Indian Police have prepared charges against Ruja Ignatova, founder of One Coin, the notorious digital currency investment scheme. One Coin is being accused of being a ponzi scheme and a scam in various parts of the world.
According to the Indian News publications, The Indian Express, Authorities in India have prepared charges against the founder of OneCoin, the digital currency investment scheme widely believed to be faraudulent. The Economic Offenses Wing of the Navi Mumbai Police has put together a charge sheet against the One Coin Founder.The charge sheet contains the allegations which are formally laid out – that includes dozens of promoters, marketers connected to OneCoin. Those involved are accused of taking thousands of dollars from investors by luring them multiple times return on investment.
The publication further adds, investigators are having difficulty talking about the suspected fraud with some of those involved. Fears of potential legal liability for taking part in what has been described as a ponzi scheme may be one of the reasons.
“In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme,” Tushar Doshi, a senior law enforcement official, told the publication.
The publication further added that, as it stands, investigators are having difficulty talking about the suspected fraud with some of those involved .Fears of potential legal liability for taking part in what has been described as a ponzi scheme, maybe one of the reasons.
Officials told the publication that as funds were being seized from related bank accounts, some of the money was withdrawn by outside sources.
This is not the first time that One Coin is in Indian news. A few months ago the Indian Police arrested Eighteen affiliates of One Coin who organized a seminar inviting investors to invest in the digital currency.
The organizers were luring investors for high returns if they invest in One Coin. The explained that One Coin is a digital currency and if the investors invests in One Coin, they acquire it and can later sell it when the price will rise.
India is among a number of countries worldwide in which law enforcement agencies have pursued investigations against OneCoin.
German Federal Financial Supervisory Authority freezeed bank accounts of a firm involved in One Coin crypto currency which was operating like a money transfer business entity, without any license.
IMS International Monetary Services GmbH, a private company located in Germany was involved in transfer of funds on behalf of One Coin affiliates. The company would use to collect funds from any local person of Germany who wish to purchase One Coin in exchange of fiat currencies and then transfer the funds to other entities outside Germany.
In the month of May, another news came in from Kazakhstan where One Coin representatives and affiliates were facing fraud charges
The affiliates were accused of illegally collecting 2.2 billion Tenge (approximately $7million). The promoters were luring investors to invest in the One Coin Cryptocurrency to get higher returns.
KryptoMoney.com warns it’s readers to stay away from ponzi schemes. Do your own research before investing any single penny. After all money is hard earned and what money saved is money earned.
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