OneCoin has been on India’s radar for the past couple days. We have just learned Rs. 189 million which is about $2.9 million USD has been seized by Indian authorities.
Recent OneCoin India developments has put a huge bullseye on the crypto currency. Soon as news hit the internet Thailands primary financial regulator said OneCoin is being run by a “gang of criminals”.
The four OneCoin affiliates that were just recently arrested (from what our sources have found out) and questioned were responsible for collecting RS 5.6 million which is about $87K USD from 72 affiliates.
Remaining funds were a collection of RS nationwide through several OneCoin groups promoting and signing up new affiliates.
Dilip Sawant DCP (Crime) Navi Mumbai added:
There certainly is a lot of grey area with OneCoin. One of the major problems with OneCoin is how they launder money. They seem to have an expansive shell company network where money flows in and out.
I’m assuming this is the reason why USA has not allowed OneCoin to do business there.
We don’t have all the facts with where these transactions are leading with the recent India busts.
In related news it seems as if Thailand has just recently issued an investment warning against OneCoin. The Bank of Thailand (largest financial regulator in the country) made clear that OneCoin was not a legal currency.
Regulators went on to say it’s possible that OneCoin is being used to conduct fraudulent activity and they are looking further into the matter.
Again I want to make it clear I am not a OneCoin affiliate and in no way am associated with the company. However I will conclude on September 7th, 2016 I did a full OneCoin Review and promised to keep you updated.
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