Indian authorities have filed a primary charge sheet against 30 individuals accused of promoting OneCoin in the country.
Tushar Doshi, deputy commissioner of crime at Navi Mumbai police stated:
In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme.
The sweeping operation, the charge sheet further revealed, had amassed over ₹75 crores (approximately $12 million) from investing victims. So far, authorities have seized ₹25 crores (just under $4 million) from bank accounts.
The lure for rich rewards was a one-time investment of ₹11,900 (approx. $185). Investors were told that the value of their OneCoins, which is purchased with that initial investment, is tied with the value of the Euro. A substantial payout was promised in December 2018.
Indian police are currently on the lookout for six OneCoin promoters tied to senior positions of the scheme, including its mastermind Rjua Ignatova.