Indian Police Crack Down on OneCoin with Seizures & Arrests
Indian authorities are engaging in a sweeping crackdown on OneCoin, a digital investment scheme that is commonly seen as a scam. On Sunday, Indian police in the city of Mumba arrested 18 individuals associated with the fraudulent scheme. According to The Hindu, the 18 individuals were conducting a OneCoin seminar over the weekend. The event, which saw at least 500 participants, was also attended by undercover police who witnessed the entire presentation that promised significant returns on the purchase of a single OneCoin for ₹11,900 (approx. $185). A report by Times of India reveals that....
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Indian police have said OneCoin is a “clear Ponzi scheme” as they prepare to charge original figurehead Ruja Ignatova and others. In reports relayed by local news source Indian Express, Tushar Doshi, Deputy Commissioner of Police in Mumbai, said that so far 23 people were arrested in connection with OneCoin operations in India. “In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme,” he told the publication. Doshi’s comments are the most direct suggestion yet from official sources that OneCoin is a Ponzi scheme, the outfit....
Notably, the cryptocurrency industry expanded its boundaries in India in recent years. But unfortunately, cybercriminals and crypto fraudsters also ramped up their efforts to loot investors’ hard-earned money in this sector. As a result, it put the law-enforcement forces on their toes and led government authorities to stricter regulations. Similarly, the Indian police force in […]
Ruja Ignatova, founder of the notorious crypto pyramid Onecoin, was reportedly alerted about police investigations into the scam before she disappeared. The ‘Cryptoqueen’ has been on the run for several years, wanted by law enforcement agencies around the world. Onecoin Mastermind Learned About Arrest Efforts From Leaked Police Documents, Podcast Reveals A media report has shed light on how Onecoin’s founder Ruja Ignatova may have been warned about the plans to detain her months before she disappeared almost five years ago. That’s according to files seen by the BBC, which airs a podcast....
OneCoin has issued a response to the recent warning issued by the Financial Conduct Authority of UK, following an investigation into the digital currency by the London City Police. The recent warning issued by the Financial Conduct Authority of the United Kingdom against OneCoin has elicited a response from the company. OneCoin Limited, the company responsible for operating and maintaining the centralized digital currency has expressed its disappointment with the recent developments. The company in its latest release states that the FCA has issued the warning without enquiring with the....
The FCA has warned UK citizens to refrain from trading OneCoin as the London police starts investigation. OneCoin, a centralized digital currency operated and managed by the OneCoin Limited is under investigation. The Financial Conduct Authority (FCA) of United Kingdom has warned the general public to refrain from trading OneCoin for fiat or other digital currencies. All digital currencies aren’t made equal. The introduction of Bitcoin led to a debate concerning the legitimacy and trustworthiness of a decentralized digital asset, not governed by a single company or an organization. While....