OneCoin Swedish police investigation resumed on March 17th
Late last week OneCoin published a press-release claiming Swedish police had closed their investigation into OneLife. ‘
Citing an unsourced “police statement”, OneCoin claimed police had “indicated”
there was no basis upon which to continue the investigation as there was no reason to believe that an offense had been committed.
The Police confirmed its decision to the Gaming Authority on March 1st 2017.
Ignoring OneCoin’s Ponzi business model, the recent regulatory ban in Italy, monthly bank account closures throughout 2016 and regulatory warnings from over a dozen countries, OneCoin affiliates were quick to cite the closure of the investigation as proof of legitimacy.
Ted Nuyten dutifully reprinted the OneCoin press-release (no coverage about the regulatory warnings or Italy ban though), and OneCoin or its affiliates have since paid the usual press-release spammers to flood the internet with news of the closure.
With nothing to go on other than OneCoin’s own March 16th press-release, I chose to wait for something official to surface before publishing anything.
Turns out that was the right decision, because now it appears Swedish police have reopened the investigation.
The details surrounding the purported “We have closed the investigation” non-public announcement from the Swedish police are murky.
On the surface it made little sense, as OneCoin quite obviously operates as a Ponzi scheme. Any competent regulatory body can examine the flow of money and readily identify newly invested funds flow in and are used to pay off existing investors.
The pyramid layer on top of that is designed to prevent the flow of new investment from drying up.
Rather what we’ve seen from European authorities (Italy is the exception), is an acknowledgement that what they can do is pretty limited. OneCoin operates out of Bulgaria, but even then the flow of money takes place through murky shell companies tied to who knows what.
To date Bulgarian authorities have given no public indication that they are concerned about Ponzi fraud, leaving regulators in other EU countries with not much to go on.
Again with Italy being the exception (and only recently), continued warnings are pretty much all we’ve seen.
It didn’t take long after OneCoin claimed the Swedish police investigation had been closed, for cracks in the story to start appearing.
A BehindMLM reader contacted the Swedish Gaming Board and did receive confirmation that the investigation had been closed. As of March 17th, the Gaming Board were unaware as to why this decision had been made.
In the meantime attempts to contact the police officer in charge went unanswered, which was also strange.
Our next bit of information came from the Swedish Gaming Board, by way of a status report on their investigation into OneCoin.
Following their own preliminary investigation, in early 2016 the Swedish Gaming Board concluded OneCoin was a pyramid scheme. The case was referred to police for further investigation.
As of March 17th, Swedish police were seeking assistance with what was deemed an “ongoing investigation”. That same day the police made a formal decision to reopen their investigation.
Why it was closed in the first place remains a mystery. Ditto what prompted its reopening.
Citing a “police source”, yesterday Norwegian journalist Carl Dahl confirmed the investigation had been reopened.
Today what appears to be a police case status report again confirms that on March 17th the case was resumed.
Pending any further updates, that’s currently where we’re at.