OneCoin @ BehindMLM

Slowly but surely, regulators in Europe are starting to tackle the OneCoin problem. Back in September it was confirmed that London police were investigating the scheme. Last week a criminal complaint was filed against one of Belgium’s top OneCoin promoters. Now in Italy, the Italian Antitrust and Consumer Protection Authority (AGCM) has ordered local affiliates to stop promoting OneCoin.

Earlier today BehindMLM reported on a criminal complaint filed in Belgium, related to the promotion of OneCoin. The Public Prosecutor’s Office has charged former politician Laurent Louis with pyramid selling, fraud, money laundering and violation of common and banking laws. As of yet the criminal complaint is in the early stages. La Libre however report [Continue reading…]

Despite having no actual physical presence there, OneCoin up until recently claimed to be a Gibraltar corporation. This was set up as OneCoin Limited, who Ruja Ignatova’s mother, Veska Ignatov, laundered money through via Pegaron Invest Limited, a Bulgarian company. OneCoin’s virtual office address was formerly provided by AMS Company Management Limited. On February 2nd, [Continue reading…]

Laurent Loius was a member of the Belgian Chamber of Representatives from 2010 to 2014. In 2014 Louis received a suspended sentence ‘for slander relating to accusations of pedophilia he had made against public figures’. In 2015 Louis was banned from running for office for six years. Earlier this year Louis began promoting OneCoin, which eventually [Continue reading…]

Back in May OneCoin announced they were rolling out UnionPay branded cards for their Chinese investors. Such was the misleading marketing around the cards, that UnionPay had to issue formal clarification that the cards could not be used to conduct transactions in OneCoin. The UnionPay cards were dummy cards that OneCoin affiliates could load up [Continue reading…]

Unable to use its own company name, OneCoin had been opening up banks with shell company accounts every few weeks. As fast as OneCoin could open up the accounts, it didn’t take long for them to trip money laundering filters and be shut down for fraud. Here at BehindMLM we’ve been tracking these account closures [Continue reading…]

It’s looking like OneCoin’s banking roulette may be coming to an end, with news today they’ve lost their Singapore United Overseas Bank account.

If you thought OneCoin’s quarter of a million Euro investment packages sounded dodgy enough on their own,  get a load of how OneCoin is marketed in Vietnam.

Four days ago we reported on OneCoin’s Singapore UOB bank account appearing to be frozen. To continue to process affiliate investments, OneCoin opened up an account with Hellenic Bank in Cyprus. Less than a week later, it appears Hellenic Bank has terminated the account.

Over the past few weeks affiliates have been complaining about funds frozen in OneCoin’s United Overseas Bank. The status of OneCoin’s bank account with UOB in Singapore however is currently unclear. Rather than use their company name, OneCoin’s UOB account is held under the shell company Vernada Trading Pte Ltd. In related news, on October [Continue reading…]