India seizes USD2.9 million from OneCoin promoters

Prabodhan

The Indian government has continued in its aim to take down OnCoin promoters who are trying to get investors across the country.

Indian authorities said they have recovered about Rs.189 million which approximately USD2.9 million from OneCoin investors.

Earlier this week, Indian police had arrested about 18 OneCoin promoters at a seminar they organised to get promoters into the pyramid system.

Authorities confirmed after their investigation and questioning, the group collected about Rs. 5.6 million ($87,418 USD) from seventy-two affiliates.

As reported by BehindMLM, DCP (Crime) Dilip Sawant added, “There are several groups that have been operating across India, by conducting seminars for investors and luring them with huge returns, but Navi Mumbai Police is the first to register an offence against the scamsters.”

OneCoin has been a subject of several fraud alerts and bans across Europe, Africa and the Middle East. Its foray into the Indian market might be cut short than ever expected.