India remands 18 OneCoin affiliates in police custody

OneCoin

It is clear that India is not taking it lightly with the eighteen OneCoin affiliates arrested in Mumbai, India last weekend as they been remanded by a Judicial Magistrate.

The Thane sessions court on Friday remanded 18 people accused in the ‘one coin’ scam in police custody after Navi Mumbai police filed a revision petition on Wednesday challenging the order by the Thane Chief Judicial Magistrate (CJM) that had remanded the arrested accused in judicial custody on Monday.

DCP (Crime Branch) Dileep Sawant said, “We need police custody for investigating the case and to get all details of the scam. We have got custody of the accused till May 3.”

Onecoin authorities has come out with a strong response which states its business model and to what extent it can be operated.

OFFICIAL COMPANY STATEMENT ON RECENT INDIAN MEDIA REPORTS* !!!
Dear Members,
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. – Onecoin’s response to the india arrests in the affiliate backoffice.

It is evident that thousands of Indian OneCoin affiliates have been left in the dark by the company as authorities close in. Scheduled OneCoin affiliate recruitment events to be held in India by top OneCoin affiliate Tom McMurrain were also promptly cancelled.

The accused were arrested by Navi Mumbai police on April 23, after Commissioner of Police Hemant Nagrale, Joint Commissioner of Police Madhukar Pandey, Mr Sawant and other police officers posed as participants of a seminar of the alleged Ponzi Scheme. The scheme involved investing money on ‘crypto currency’ in the name of ‘One Coin’ wherein participants were promised returns from 2018 onwards.

The company had offered packages for investment starting, and it is not registered with the RBI and crypto currency is not recognised in India, which led the police to suspect fraud.

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