MLM News

Tag: EOW

  • OneCoin – Ponzi Scheme investigation in India

    OneCoin – Ponzi Scheme investigation in India

    Key Highlights: 

    • Onecoin investigation in India by the EOW
    • Four bank account uncovered  with ₹19 crores and  ₹5 crore approximately

    The Government of Hungary is investigating OneCoin, a cryptocurrency investment scheme as a fraudulent Ponzi Scheme. German Regulators have also ordered OneCoin to ‘Dismantle their Trading System‘

    The Economics Offence Wing investigates OneCoin in India

    In India, the Economics Offence Wing (EOW), has been investigating the OneCoin for running Ponzi scheme. EOW is an extension of India’s Central Bureau of Intelligence (CBI) and India’s prime law enforcement agency.

    Last month, 18 promoters of Onecoin held a recruitment seminar in Navi Mumbai.The Mumbai police attended the entire seminar unknown to the organisers posed as prospect investors and heard the whole presentation.

    The company offered investment packages starting from ₹11,900 to ₹27 lakh. The investments were towards purchasing token ultimately used to redeem Onecoin. They were also told that they could check their profile in OneCoin website with the password credentials provided after investment.

    76 people invested around ₹ 56 lakh after attending a previous seminar. As per the Mumbai police, OneCoin is not registered with the RBI. They confirmed that Onecoin does not have the appropriate license for running such financial schemes with an assurance of high returns.

    RBI cautions users of Virtual Currencies against Risks

    The police immediately arrested the organisers and the police have been investigating further to track the mastermind behind this scheme. As per Hemant Nagrale, Police Commissioner Mumbai, the accused were running this scheme in Navi Mumbai, Thane and other parts of Maharashtra

    This month in May, the EOW, arrested Nayan Patel 28 and Amit Kedia, 32 in connection to OneCoin scam.

    The EOW become involved in the investigation last month. It had formed a special investigation team consisting of 15 personnel and four officers.

    Patel had earlier absconded, leaving India and travelled to Hong Kong from Dubai. Mumbai Police caught him at Mumbai International Airport while trying to return to India.

    Four Bank Accounts Frozen After Investigation

    The investigation from last month’s arrest of 18 people had led the EOW to four bank accounts. Two of these bank account named Premium Payment Solution. One of the bank accounts held ₹19 crores (approx. $3 million). Other account had ₹5 crore. The authority has now seized both these accounts.

    As per the EOW’s investigation, two individuals, in particular, Mary Beyance from Mauritius and Ereena Andreva Belkinska from Bulgaria are the main perpetrators of the OneCoin scheme. Further investigation is being done in this regards.

    EOW has arrested 20 people in association with the OneCoin’s operation in India. However, the investigation still continues.

    No “official” statement released by Ruja Ignatova – CEO, OneCoin.

    Related:

  • EOW to probe if IIFA awards organiser took money from Qnet

    EOW to probe if IIFA awards organiser took money from Qnet

    #Qnet #IIFA #EOW

    According to the complainant, the money spent sponsoring the IIFA awards, belonged to victims of the Qnet scam. He also requested for an investigation into the company’s link with Bollywood.

    The Economic Offences Wing (EOW) of the Mumbai police has launched an inquiry into the allegation that Wizcraft International Entertainment Pvt Ltd, which organised the International Indian Film Academy (IIFA) awards, took money from Qnet. The EOW is carrying out an investigation against Qnet for its alleged involvment in a Rs406-crore scam.

    The complaint was filed by one Gurupreet Singh Anand, alleging that the IIFA platform was being used by QNET to further its scam in India. Anand requested a thorough investigation into the trail of the money that went into the award function.

    According to the complainant, the money spent sponsoring the IIFA awards, belonged to victims of the Qnet scam. He also requested for an investigation into the company’s link with Bollywood.

    Confirming the development, joint commissioner of police (EOW) Dhananjay Kamlakar said, “We have started an inquiry into the allegations but can’t share details at this point of time.”

  • Rep of Public Relations firm summoned in alleged QNet Scam

    Rep of Public Relations firm summoned in alleged QNet Scam

    Economic Offences Wing (EOW) Of The Mumbai Police summoned the rep of a Public Relations firm, who is handling  the account of QNet in India. At the same time, EOW authorities have also written to the banks that under section 91 and 102 of CrPC and Section 4 of the Bankers Books Evidence Act, 189, to freeze the PR company’s bank account.

    Rajvardhan Sinha, additional commissioner said, “We suspect the money used to pay the PR firm was earned by QNet through the proceeds of crime. Till date, 10 people have been arrested in this case,”.

    The cops also stated they will also summon various other Public Relations firms who did PR job for QNet in the past.

    According to Mumbai Police, the Public Relations firm PR company had actually become part of an agreement with QNet in January to act as a coordinator between the media as well as the advertising company.

    “We have asked the PR firm to furnish the contract copy, details of QNet officials who had approached it and bank payment details,” said an officer. But, the officer added, the EOW is not satisfied and has summoned the representative again.

    The alleged Qnet scam is said to be of Rs 425 crore in India.

  • Pallavi Joshi’s bail plea rejected by Nagpur district court

    Pallavi Joshi’s bail plea rejected by Nagpur district court

    Nagpur: The bail application of Pallavi Joshi, Shreesurya group director and co-accused in the scam, was rejected by Nagpur District and Session Court on Friday. The bail plea was dismissed by Special judge CS Tarare after the prosecution as well as counsels for the investors persistently (more…)