98 OneCoin Crypto Pyramid Members Convicted in China
May 28, 2018
China’s law enforcement agencies charge four suspects with establishing crypto pyramid OneCoin. The criminals are reported to steal about $2 billion from their investors.
According to the report by the Supreme People's Procuratorate (SPP), prosecutor's office of Hunan province has lodged a charge for four persons for being involved into the matter.
The document says, the action for the scam-project was initiated in September last year and included three stages. As a result, 98 suspects from 20 China provinces were found with some of them sentenced for 4 years or fined from 10,000 to 500,000 yuan (approx. from $1,565 to $77,000) later.
The SPP prosecutor claimed, total number of investors involved amounts to about 2 million, while total sum stole makes 15 billion yuan (~$2 billion). The report also notes, about 1.7 billion yuan of the sum recouped.
The scheme of the OneCoin headed by Bulgaria’s citizen Ruja Ignatova has already been scrutinized by law enforcement bodies in some countries. Initially, its activity traces were found in Italy in April this year and local IT experts were fined for several million euros. Along with that suspects were detained in India. Special prosecutor’s office of Bulgaria joined efforts with that in Europe and America for more intense investigation.