegged OneCoin’s fraud at $4 billion dollars.
You’re telling me the City of London Police took three years to decide they weren’t going to do anything about rampant promotion of OneCoin across the UK?
Meanwhile the message to victims of scams less than $4 billion is clear: filing complaints with UK authorities is a waste of time and effort.
I’ve come to expect this from Companies House, but the police themselves dropping the ball is a new low.
UK authorities, London Police in particular, have utterly failed to protect UK residents and communities from one of the largest MLM Ponzi schemes of all time.
One thing to take away from this though is the reinforcement of avoiding MLM companies that exclude the US.
It’s not a perfect system, but the US offers the strongest protection against and regulation of investment fraud scams like OneCoin.
If an MLM company that has anything to do with investment is running scared of the US, it’s a scam.
Countries even as big as the UK will not do anything, unless the person running the scam is local.
And even then getting to that point could take years, during which scammers are free to flee the country as they please.
I’m guessing this will soon come up in all the Onecoin sites and FB-pages as evidence that “UK police investigation confirmed that Onecoin is legitimate and no evidence of any wrong doings was found”.
Anyone can see that the cult mentality is being lifted since exchange is not going to open after all and all this kind of “positive” news is going to be fed to the awaiting members.
Pretty much. If OneCoin corporate were based out of the UK prosecutors could move forward.
Oh and London Police will have you believe stealing millions through a $4 billion Ponzi scheme isn’t a criminal offense. Neither do the FCA seem to give a shit on a civil level. *salute*
Thankfully the SEC and DOJ aren’t as unbelievably lazy as their UK and Bulgarian counterparts.
Does anyone know the origin of this supposed Letter/Document/Press Release?
I mean, how do we know it’s real and not another montage of the OneLife/OneCoin people?
Source – https://behindmlm.com/companies/onecoin/bbc-podcast-explores-ruja-ignatovas-disappearance/#comment-414698
UK becoming more and more scam friendly…
Neither even on the London Police website
news.cityoflondon.police.uk/Releases/ReleaseSearchPage.aspx?&pageNo=1
Nor even on the website of the Financial Conduct Authority
fca.org.uk/news/search-results
In the respective search engines, entering the word “onecoin”, there is no any results that resemble that of the image.
How do we know this image it’s real and not another montage of the OneLife/OneCoin people?
It’s a letter responding to a case inquiry shared by the recipient. Not something you’ll find on the police website (also has nothing to do with the FCA).
Wow! Welcome to BMLM, Javier Saavedra!
Thank you on behalf of all Consumer Protection Advocates and Scam busters fighting this scam, together!
Most excellent work on the thankless task of exposing this Ponzi fraud and pseudo-crypto/ #KleptoCurrency to the Spanish speaking community around the world, via your regular YouTube videos!
Your work and dedication does not go unnoticed, and has greatly expanded the distribution of #FACTS, #TRUTH, and #LOGIC to many millions of people outside the English speaking areas of those impacted, and you have certainly helped block the open coffers of Ponzi criminals seeking to extract money from their victims wallets into their own.
Great to see you here 🙂
Very disappointing indeed!
FCA even removed the 26 September 2016 warning from their website. You can find a cached version here:
web.archive.org/web/20161214065500/https://www.fca.org.uk/news/news-stories/beware-trading-virtual-currencies-onecoin
The letter is not a fake. Claiming that it is smacks of the type of tactics used by onelife properganderists. The issue here is the incompetence of City of London police.
What do you want to bet that if they had found a victim that was a family member of one of the Houses of Parliament or the PM, they would have magically found jurisdiction to bring charges.
Thank you very much Mr. Tim Tayshun, for your warm and kind welcome to behindmlm.com
I appreciate your words and recognition for my small work with the Spanish-speaking audience.
That is the reason why you will see that my English is not perfect. Please be patient.
City of London police is not London police because City of London is not London. City is a historic tiny government district of London, housing one of the world’s main financial hubs.
City of London Police is also tiny and employs a little over 1000 police officers and support staff, compared to 43.000 + staff employed by the London Metropolitan Police Service (all numbers according to Wikipedia).
So I would say that (i) City of London police is neither staffed and equipped to research crime networks like OneLife or (ii) has any incentive to drive anyone’s money away.
Remember the very point of existence of City is to serve and protect the financial overlords and it has been like this for 1000 years. Even the Queen needs a permission to enter the City of London.
And it took them three years to come to this conclusion???
@Roque
That’s right. I have already discovered the letter in two Facebook groups: “OneCoin Dubai” and “OneLife IMA PARIS” (translated in French).
Hi Javier Saavedra, I’m CryptoXpose. I write here on BMLM with a nick WhistleBlowerFin.
The document was released in internet by me. It’s real, I know the origin and it’s 100% real.
Action Fraud UK is also now informing UK victims that the investigation is closed. Didn’t check if it’s on any website yet, but the information is real.
Quote from May 2017:
share-your-photo.com/153dd35c50
Maybe the police station would have investigated more intensively, if more victims had reported?
Most OneCoin idiots still refuse to acknowledge that they have become victims of fraud. Also, many cheated ones are ashamed to report to the police. This is also the complaint of German authorities.
“Where there is no plaintiff, there is no judge!”
Source: mirror.co.uk/news/uk-news/seven-months-after-expose-crypto-8933566
Same as in sweden, company and principles of the scam based abroad, way to much actuall work has to go into ”offensive” police work.
At the same time ”victims” basicly have to step into the local station like. My name is xx im a blue domiand in OC and was scammed by yy and ”a company” , ohya i also in turn scammed aa, bb, cc dd etc in the same manner as yy scammed me, plz put me in jail for 30x counts off fraud, and ile give you my statment in regards to yy defrauding me.
Mlm scamming is truly an awfull way of life,
The take away, again, is to avoid MLM-ing altogether. And until we start sending that very clear message, people will continue to be scammed with this method.
It’s not that complicated.
In over 20 years of watching Ponzi and pyramid fraud proliferate on the internet, the only thing more ridiculous than the gullibility of “investors” is the apparent total incompetence of regulators and law enforcement in the United Kingdom.
Residents acting as paid promoters of SCAMS like Simon Stepsys, Sharon James and Steve Lawson have operated without fear of consequences for many years.
Multiple full-page exposés by Andrew Penman of The Mirror illuminate the impotence of those whose job it is to protect the public.
SD
I agree, putting Simon Stepsys in prison would in and of itself cripple the industry in Britain. And its not like you’d have to dig to deep to find a law or 1,000 he’s broken.
City of London Corporation (a Private City) is the financial crime capital of the world and the Police are in their pocket. They have become worse than useless.
You will hear that the excuse for rising crime rates in London is due to the cuts made to Policing but that’s just media spin. Especially when you see the Police sending out 4 cars and a riot van to move a single homeless person.
They have more than enough resources to do the job but those resources are being directed to what was once considered non-crimes like tweeting opinions and hate speech.
Real crimes are rarely dealt with today. Even paedophiles in the UK have less chance of being arrested than the Queen!
You can thank Common Purpose in the UK for their destruction of Law Enforcement and in the US they are called Common Core.
Both NGOs offer ‘free training’ to law enforcement then they remove the problem Police aka the ones who do their jobs and replace the head positions with their own people who are tasked with looking the other way in crimes that involve rich and powerful and financial crimes.
There is a law in Germany that is seldom used by sleeping prosecutors:
I hope that the translation by Google is understandable. German legal texts are always difficult to understand. For laymen and idiots. 😛
share-your-photo.com/c69a561d7f
Anyone who parks their cars in Germany incorrectly or does not pay the monthly fees for radio and television is rigorously prosecuted and punished.
Anyone who has lured people into the OneCoin fraud in Germany does not have to expect a public prosecutor to deal with it. Allegedly there is a catastrophic shortage of personnel in the German judicial authorities.
Under this law, every OneLife Independent Marketing Associate has been prosecuted. Specifically, this also applies to those scammers who have organized public fraud events. It is therefore important and necessary for victims of OneCoin fraud to go to the police and report the fraud.
I am from France. Thousands of investors here were defrauded by the USFIA “Gemcoin” scheme.
Some of us complained to the French version of the SEC which is called AMF. They did nothing at all, did not even reply our complaints. Only the SEC took action, but it has been very slow.
Meanwhile the ringleader of USFIA in France, a man called Dupuis, has been promoting other pyramid schemes. The French authorities do nothing.
The City of London Police’s “Action Fraud” was shown as a dysfunctional organization recently by a Times expose. Like several key institutions in Britain, it has been eviscerated by funding cuts and subsequent outsourcing to the lowest bidder (Concentrix in this case).
standard.co.uk/business/action-fraud-scandal-is-the-result-of-poor-funding-of-financial-crime-a4213946.html
thetimes.co.uk/article/action-fraud-investigation-victims-misled-and-mocked-as-police-fail-to-investigate-wlh8c6rs6
Re: City of London Police dysfunctionality.
From: thetimes.co.uk/article/police-drop-inquiry-into-4bn-onecoin-swindle-wxsjskr6q behind Murdoch paywall.