Authorities in India have prepared charges against the founder of OneCoin, the digital currency investment scheme widely believed to be fraudulent.
According regional news source The Indian Express, the Economic Offenses Wing of the Navi Mumbai Police has put together a charge sheet – in which allegations are formally laid out – that includes dozens of promoters connected to OneCoin. Those involved are accused of taking thousands of dollars from investors.
Police have been cracking down on proponents of OneCoin for months, dating back to April, when police arrested a group of individuals following a promotional event. India is among a number of countries worldwide in which law enforcement agencies have pursued investigations against OneCoin.
Among those being charged is Ruja Ignatova, who founded OneCoin and has largely been viewed as the public face of the scheme, appearing at events worldwide, including an appearance in May at one in Macau. A group of "nearly 30" people have been charged as a result of the Mumbai police investigation.
The publication further added that, as it stands, investigators are having difficulty talking about the suspected fraud with some of those involved. The reason: fears of potential legal liability for taking part in what has been described as a Ponzi scheme.
"In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme," Tushar Doshi, a senior law enforcement official, told the Express.
Police have also been stymied as they look to recover funds. Officials told the publication that as funds were being seized from related bank accounts, some of the money was withdrawn by outside sources.
Ruja Ignatova image via Flickr
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected]/* */.
CBOE Saw Its Highest-Ever Bitcoin Futures Volumes Yesterday
Two major markets for bitcoin futures contracts saw a major boost in volume on Wednesday.
Available market data shows that CBOE saw its highest-ever volume for bitcoin futures since it first debute
Former Paypal CEO says investors are drinking the bitcoin 'Kool-Aid'
Former head of online payments giant Paypal is bullish on the future of digital money but maintains that bitcoin is a scam. "Everyone is drinking the Kool-Aid," Bill Harris, former Paypal, CEO
OmiseGo Hits Two-Month High Amid Exchange Listings
OmiseGo's OMG token is reporting double-digit gains today, figures that throw shade on the rest of the top 25 cryptocurrencies by market valuation.
Having clocked a two-month high of $20.67 earlier
More Than $140 Million in Bitcoin Moved from Mt Gox Wallets
16,000 bitcoins (an amount worth about $141 million) tied to the now-defunct bitcoin exchange Mt Gox were moved on Thursday.
According to CryptoGround, which monitors Mt Gox's remaining wallets, th
Crypto Mining Made Up 10% of AMD's Revenue in Q1
Cryptocurrency mining demand accounted for as much as 10% of AMD's first-quarter revenue this year, according to the chip maker.
"The strength in Radeon products was driven by both gaming and block
Romania's Oldest Bitcoin Exchange Is Shutting Down Next Week
Romania's BTCxChange announced it was closing its platform earlier this week.
In a notice dated April 22, the nation's oldest cryptocurrency exchange told its customers to withdraw all of their rem
Ripple Says Sales of XRP Cryptocurrency Rose 83% In Q1
Ripple reported Wednesday that sales of its cryptocurrency XRP totaled $167.7 million in the first three months of 2018, an increase of 83% compared to the previous quarter and of 2,400% compared to t
There are now 17 million bitcoins in existence — only 4 million left to 'mine'
More than 80 percent of the bitcoins that will ever exist have now been created. The 17 millionth bitcoin was "mined" Thursday, according to data from Blockchain.info, more than a year since the