OneCoin fraud: Chargesheet says accused amassed Rs 75 crore

The Economic Offences Wing of the Navi Mumbai Police has named nearly 30 people in its chargesheet filed at the Thane Sessions Court. So far, it has arrested 23 people, all residents of Thane, Navi Mumbai and Mumbai, while three others have moved court for anticipatory bail.

Written by Srinath Rao | Mumbai | Published:July 10, 2017 5:16 am

The Navi Mumbai Police have filed a chargesheet against the promoters of crypto-currency OneCoin, accusing them of duping thousands of investors to amass Rs 75 crore. The police has also booked two Bulgarian nationals in its chargesheet, including Rjua Ignatova, the founder of the Ponzi scheme.

The Economic Offences Wing of the Navi Mumbai Police has named nearly 30 people in its chargesheet filed at the Thane Sessions Court. So far, it has arrested 23 people, all residents of Thane, Navi Mumbai and Mumbai, while three others have moved court for anticipatory bail.

In April, Navi Mumbai Police Commissioner Hemant Nagrale and other officers had attended an investor seminar at Jui Nagar undercover and later arrested 15 people who organised it.

The men, the police said, had been luring in individuals with promises of huge returns on a one-time investment of Rs11,900. Investors would then be given passwords to access their profiles on the OneCoin website and could see how many coins they had been able to purchase with their money, the police said. The accused had told investors that the value of the coins would fluctuate according to the value of the Euro, said the police.

The accused had allegedly told the investors they would receive a huge payout in December 2018.

The police, however, have been unable to speak to any of the investors in the course of its probe. “In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme,” said Tushar Doshi, Deputy Commissioner of Police (Crime).

Investigations have led the police to 35 bank accounts operated by the accused in Maharashtra, Gujarat, Rajasthan and Delhi registered in names of varied private firms, which saw transactions of over Rs 75 crore. An police officer said that the police had been able to seize Rs 25 crore, as the accused moved away the rest of the money as soon as the arrests were made.

Doshi added that several witness statements, as well as bank statements tying the accused to the financial transactions, are part of the initial chargesheet.

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    curiousone73
    Jul 19, 2017 at 1:51 am
    Please all note how he spelt Ruja name wrong in blog, trying to cover his own butt so that actual Ruja Ignatova cant come after him for slander too... BUT fact a fact onelife reps arrrested yes! Why for selling our educational packages like a get rich quick scheme... but Nice try twisting facts just another classic blogger tactic. Dr Ruja is working with the Indian authorities and the reps who did this all lost there account but keep talking your BS
    Reply
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    Maria
    Jul 14, 2017 at 5:17 pm
    This is a lié the prove IT sin the oficial Indian se IT for yourself : onecoin-debate /viewtopic.php?f 2 t 9 ITN very san how this News pubish this things with out investigan ing First, looks like that they not representa a formal news because they publish soñé blogs with no proof
    Reply
  3. S
    Scott Johnson
    Jul 10, 2017 at 5:56 pm
    When enough people know, these scams will collapse: English version: s: /watch?v s6MwGeOm8iI Spanish version: s: /watch?v Cy-O4myeUzg
    Reply
  4. S
    Scott Johnson
    Jul 10, 2017 at 5:52 pm
    OneCoin is so similar to Amway, why not shut down Amway as well? Amway has 2 major problems, and most MLMs have at least one of these issues: 1. The products are overpriced, which makes them almost impossible to sell to customers and results in Amway being an illegal pyramid, according to the FTC and SEC s and previous court decisions and 2. The Tool Scam is hidden profit for the top level distributors only, and the vast majority of distributors operate at a net loss as a result. This is RICO fraud. For recent examples, google “FTC” along with the following companies, one at a time: FHTM, BurnLounge, Zeek, TelexFree, Vemma, and Herbalife. Read about these and much more at StopTheAmwayToolScam. and AllMLMFacts , and email stoptheamwaytoolscam yahoo if you want to help shut down Amway and other MLM scams. Watch this video about Amway and other MLM scams, then forward it to every non-Amway person you know, and encourage them to do the same. When enou
    Reply
  5. O
    OneCoinDetective
    Jul 10, 2017 at 11:49 am
    Third and last try, see: onecoinscam dot info
    Reply
  6. O
    OneCoinDetective
    Jul 10, 2017 at 11:48 am
    Hyperlinks are broken. See: onecoinscam fo
    Reply
  7. O
    OneCoinDetective
    Jul 10, 2017 at 11:45 am
    Thanks for this article. Info on the OneCoin OneLife scam/fraud with its fake "blockchain" simulator: : onecoinscam fo/blockchain-simulator : onecoinscam fo/only-selection-of-transactions-visible : onecoinscam fo/hyping-a-fake-cryptocurrency : onecoinscam fo/bull -and-lies
    Reply
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