World’s largest fraud with Kypto currency: Onecoin process started in Germany
Onecoin founder Ruja I. has disappeared. (Image: Onecoin)
60,000 Germans were affected, and worldwide there is damage running into billions. A first process around the alleged crypto currency Onecoin has begun in Münster.
A European Bitcoin alternative should be Onecoin. At least that is what the Bulgarian entrepreneur Ruja I. had fooled a bona fide investor into for many months. An onecoin blockchain is said to have been available. The steadily rising price had repeatedly deceived interested parties. Ultimately, Onecoin is likely to have been a pyramid scheme that its inventor brought several billions into the coffers between 2014 and 2017. A trial against three people involved has now begun in Münster.
The Bulgarian, who was known as the crypto queen until the fraud was discovered, and who is said to have at least helped develop the Onecoin system, is not the focus of attention. The entrepreneur, who grew up in the Black Forest, went underground in 2017. The FBI is looking for her with an international arrest warrant. So far, however, the woman has not been found.
Instead of her, a couple from Greven and a lawyer from Munich have to answer for the alleged Onecoin fraud. All three defendants deny the allegations. The indictment alone is more than 1,000 pages thick, like that WDR reports. Accordingly, Onecoin is the world’s largest fraud with a cryptocurrency. A total of 3.5 million people are said to have been cheated worldwide, including 60,000 in Germany. The probably illegal pyramid scheme is said to have washed 3.35 billion euros into the coffers of those involved.
The Greven couple is said to have taken over financial services for the Onecoin system. Investors bought the training materials from their company. The Greven-based company is said to have received over 88,000 payments – which corresponded to around 320 million euros. The couple finally passed this amount on to the Onecoin founder. Without having a permit, as it is called at WDR.
According to the media, the court assumes that the couple could also be prosecuted for aiding and abetting fraud or money laundering. To do this, however, the procedure would have to provide evidence that the two have knowingly cheated. The legal proceedings will accordingly take a few months. A judgment is currently expected for the end of May 2022. The Munich attorney has been charged in two cases with possible intentional money laundering.
