With the latest update from India, OneCoin investors across the country might have been taken to the cleaners.
While Indian authorities have tried to recover about USD6.6 million, it seems more funds must have been stolen from the central bank account used to collect funds from investors in the country.
Investigators have revealed that about USD11.6 million were transferred from the account out of the country. The problem with this is that apart from investors losing their money to an apparent fraud, there would be not traced on where the funds went to.
As quoted by BehindMLM, DCP (crime) Tushar Doshi said, “We are probing if Rs 75 crore has been transferred by the accused to international bank accounts. If that has been done then recovery of investors’ money might be difficult.”
Earlier last month, authorities in India had arrested OneCoin promoters at a public seminar where they were recruiting new investors into the scheme. The arrest led to a further crackdown on the scheme’s handlers in the country. Accused persons are still in custody pending when they will be charged to court.
OneCoin is a pseudo digital currency that sells educational packages through its OneLife Services which are then converted into tokens. There is no public exchange where this tokens can be traded for other currencies except for its own eCommerce platform called DealShaker.
