German prosecutors charged Ruja Ignatova’s associates with money laundering, fraud and other banking crimes.
Individuals connected to Ruja Ignatova, fugitive OneCoin founder, were charged with money laundering, fraud and banking crime. This was in connection to the multibillion dollar fraud case that focused on the Ponzi scheme.
Munich-based lawyer, who allegedly transferred EUR 20 million ($19.7million) on Ignatova’s behalf to Cayman Islands to purchase two London apartments. A husband and wife that allegedly managed EUR 320 million ($315.4 million OneCoin customer payments over the course of a year also had their day in German courts to face the charges. Bloomberg reported the news first.
Ignatova is still at large. Fraudulently claiming OneCoin was cryptocurrency, she defrauded customers. Market mechanisms could determine the value of OneCoin, according to prosecutors.
According to the indictment, customers believed that up to 50,000 OneCoins per minute were being minted at one time.
Prosecutors declared OneCoin’s increasing value false and said it was simulated by software.
Expert analysis found that OneCoin’s operations could have caused investor harm of $4 Billion.
In the ongoing OneCoin investigation, other jurisdictions are also seeking to be charged. U.S. authorities have decided to continue the extradition of Christopher Hamilton, an associate of Ignatov, who is accused of laundering $105 million.