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India’s Central Bureau of Intelligence (CBI) has issued a look-out notice against six more people accused of being involved in the OneCoin MLM cryptocurrency scam. On the list are four Indians, one Mauritian and a Bulgarian, with the latter two considered to be the masterminds of the scam operation, according to a report of The Hindu.
In May Indian police has already arrested 18 people promoting OneCoin at an event in the country and have seized funds from bank accounts deposited by would-be investors, amounting to $2 million. Later the authorities apprehended four more people and confiscated luxury cars and the advance payments on several apartments.
Now the police wants six more people who will be arrested if they try to leave the country.
So far, the investigation of the 15-member CBI Economic Offence Wing into OneCoin scam in India has led to the seizure of nearly $3.8 million from multiple bank accounts belonging to a company named Premium Payment Solution allegedly serving as front of the OneCoin scam.
It appears that the scheme in India is similar to that in Germany, where authorities have seized €29 million from the account of the German partner of OneCoin IMS International Marketing Services. In addition to that, the German financial markets regulator BaFin has issued a cease and desist order against it, while prosecution and police launched a criminal investigation into its activities.
Also in May, Hungary also set up a task force to investigate the global Ponzi scheme, which has been operating undisturbed for years, making the person at the top, one Ruzha Ignatova, a very rich woman.
OneCoin is a special type of cryptocurrency that could bring big profits to those who sign up for the training “seminars” of the company. The company claims it has mined 749,970,000 OneCoins and has “ global customer base of millions of people in over 195 countries and six continents and is independent of governments”.
The scheme repeatedly turns up in the sights of various financial regulators, most recently of Malta Financial Services Authority (MFSA). There have been warnings against it from Belgium, UK, Latvia, Bulgaria, Hungary, investigations in Sweden and publications in various European media telling of the scam and likening the OneCoin to “Monopoly money”.