onecoin-logoIn late January news broke that the Swedish Gaming Board had finished their investigation into OneCoin.

The regulator found OneCoin to be ““a chain letter game or similar”, and promptly reported the scheme to police.

Upon consideration of the Gaming Board’s findings these last two months, now news that Swedish police have launched a preliminary investigation into OneCoin.

Confirmation of the police investigation saw Josefin Aronsson, an administrator with the Gaming Board, elaborate on their initial findings.

We looked into the concept after getting tips that reminded us of a pyramid scheme or chain letter game.

We reviewed Onecoin generally, and how the profits are distributed

It’s simple, profit in OneCoin is based on how many participants there are in it.

The business model is based on purchasing so-called training packages, happily for many 1000s of Euros.

The profits go up in the ranks. There are different ranks, and you are encouraged to buy the more expensive training packages.

This concept is built around virtual currency, which does not yet exist during the time we looked at it.

Returns possibilities are based on “beliefs”.

As authorities in Sweden escalate their investigation into OneCoin, news also that top investors are urging their downlines to not withdraw funds.

It is because the company has grown so fast, says Edward Ludbrook, a OneCoin spokesperson in Sweden.

Göteborgs-Posten, a Swedish newspaper, reported on a recent OneCoin event held in Sweden last Sunday.

Edward Ludbrook (told investors in attendance) that with effort, one can earn 1000-2000 euros a week.

“This is a fantastic opportunity. But if you sell your coins, you are an idiot”, he said during the meeting.

Göteborgs-Posten asked Ludbrook about the Gaming Board’s investigation into OneCoin. He told them he wasn’t aware of their findings.

Commenting on the recently announced police investigation, Göteborgs-Posten write

Investigating (OneCoin) complaints can be problematic because there are no formal representatives of Onecoin listed on the company’s Swedish website.

Even Onecoin’s site for Europe lacks information about the structure of the company and contact information. The only thing there is a Google map with an address in Sofia in Bulgaria, and advice to get in contact with the person who referred you to the site.

None of those who arranged the meeting in Eriksbergshallen wanted to speak with us (Göteborgs-Posten), they stated employees generally are not allowed to talk about their business (to the press).

Göteborgs-Posten claim they have

received emails from concerned parents that describe how 18 to 20 year olds have borrowed money to invest in Onecoin. (The parents) are afraid that young people are being duped.

When questioned about it, Ludbrook replied

I’ve never heard of that. How many e-mails was that? Two?

How many 20 year olds do you see here? Very few.

I have been with the company a long time and have never heard of such a thing.

At the time of publication, there is no time-frame for completion of the Swedish police investigation into OneCoin.

Stay tuned…