Indian Police Hold OneCoin Promoters in Custody

Indian law enforcement is continuing its investigation in an ongoing crackdown on OneCoin, a purported digital currency scheme commonly seen as a pyramid scam.

According to reports from two national newspapers, Indian police in the city of Mumbai are holding custody of 18 individuals arrested during an undercover operation looking into a OneCoin promotional seminar last week.

According to the Times of India, obtaining custody of the 18 promoters was an important step in the wider investigation into the money trail which has, so far, seen authorities freeze over ₹19 crores (approx. $3 million) in bank accounts.

In India, OneCoin investors were reportedly provided with passwords to check their profiles on OneCoin’s website following ‘investment’ payments. These payments were made toward the purchase of tokens, redeemable for OneCoin(s). Investors were also told that the value of the coins would fluctuate alongside the Euro.

The 18 individuals were produced in court on Friday before being remanded to local police. The case is seeing participation from a new investigate team from the Economic Offence Wing

Read more ... source: CryptoCoinsNews

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