Indian authorities have filed a primary charge sheet against 22 individuals accused of promoting OneCoin, a digital currency scheme commonly seen as a scam.
In an ongoing crackdown ofonneCoin operations in the country, India’s police have filed a primary charge sheet against all related individuals arrested in April and May. A charge sheet is a formal document of accusation submitted by law enforcement agencies to a court of law. The judicial process then sees the court decide if the case goes to trial.
According to a report in the Hindu, the charge sheet was filed by the Economic Offence Wing-1 (EOW), an extension of the Central Bureau of Intelligence (CBI) – India’s primarily law enforcement agency. A 15-member team was specifically assigned to investigate the workings and money trial of OneCoin-related operations and the charges were filed to ensure those who are currently in custody, do not see bail.
The deputy commissioner of Police (Crime) in Navi Mumbai stated:
We have filed the primary charge sheet so that the accused who are in custody do not get bail. Of the total 22 accused, six are in custody, while others are on bail.
India began its OneCoin crackdown following an undercover operation infiltrating a weekend seminar attended by some 500 potential investors in April. A group of 18 OneCoin promoters were arrested that day. Fourteen of that group arrested initially are now out on bail. In May, four more individuals were arrested – one of them caught at the airport.
Altogether, the crackdown sees authorities freeze 19 out of 31 OneCoin-related bank accounts. The seizures have also resulted in the freezing of ₹25 crore rupees (approx. $40 million USD).
Indian police are currently on the lookout for six promoters comprising of four Indians, a Bulgarian and a Mauritian – the latter two who are seen as the masterminds of the entire operation.
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Last modified: May 21, 2020 9:42 AM UTC