After finalising its investigation on OneCoin, authorities in Finland have finalised their investigation that has led to the arrest of two key affiliates of the scheme.
For starters, OneCoin is a Ponzi scheme peddled as a genuine digital currency. The scheme basically sells tokens to its investors if they buy higher educational packages.
As regards its case in Finland, a report from regional publication Yle has confirmed that the investigation has concluded its preliminary stage with a suspected OneCoin promoter under the scanner.
According to steemit.com, Criminal police commissioner Antti Perälä from Österbotten’s police station said:
We have two suspects in an economic crime case, one of whom has been dealing with Onecoin…The damages [from OneCoin] is over half a million euros.
According to one report, as many as 20,000 Finns have invested ‘tens of millions of euros’ into the local OneCoin operation. OneCoin’s local operations in Finland are said to be managed from Bulgaria, with noteworthy sums of money paid into the firm’s Finnish bank account for ‘training packages’ compromising of “tokens”. These paid-for tokens are then redeemable for OneCoins through its website. Training packages cost anywhere from just over 100 euros to tens of thousands of euros.
There is no blockchain that backs the OneCoin tokens and the scheme has refused to release a whitepaper on its coins. This has further raised doubts on the genuineness of OneCoin.
For your information, Nigeria, Germany, Turkey, Italy, Finland and many other countries have banned OneCoin through various means and fraud alerts.