18 Arrested And Bank Accounts Seized OneCoin
Mumbai police have arrested 18 people for running the OneCoin cryptocurrency scam on Sunday 4/23/2017. Navi Mumbai police have seized Rs.18.97 crore ($2,957,320) from the bank accounts of the 18 arrested. More arrests are expected. – Source freepressjournal.in
Governments around the world are waking up to the OneCoin scam. OneCoin’s days are numbered. When new investor money can’t be found this Ponzi will collapse.
Here are the details of the arrests:
On Sunday 4/23/2017 the OneCoin scammers were running a seminar where the Navi Mumbai Police Commissioner Hemant Nagrale, Joint Commissioner Madhukar Pandey, Deputy Commissioner of Police (Crime Branch) Dileep Sawant and other police officials posed as participants.
“We attended the seminar in civil clothes and heard the whole presentation after which they presented a few people claiming that they had earned ₹5 lakh and ₹10 lakh by investing in the scheme. They also played video clippings of Prime Minister Narendra Modi, where he encouraged digital transactions. This particular company has no registration with the RBI nor does it have any licence for running such financial schemes promising high returns. Hence we arrested the 18 people who had organised the seminar and are investigating the case to trace the master mind,” said Police Commissioner Hemant Nagrale – Source thehindu.com
The five primary organizers of this scam are still at large. Police are looking for them and have alerted the airports to try and keep them from fleeing the country.
In my opinion, this needs to start happening around the world before this scam gets any bigger.
To give you a little idea how big this scam is, here are the top 10 earners in direct sales according to businessforhome.org:
Rank / Name / Company / Est. Month / Est. Year
- Juha Parhiala OneCoin – OneLife $4,800,000 $57,600,000
- Steinkeller Brothers OneCoin – OneLife $2,550,000 $30,600,000
- Igor and Andreea Alberts OneCoin – OneLife $1,600,000 $19,200,000
- Dexter and Birdie Yager Amway $1,300,000 $15,600,000
- Chanida and Nat Puranaputra World Global Network $1,200,000 $14,400,000
- Mihail Petrovic OneCoin – OneLife $1,000,000 $12,000,000
- Muhammad Zafar OneCoin – OneLife $900,000 $10,800,000
- Anton Federspiel OneCoin – OneLife $825,000 $9,900,000
- Chad and Nattida Chong World Global Network $750,000 $9,000,000
- Jose Gordo OneCoin – OneLife $720,000 $8,640,000
7 of the 10 top direct sales earners are OneCoin scammers.
Here is the official response from OneCoin to this action by the Indian police:
OFFICIAL COMPANY STATEMENT ON RECENT INDIAN MEDIA REPORTS
In relation to the recent events in India regarding measures taken by the local authorities in relation to a meeting organized by a group of independent Marketing Associates (“IMAs”) of OneLife Network Ltd. and the media coverage of these measures, please carefully read the following statement;
*OneLife Network Ltd* (“Company”) is a network marketing company acting through IMAs (distributors) and engaged in sale of online educational courses related to economy and introduction of knowledge and educational practical experience in dealing with cryptocurrencies such as the closed sourced cryptocurrency Onecoin.
The Company is a legitimate international company implementing and adhering to, in the course of its business, all legal practices and policies related, including implementation of special Anti-Money Laundering and Combating of Financing of Terrorism policies and procedures. The Company is not engaged in any investment activity, including sale of any kind of financial instruments. According to its Legal and Compliance Policies, the Company does NOT tolerate any misrepresentation of its activity, business purposes, products and services.
In this relation we would like to once again remind to all IMAs that they are legally bound by the accepted terms and conditions (T&C), IMA Agreements and other policies and procedures adopted by the Company and as such are totally responsible for their own activity.
Being a legitimate network – marketing company, OneLife Network Ltd, has in its T&C, IMA agreement and other official policies and procedures explicitly stipulated the principals of activity and obligations for IMAs, among which the following are included:
- Products sold are online education and educational courses;
- Such provision of products and services is not related in any way to any investment programs and/or any sale of financial products, therefore there is no any investment activity; and
- Any misrepresentation of the above is subject to regular monitoring and control and also subsequent measures and sanctions in case of violation of any of the official documents, policies and procedures set by the Company, including cooperation with the authorities by the relevant countries and reporting systems.
In relation to the above, OneLife Network Ltd reminds once again to all of its IMAs that they are free to perform their activities of Independent Marketing Associate ONLY in compliance with the above stated T&C, IMA agreement and the rest of the official policies and procedures. Intending to provide high-quality educational products and services to its clients, on fair and compliant manner, the Company once again urges its IMAs that any violation of the above shall be subject to immediate sanctions. We therefore look forward to all your cooperation, support and good work. – Source OneLife.eu