OneCoin @ BehindMLM

After observing violations the Banking Act (Bankwesengesetz), the Austrian Financial Market Authority has issued OneCoin with a cease and desist. OneCoin stands accused of “carrying out (unauthorized) banking transactions” within Austria.

Just over a week ago Indian authorities in Mumbai filed a chargesheet against six OneCoin affiliates. The affiliates stand accused of promoting the OneCoin Ponzi scheme in India. To date officers from the Mumbai EOW have arrested twenty-three suspects in connection with the promotion of OneCoin across India. Following up on the original chargesheet filed [Continue reading…]

To ensure six top Indian OneCoin scammers arrested in April do not post bail and flee, the Mumbai EOW filed a charge sheet against the accused last week.

Back in April Kazakhstan authorities arrested top OneCoin investor Mirsaitova D.K. and several of her local downline. The case is being handled by the Economic Investigation Service, a department of the State Revenue Committee. In response to a media enquiry, yesterday the SRC provided an update as to the current status of the case.

Last weekend OneCoin held an affiliate rah-rah event in Vietnam. Coinciding with the event, a document purportedly signed off on by the Vietnamese government began doing the rounds. According to Vietnamese OneCoin affiliates, the document was “proof OneCoin has been officially licensed in Vietnam”. Not surprisingly, a few days ago the Vietnamese government issued a [Continue reading…]

With twenty-four OneCoin affiliates already behind bars, Indian authorities are closing in on top Indian OneCoin affiliates. The latest out of India is reports that the Economic Offenses Wing are “hunting” four Indian nationals and Mary Beyance and Ereena Andreva.

OneCoin’s days in Norway appear to be numbered, following a request to the company’s Norwegian lawyer for information on local affiliates.

Following the revelation that the Mauritian Independent Commission Against Corruption has been investigating OneCoin since March, further details of the company’s operations in Mauritius have emerged.

Authorities in India traced funds stolen by OneCoin affiliates to a Mauritian woman named Mary Beyance. Beyance worked with a partner in Bulgaria and, according to Indian authorities, sat atop a money laundering trail of at least $7.7 million USD. According to the Mauritian newspaper Le Mauricien, authorities in Mauritius are now investigating OneCoin.

In Macedonia it is illegal to invest in cryptocurrency. Following repeated general warnings about cryptocurrency, the country’s top financial regulator recently cited OneCoin as an example of a pyramid scheme.