Bank of Mauritius raise fraud alert on OneCoin

Pierre Arens

OneCoin, the infamous Ponzi scheme marketed as a digital currency has gotten attention in Mauritius.

The Bank of Mauritius has raised a fraud alert and stern warnings about the Ponzi scheme to its financial markets and its society at large.

The Bank of Mauritius washed off its hands in a statement that:

“It has come to the knowledge of the Bank of Mauritius (the Bank) that members of the public are
being solicited to invest in ‘OneCoin’, a purported cryptocurrency”.

“The Bank wishes to inform the public that ‘OneCoin’ and other cryptocurrencies are not issued or
guaranteed by the Bank. Users of cryptocurrencies are exposed to risks. The public is advised
that exchange platforms for cryptocurrencies are unregulated”.

“The Bank will not accept any responsibility in case of any loss which members of the public may incur on account of any dealing in unregulated cryptocurrencies”.

Several other countries including Nigeria, Uganda, Turkey, India and many more jurisdiction have either raised a fraud alert on OneCoin or placed a total ban on the scheme within their borders. Germany’s top financial services regulator, BaFin, Germany’s top financial regulator had earlier this year issued a cease and desist order against OneCoin and its affiliates in the country.