Further details from a police charge sheet have emerged during the ongoing crackdown against OneCoin in India, a purported digital currency scheme widely seen as a scam.
Indian authorities have filed a primary charge sheet against 30 individuals accused of promoting OneCoin in the country. The charge sheet, a formal document of accusation by law enforcement to a court of law, also includes Bulgarian national Rjua Ignatova, the founder and ‘CEO’ of OneCoin, according to the Indian Express.
Tushar Doshi, deputy commissioner of crime at Navi Mumbai police stated:
In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme.
Filed at a court of law in Mumbai by local police, the charge sheet reveals details of the investigation amid a hardline crackdown by authorities. The money trail led investigators to 35 bank accounts belonging to OneCoin promoters to multiple states across Western and Northern India.
The sweeping operation, the charge sheet further revealed, had amassed over ₹75 crores (approximately $12 million) from investing victims. So far, authorities have seized ₹25 crores (just under $4 million) from bank accounts. A police officer revealed that the accused had moved away the rest of the money when authorities started making arrests in April.
Indian police attended a OneCoin seminar undercover in April, an event that hosted some 500 potential investors. The lure for rich rewards was a one-time investment of ₹11,900 (approx. $185). Investors were told that the value of their OneCoins, which is purchased with that initial investment, is tied with the value of the Euro. A substantial payout was promised in December 2018.
18 arrests were made on the day of the event in April. In May, Indian authorities arrested four more who are allegedly involved in the scheme.
Indian police are currently on the lookout for six OneCoin promoters tied to senior positions of the scheme, including its mastermind Rjua Ignatova.
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Last modified: May 21, 2020 9:42 AM UTC