The Navi Mumbai Police have seized Rs 18.97 crore from bank accounts operated by OneCoin, a multi-level marketing scheme. They suspect the money belongs to the individuals who invested in the virtual currency.
Interrogation of the 18 people arrested on Sunday revealed that they collected money from investors in cash and deposited them into the two accounts.
Two of the seized accounts are in banks in Delhi while two others in Rajasthan and are registered under the names of other companies, the police said.
“We have written to the banks to freeze the accounts. We are seeking information about the duration for which the accounts have been operational and details of the account holders,” said a police official.
Navi Mumbai Police Commissioner Hemant Nagrale said more bank accounts may be seized as investigations are to continue.
“We are investigating whether any money from the accounts was sent outside the country to Bulgaria, where OneCoin’s servers are located,” said the officer.
The scheme came to light on Sunday when the police attended a seminar for prospective investors in Jui Nagar. They arrested 18 people who had organised the seminar for promising lucrative returns on a one-time investment of Rs 11.900.
Investors who deposited money with the fraudulent OneCoin company had been told that they would receive massive returns in December 2018. Investigations have found that the company had no registered office or bank account and the police said all payments were received by the accused in cash.