OneCoin a “fraud company” according to Indian cyber crime police
Cyber crime police in Hyderabad, India have apprehended the owner of 3G Coin.
BM Jagadeesha, was arrested in Bengaluru by the Cyberabad cyber crime team on July 16 and is now on remand.
Jagadeesha’s setup at 3G Coin was typical of many Indian-based MLM underbelly schemes.
According to Cyberabad police, Jagadeesha used a fake names to register 3G Coin in Germany. 3G Coin claimed its fictitious management team were based in Germany, England and Wales.
In exchange for an investment of up to 10,000 EUR every three months, 3G Coin affiliates were given 3G Coins.
3G Coin was a Ponzi points cryptocurrency, the value of which was determined by 3G Coin.
Like most cryptocurrency MLMs, 3G Coin compared itself to bitcoin and claimed the value of 3G Coin would increase by 180% in two years.
3G Coin affiliates also earned direct and indirect commissions when recruited affiliates invested.
Jagadeesha used five bank accounts to launder invested funds, with at least one account opened in the name of a deceased individual.
In what is the first cryptocurrency crime case lodged in Hyderabad, Jagadeesha has been charged with cheating, forgery, fraud, impersonation and breach of trust.
“People should not get tempted if they are offered enormous amount of profit because there is no such company which can earn 180 times profit in two years,” warned Md Riyazuddin, inspector of police (cyber crimes), Cyberabad.
Police said there are some other websites like wowcoin, onecoin, richcoin, litcoin that operate and function on the same lines.
“These websites claim to be similar to Bitcoin which has become successful to some extent,” said Riyazuddin.
These fraud companies take advantage of Bitcoin’s success and try to lure investors, he added.
Riyazuddin’s familiarity with OneCoin and WowCoin suggest India’s cyber crime police are aware of the two MLM Ponzi schemes.
Whether they are actively investigating OneCoin and Wowcoin however is unclear. Whereas Indian police were able to shut down 3G Coin, both OneCoin and WowCoin are not operated from within India.
BehindMLM reviewed OneCoin back in September 2014 and concluded it was a Ponzi points cryptocurrency scheme.
Other than investment amounts, the inhouse value of OneCoins and potential investor losses increasing and withdrawal difficulty increasing, nothing much has changed.
WowCoin (operating as Wow Digit) was reviewed earlier this month. Similar to OneCoin, WowCoin is yet another Ponzi points cryptocurrency scheme.
WHEN WILL THEY STOP THIS ONECOIN SCAM !!!!
At least one of the internet news articles like the New Indian Express refer to the arrested criminal as a kingpin. Will Ruji mama be referred to as the queenpin?
next up, Labine starts complaining this article is misleading.. and has nothing to do with Onecoin.
To be honest, I don´t quite like the title. It will just give more bullets for people like Labine and it is easy for his followers to agree.
Seen one Ponzi points cryptocurrency scheme you’ve seen them all.
OneCoin is the largest Ponzi points cryptocurrency at the moment and India is the second largest source of traffic to the OneCoin website.
That Indian authorities are openly referring to OneCoin as a “fraud company” is certainly something to acknowledge.
Sure, but IMO the focus should be on influencing people with crystal clear facts.
I can see it is so easy for Labine’s followers to think “yes, Ken is right, this has nothing to do with Onecoin. Everything else what Ken says must be true also.”
What about Indian authorities referring to OneCoin as a “fraud company” isn’t factual?
IMO if OneCoin is not specifically mentioned, it is not a crystal clear fact especially from OneCoin member point of view.
And those people and people just currently under OneCoin recruitment are the people we should try to influence. And not give any bullets for the scammers like Labine. Anyway, this is just my personal opinion.
It’s a fraud.
A fraudsters’ first responsibility is to ensure there are no “facts” which can be found without access to the inner workings of the fraud in question.
I didn’t think titles were made to please you.
Yet out of all the crypto currency programs out there THE POLICE happen to mention ONECOIN as being one of the many scammy ones to look out for.
Yes I think that alone is news worthy.
Yes his followers need to pay attention to that and wonder why the name of ONECOIN would even come up.
Its the little things like that even you should be worried about.
I somehow missed the part “Police said…onecoin”.
Though it was not a direct quote from police, I guess it is enough to justify the topic. So, ignore my previous messages please, topic is fine.
One coins scammers… gotta catch ’em all!
@WhistleBlowerFin
Uh, it was specifically mentioned…
Firstly the Police in India have a huge space to grow in terms of understanding upcoming future technology, especially blockchain and digital currencies.
They still carry old models of rifles from around 1980’s to fight crime, forget trying to understand new technology.
(Ozedit: marketing spam removed)
The question- Are the coins really being mined? or is it fake?
The answer- Onecoin mining has been audited by the leading auditors in Europe- Morrison International’s subsidiary in Bulgaria “Semper Fortis”.
I dont know if I can trust a blogger’s word when they say the coin is fake, but I sure can trust an auditor who would not put its reputation at stake for a new company in the market.
^^ What century are you living in? All those marketing claims are way out of date.
Nobody audit’s OneCoin’s blockchain. It’s just a database on Ignatova’s laptop.
And what does any of what you crapped on about have to do with Ponzi fraud?
Very much living in the present year 2016, however you need to update yourself with the current affairs. (Ozedit: marketing spam removed)
So what is your definition of Ponzi scheme, care to (Ozedit: Offtopic derail attempts removed)
Mate, Semper Fortis disbanded months ago. They don’t even exist anymore.
I mean this was honestly back when, end of 2015 if my memory serves?
Not withstanding it was some bullshit shell company set up by Ignatova all along (like every other “third-party” company that has anything to do with OneCoin).
Some scammer in Semper Fortis created a new company and they purportedly audit the blockchain. Which in reality means Ignatova pays them money just to say someone is auditing the non-existent blockchain and that’s as far as it goes.
Our own readers have “audited” OneCoin’s blockchain recently and completely destroyed the notion that it’s even remotely legitimate.
Using newly invested funds to pay off existing investors? You’re running a Ponzi scheme.
OneCoin investors invest real money into points. OneCoin assign a value to those points, which they arbritrarily increase.
OneCoin affiliates put in a withdrawal request and OneCoin pay out on those points using subsequently invested funds. That’s a Ponzi scheme.
Please update yourself on the current status of OneCoin. I’m not here to give you a history lesson.
Even IF the audit reports from April 2015 till July 2016 would have any value they currently are completely worthless, because on October 1, 2016 “Blockchain Version 2” was introduced.
I checked some Transaction ID’s from Blockchain version 1 (i.e. before October 2016) and they don’t exist any longer.
The Onecoin Account Transaction History contains two transactions with timestamp 01-10-2016 00:00:01 (GMT/UTC):
– New blockchain coins migration
– Doubled coins following blockchain migration
According to cryptoqueen Dr Ruja the genesis block with all doubling of coins was “mined” during the Bangkok MasterMind event. However, this was in the afternoon GMT/UTC, about 15 hours after these blockchain transactions.
Audit reports for August, September and October 2016 have never been published. The reason is obvious: even a auditor paid by Ruja is not able to justify the fact that with the transfer from Blockchain Version 1 to 2 the blockchain is “broken”. This is a mortal sin in the real cryptocurrency world and hard proof that there is no blockchain.
Another funny fact: the “stamps” and “handwritten signatures” of the two auditors who have been involved are pixel perfect copies in audit reports of different months.
Because the audit reports are still used by high ranked OneLife leaders very often, I will dedicate a separate article to this topic on OnecoinOnelifeFacts.blogspot.com next week.
I don’t really know why you have decided to come and spam your nonsense here.
Semper Fortis changed their name to SF and got rid of Deyan Dimitrov, the guy who was signing off the meaningless ‘audits’, at the same time as ending their relationship with OC. This is the guy in the absurd video with Ignatova that gets dragged out periodically to ‘prove’ OC is legit.
Dimitrov then set up as a one man band called S Systems and continued the audit charade with One Coin as his only client.
The rest of your post is 5 year old stuff, both in content and mental age.
With people like “blockchain”, I understand better why the scam owners bother to continue – at this stage of the game.
There really are people who “still” believe. People who come to behindmlm, read all the info, and “still” participate in this fraud.
You can’t fix stupid and this is the type of person who would benefit from banning all endless chain MLM. I believe that with all my heart. Allowing the destruction of lives has got to stop and has gone on for far too long.
Agreed. Nuked it but I’ll let your comment stand for him to read.
Not that it’s done any good so far.