OneCoin run by a “gang of criminals”, $2.9 million seized in India bust
Developments on the Indian OneCoin bust continue to surface, in addition to the President of Thailands primary financial regulator claiming OneCoin is run by “gang of criminals”.
Following the detention of four “senior” OneCoin affiliates yesterday, Indian authorities have announced they’ve seized Rs. 189 million ($2.9 million USD).
Interrogation of arrested OneCoin affiliates revealed that group alone was responsible for collecting Rs. 5.6 million ($87,418 USD) from seventy-two affiliates.
The balance difference appears to be the result of recruitment efforts nationwide.
DCP (Crime) Dilip Sawant added, “There are several groups that have been operating across India, by conducting seminars for investors and luring them with huge returns, but Navi Mumbai Police is the first to register an offence against the scamsters.”
As the accused claimed that ‘OneCoin’ crypto currency was formulated by a woman in Bulgaria, police will investigate if they made any international banking transactions.
OneCoin are notorious for their shell companies and expansive money laundering network. Where the transaction history of the seized accounts lead Indian authorities remains to be seen.
In related news, the Bank of Thailand has issued an investment warning against OneCoin.
The Bank of Thailand is the largest financial regulator in the country. In addition to warning the public that OneCoin is not a legal currency in Thailand, the bank’s Governor declared OneCoin is run by a “gang of criminals”.
BOT’s warning follows an investigation by the regulator, which concluded OneCoin ‘may be used as a means to conduct fraudulent activity‘.
Locally OneCoin is marketed as ‘a financial product that will provide high returns if new members (affiliates) are recruited‘.
This is in line with BehindMLM’s own OneCoin review, which concluded it was a Ponzi scheme back in 2014.
What’s particularly interesting about BOT’s OneCoin warning is that the regulator is otherwise supportive of legitimate cryptocurrencies:
Ponzi schemes like OneCoin? Not so much.