OneCoin Mastercard merchant part of a drug gang
A few days ago we reported on OneCoin’s abrupt suspension of Mastercard processing and card loading.
In effect, cards issued to OneCoin affiliates are currently useless “until further notice”.
Seemingly out of the blue, the suspension raised a few eyebrows and prompted further research.
That research lead to a copy of OneCoin’s Mastercard service agreement.
Among other things, the two-page document reveals North International Bank LTD as the bank attached to the card issuing merchant.
The issuing merchant is identified as Zala-Group LTD, a “client” of North International Bank.
Zala-Group LTD is a private company, registered in the UK with a rented mailbox address.
Corporate records list Martin Henry Beckett as the sole Director of the company.
Yesterday, Martin Henry Beckett was convicted for his role in a £24 million drug ring.
Martin Henry Beckett, 42, of Dukes Avenue, Theydon Bois, Essex, was charged with conspiracy to import cannabis and conspiracy to supply cannabis in the United Kingdom.
He admitted the second charge and was found guilty of the first following a trial at Wood Green Crown Court.
Beckett was arrested late last year, following police interception of
a lorry containing 350kg of skunk cannabis, with a street value of more than £2 million, which had arrived in the UK from Holland.
Detectives found a company called ‘Mogafish Flooring’ had been set up to purchase and transport the carpets across the continent using legitimate transport companies, and over a period of six months, approximately 2.5 tonnes of high grade cannabis was imported into the UK.
The drugs were taken to a warehouse in North Weald, Essex, rented by Beckett and were distributed to larger dealers.
To what extent Zala-Group LTD may or may not have been intertwined with the drug gang’s activities is unclear. What we do know though is that at least one of the drug gang members was arrested for money laundering.
Stuart Openshaw, 28, of Wooley Square, Andover, Hampshire, admitted to money laundering, supply of cannabis and supply of cocaine.
Further investigations later uncovered Stuart Openshaw had paid cash into the bank account of Mogafish.
Of note is that Beckett’s trial began on the 1st of March, the same day OneCoin, without prior warning, announced it was suspending affiliate withdrawals for two weeks.
Furthermore, questions now arise as to the nature of the relationship between Zala-Group LTD, Beckett and OneCoin.
DS Tom Mallinson, from Waltham Forest CID, said:
“This gang created a complex conspiracy to conceal their criminal activity and the impact on the people of London and the Home Counties was severe.
The investigation identified a sophisticated network across the United Kingdom and my team worked across Europe with our partners to secure this conviction. I am grateful to everyone involved.”
How did OneCoin wind up working with a Mastercard merchant run by a member of a drug gang?
Was Martin Henry Beckett a OneCoin investor?
Did Zala-Group LTD provide any additional merchant banking services (through North International Bank or otherwise) to OneCoin?
Are any of the laundering channels Beckett and his cohorts used to launder drug money through, perhaps the same channels OneCoin is using to launder invested Ponzi funds through?
Perhaps that’s what attracted to Beckett’s financial services merchant in the first place. Who knows…
For now OneCoin are without a Mastercard issuer. The current nature of their banking structure in Europe is a mystery.
With UK law enforcement working with their international counter-parts in Europe however, that Beckett’s Zala-Group LTD was investigated is all but certain.
That would include Zala-Group LTD’s bank account(s) with North International Bank, which in turn impacted OneCoin’s banking operations.
Any potential fallout with respect to OneCoin remains to be seen, but the shuffling of large sums of invested money within Zala-Group LTD’s accounts is not likely to have gone unnoticed.
Posted by a OneCoin investor on their Facebook page a few hours ago:
So they just voided / expired EVERYBODY’s sell order? Muahahahaha.
OneCoin – The Future of ClawBacks
Unless an unexpected action by a country not known for its’ anti ponzi / pyramid stance pops up out of left field, one gets the feeling the OC crowd have spread their presence sufficiently well that it will probably disintegrate under its’ own weight with little or no funds to claw back.
Agreed, assets seem to be well dissipated, whether to inner circle or relatives. Besides, most transactions are now between users, right?
As always, last one in gets to hold the bag.
I am referring to a “claw back” similar to Zeek Rewards and the Promoters.
The Promoters who were selling the investments were given a chance to settle for about half of their ill-gotten gains. A lot of them ignored the offer to settle and are now facing court action for the entire amount plus interest. I think Oz has reported on this already.
Very true, the main difference, however, is that Zeek / RVG was US based and was closed by a court order and a receiver appointed, also by the court.
It was the receivers’ decision, backed up by the court to pursue the net winners.
One Coin is not US based and it would require a completely different approach to first prosecute, then claw back profits from “promoters”
US lawmakers are heading in that direction, but it’s hard to see One Coin being the first-cab-off-the-rank where promoters are prosecuted independent of court action against the main fraudsters, as desirable as it would be.
Still waiting for Ken Labine to start in with his rants, unless he’s finally sensed something IS wrong.
I’m not sure Ken even knows this is a ponzi scheme. He is either “playing dumb” or actually IS! 🙂
However, we have 5-6 main promoters here in the USA that have put themselves in a highly risky position, in my opinion.
OneCoin is not even registered to sell securities in the USA. This could put them right in the crosshairs of the SEC. Selling unregistered securities is not allowed here in the USA.
Plus, it was my understanding OneCoin decided to cancel their USA launch. If so, why are people like Tom, Kevin, Glenn, Carl, Sheri, Sarah, Jason, Stan, Greg and others still selling unregistered securities here in the USA?
In my opinion, the SEC will not buy the “but you don’t understand, we are selling cryptocurrency education” excuse.
In reference to the question above & clawback remarks earlier, the U.S. sellers have been signing up new members with fake offshore addresses.
So, when they try to get money back, SEC will probably say they’re out of luck. Or at least give them a hard time about it.
I am almost certain the SEC will declare the investment into OneCoin a security. There are laws regulating the sale of securities. If someone tries to get around those laws by using “fake offshore addresses” that would put the seller in more hot water, in my opinion.
Does “fake” equal fraudulent?
My question to the promoters (those selling unregistered securities) of OneCoin here in the USA is:
Was it worth the risk the financial risk to you and your friends. And, if my opinion about the SEC is true, was it worth the risk of crossing THAT line too?
“One Coin is not US based and it would require a completely different approach to first prosecute, then claw back profits from “promoters””
“The US Securities and Exchange Commission (SEC) has ceased a US$32 million cryptocurrency investment scam created by Steve Chen, who misled hundreds of investors to raise millions of dollars, by claiming that the investment firm US Fine Investment Arts, Inc. (USFIA) was a subsidiary of US China Consultation Association, a joint venture between the United States and Chinese governments.”
One of the Top promoters of OneCoin here in the USA claims to have 5,000 investors in their network. I would guess that most of them reside in the USA too.
It shouldn’t matter that the OneCoin is not OFFICIALLY doing business in the USA.
We are talking millions of dollars (or even tens of millions) of unregistered securities being already sold here in the States. That should be enough to get the attention of the SEC and other regulators in the United States.
We know they monitor the social media pages. There’s plenty of evidence right there for all to see, which will make their job that much easier, in my opinion.
You’re right, MLM Broken Model, it “SHOULDN’T” matter, but, history tells us it does.
Stephen Chen was based mainly in the US, as were many of the assets, making it relatively “easy” for US authorities to prosecute and the receiver to access assets.
It looks like USFIA was a joint effort between US and Chinese regulators. It could easily happen again.
I believe the regulators have been waiting for completion of the Martin Henry Beckett court case (covered by Oz this past week) to take action against the company and promoters.
Now that this case is completed, they can turn their attention to them, in my opinion.
Posted by Oz
If correct, is it time for the owners (with the money) to attempt a “runner”?
Here’s an article showing faces of the convicted felons:
Here is a summary I posted of all the points I can think of which have developed over the past year with Onecon (with a few revised edits).
I wrote this to the guys who posted the supposed “expose” on BMLM – which really has little meaning or substance, anyway (OP: remove/ edit this post as you deem fit)
Hello Ted Nuyten, Ken Labine, John Reilly and any Onecoin affiliates. I’d like to have a friendly conversation, but definitely address a few things.
1.) Ted (Author of the article), you claim that in regards to Behind MLM that ” in 90% of all cases their biased – false conclusion is the same: It’s a pyramid, a ponzi or a recruitment scheme.”
Surely you might give at least A FEW examples? I would be particularly interested to see ANY Onecoin information which they have presented which you (or OC) is able to refute? I would assume that OC affiliates could certainly point to one or more of such reference sources.
The first article (*Behind MLM) wrote on Onecoin in late 2014 has well over 1,200 comments on it now. Behind MLM has written about Onecoin discrepancies DOZENS of times. With sooooo many accusations, you should have no problem finding a few “lies” or “false conclusions.” I challenge you to list just one or two.
2.) you also state that, “….A number of companies want to sue BehindMLM.” “Want to sue” and “have sued” or “have attempted to sue,” are an entirely different claim. A lawsuit can only be realized if there is proven defamation via misdirected slander and/ or libel.
3.) IF Onecoin were so concerned about negative media pressure from Behind MLM, Cointelegraph (the #1 crypto and ‘alt-coin’ media source in the world) and so many others, why are they purposefully trying to deceive and make such scrutiny so easy?
PLETHERA OF BAD EXAMPLES, *BAD ACTING (& history since inception):
“Better than bitcoin” – yet zero utility, no evidence of the technology behind it, whatsoever. *Like, “We will be the next Google!” – sheer words with no substance, by themselves.
Nigel Allan – first CEO, known ponzi criminal (so infamous Ruja had to get rid of him in Jan. last yr)
Sebastian Greenwood – Unaico, Site Talk, and other ponzi involvement
“Forbes Bulgaria cover and article” – LIE, Paid Advert, only distribution to select OC affiliates
“Financial IT cover and article (quarterly)” – LIE, Paid Advert, only distribution to select OC affiliates
“OneWorld & SEVA Canada Partnership (for Blind Kids)” – I investigated and disproved it, MYSELF. *No affiliation w/ SEVA
“Ruja is buying a number of banks” – totally false
ACTUALLY, how many banks have they gone through in the past 8 months!?!?
“We sell educational material” – plagiarised, out-of-date, available for cheap or free online. *Occam’s Razor would suggest that, 10 to 1, what they are promoting are their ponzi points, not their education material.
AND NO MATERIAL FOR MOST RECENT BIGGEST PACKAGES (*but will take money)
“BLOCKCHAIN” – see definition of blockchain. OC script runs on only a very few computers. *A blockchain is a large distributed network running such algorithmic proof of work, etc.
“MINING” – see definition of mining. It does not mean what you think this means. Onecoin can be created with little more technical savy than running a calculator.
OC “VALUE” – see definition of “market price” (as opposed to closed loop system where “value is dictated”) NOTE: Ruja and offical OC slideshow state, “value is based on mining difficulty” – SMH!
“KYC” – does NOT take 60 days in ANY industry, including banking (it’s a trap).
“KYC(2)” – Ruja said OC can help the unbanked. KYC absolutely destroys this argument.
Multiple Governments warnings stating OC is suspected of being a ponzi, pyramid scheme (Finland, Estonia, Nederlands).
“Closed Source” – totally manipulable, unaccountable, non-secure, non-transparent (but “transparency” lie is pushed by Ruja).
“we have the best developers” – but we won’t even name them or talk about the code.
2.1 Billion coins – but enters the market at $1.05 on day #1 (lol). It took bitcoin 2 yrs to get to 10 cents.
“I CAN’T WITHDRAW FUNDS” – posted all over OC FB pages faster than they can be taken down.
“15 day site ‘maintenance'” – name ONE website in the world that closes for two weeks – especially with the type of money OC is allegedly bringing in.
“Crypto-Queen” – “I have consulted many cryptocurrency companies” – name one? *Also: claims in an interview to have been following bitcoin since 2009/ 2010, but has difficulty talking about cryptocurrency in any meaningful way (she only knows very minimal, obviously)
“Author of book on cryptocurrency (in Chinese)” – IMPOSSIBLE to find any reference to online
“MasterCard suspension” – Holding Bank Zala-Group LTD, Director, Martin Henry Beckett arrested on major drug charges this week.
“Dr. Ruja history” – for such an “accomplished woman,” why is it that little to no evidence is available from 3rd party sources to back up even half of her credentials???
“150,000 to 500,000 merchant vendors claim” – HOW ON EARTH!?!?
“…introduce to Open Market when we hit (30%/ 50%/ forever pushed back) mined” – see GLC disintegration when they did that.
C’mon! Who are you going to believe? Some tax-sheltered, regulation protected location, demonstrably shell related company who has issued provably out-right lies and clear deception about their accomplishments in order to bring in new recruits (to pay the old)?
….Or diligent blogger AND OTHER investigative media sources WHO ACTUALLY LIST AND SHOW ALL THEIR SOURCING AND REFERENCES?
(B MLM: Let me know if I missed anything)
Thank you for taking the time to collect all of this information and make it available on this site.
You nailed it.
Surely Mr. Egg-on-his-face (Ken Labine) will read this and come to grips with the obvious mistake he has make in Pumping this Ponzi.
John Reilly made a post in regard to Ethan Vanderbuilt’s article on OneCoin. Guess they drew straws to see who got to rebut on which blog, but I digress. Of course he attacked Ethan without once answering anything that Ethan got wrong.
So posted asking John some very simple questions that anyone could answer that is a part of OC, and of course he never returned.
I followed up with a couple of other posts to explain to those reading Ethan’s blog on OC so they could understand what was happening with John and his reply to Ethan’s evaluation of OC.
I am just surprised that Ken actually responded a couple of times in the other thread about OC here. Most are just one-post wonders thinking they have really showed the poster up when all it did was show their ignorance of what they were promoting.
@Broken MLM Model – Looks like Ken Labine has a new title.
BTW: You were very wrong about him “coming to grips,” as this is how he refuted each and every one of my claims, verbatim:
@Broken MLM Model – here was my response:
Ken Labine’s response back to me:
….and this was my response:
I think that sums it up really. If you want to be in OneCoin, don’t ask questions.
I am so happy about everything Tim Tayshun related in his writing. I am trying to explain all this to many people who will loose their money. They are all like hypnotised by a kind of money dream, all virtual ofcourse.
Only the big leaders get big money out every week. The normal accounts even when they can “trade” 6 coins a day, the money stays pending, never goes to cashaccount to make a wiretransfer.
Only the binary is paid out, and everyday at least 3000 stupid sheeps are walking in that scam.
I am sure that this is going to make a lot of noise all over the world, and this will harm the reputation again of network and the futur real cryptocoins.
I am very disapointed that people like Ted Nuyten are involved in this dirty “business” (if we may call it business).
Actually, I was being (dare I say it) sarcastic in my response to Ken Labine. Note the use of HIS favorite method of showing excitement – – Whoot! Whoot! 🙂
Hey, I admit to having a bit of fun with Ken (is that wrong) over the past few months. But as someone else commented a few days ago, we are now “piling on” – it’s all been said already.
I thought Ken was acting dumb and feigning ignorance in preparation of the fall of OneCoin.
Thanks for posting the responses you received from Ken. There is no doubt that he has been made aware of the issues with OneCoin now.
A true leader would get the information you posted out to the troops and deal with it directly. However, someone that is only interested in making money, with no regard to the risk of others, will just keep bringing in more investors.
Which one of above describes Ken, Kevin, Carl, Glenn, Tom, Jason, Jeff, Stan, etc?
Well, by their actions…they shall be known.
I have been baiting Ken Labine into acknowledging that he was aware of the issues with OneCoin. He will not be able to use the “I didn’t know” excuse when the main players make their exit, leaving all of the mid-level promoters to fend for themselves, in my opinion.
Ken will attempt to delete most of his comments as he controls the forums where they are being posted. However, he cannot delete what is said on BehindMLM and other such sites.
He is in it so deep and doesn’t even have a clue.
MY RESPONSE (to part of this)
(Ozedit: I don’t think this is productive.
Ken Labine has never addressed the fact that OneCoin uses newly invested funds to pay off existing investors. Anything outside of that discussion is a waste of time.)
@OZ – fair enough, it is tedious and the CAPS don’t help.
In summary, as you stated, Ken Labine, never addressed a single point in writing, despite lengthy character assaults and calling me a loser, stupid, and saying that I obviously work for BMLM, etc. Lol
However, Ken did, of course, point to his Onecon video channel claiming that his videos DO debunk “every one of those (allegations).” HINT: They don’t.
Regardless, this was my final response after watching a couple of his most recent videos – in particular, one in which he claims some strange triumph over OnePay Mastercard (a simple white-label co-branded and pre-paid card that any common business can apply for).
So, I outlined just the FACTS about the card, as follows; and I sourced all material evidence:
KEN QUOTE from video: “First you can see the OnePay card being used ….this is HUGE…”
ME: Actually it’s not. Unless you are talking about the fees to use the Pre-Paid card being HUGE; because they are. It’s not even a credit card, its simply a prepaid card with ridiculous fees and a Onecoin logo. That’s it.
And take note of how much you are being raped in fees!!
QUOTE: December 1st, 2015:
● The FEE to load OneCoin Prepaid Card is 5% on the transfered amount, minimum of €25 per transfer
● Maximum amount to transfer per day from OneCoin Cash Account to OnePay: €5000
● The FEE to transfer funds from OneCoin Cash Account to OnePay: €16
ADDITIONAL ONECOIN CARD FEES TO FURTHER BENEFIT RUJA AND HER PONZI:
● New card FEE – 20.00 EUR
● Card replacement FEE – 20.00 EUR
● ATM balance inquiry FEE – 3.00 EUR
● ATM withdrawal FEE – 3%, min 4.50 EUR
● ATM decline FEE – 1.50 EUR
● Manual Cash withdrawal FEE – 7.5%, min 10.00 EUR
● Purchase FEE – 1.50 EUR
● Chargeback FEE – 30.00 EUR
● Check Refund FEE – 20.00 EUR
● Currency conversion FEE -5%
● Inactive card FEE – 2.00 EUR
● Card loading FEE – 5% min 25.00 EUR
● Copy/Retrieval request FEE – 10.00 EUR
● Deactivation or reactivation FEE – 20.00 EUR
● Internet Banking Monthly service FEE – 1.25 EUR
total one time fees: > 168.75 EUR!!!!!
(IF dinged once for each/ obviously, MANY are recurring)
WHO THE HELL IN THEIR RIGHT MIND WANTS TO BEND OVER AND PAY THIS?!?!?
This is just ANOTHER example of Ruja screwing people over BEFORE she pulls the rug out from under them, altogether.
ALSO: Any company can co-brand an MC Pre-paid Debit card (its lucrative, so why not?):
ME: As seen here: peakfinancialservices.eu/…/02/whitelabelcard1.jpg
ME: and not unlike “Bob Card” Mastercard: smashinghub.com/…/2012/01/20-bobcard-exclusive.jpg
KEN QUOTE from video:
ME: NO THEY ARE NOT USING THEIR ONECOINS ON THIS CARD. LIAR!:
SOURCE: (Ozedit: aff link removed)
QUOTE: “Note that you can only load your card in EUR (Check your application status: Money Accounts>Card Request)”
(I go on to point out Onecoin’s Mastercard Merchant Acquiring Bank Director was convicted, citing Sources, as covered in this very post, as well as citing a cryptocurrency media Source from December who states that Ruja and Team have criminal affiliates, etc. – which Ken, of course, dismissed as “heresay” at the time).
labine has elected to firmly bury his head in the sand. he will firmly refuse to acknowledge all the dirt being kicked up around onecoin, because it interferes with his plans to make some quick bucks.
he’s just thrilled to bits that ruja has unilaterally racked up the price of her personal cryptocurrency again, just before an impending ‘split’, to encourage more people to invest.
he has no factual arguments to make and resorts to personal insults to deflect from issues. he’s just sad.
i remember reading about allegations that ruja ignatova had ‘underworld’ connections. onecoin’s relation with a convicted drug dealer hence come as no surprise.
Yes, Onecon may want to rise from simple Ponzifraud family business to multicriminal combine.
It´s an ambitious world.
I found your site while researching banking fraud in the Republic of Georgia.
I just want to say that I appreciate all the work you all have put into this. It has been really helpful. It is nice to know that other people care.