98 suspects have been charged by the Chinese authorities amid involvement in the OneCoin Ponzi scheme. The scheme has left hundreds of thousands stuck, with criminals hauling well over $2.3 billion in china alone.
As far as Ponzi schemes go many have not yet exceed the scale of the MMM scheme. While MMM may have been big in African countries having duped millions of investors of billions of dollars, OneCoin has emerged as the latest Ponzi giant to come under fire from authorities.
The efforts of Chinese prosecutors have successfully led to the prosecution of close to 100 criminals. Requiring 2 years worth of evidence, detectives and prosecutors had to pry through activities associated with over 20000 bank accounts. Attempts to recover investors funds are underway with $266 million having been confiscated at the time of writing. While the scheme is still in operation, potential investors have been warned against the volatile nature of Ponzi schemes and the increased risk posed to your assets.
The OneCoin operations have expanded on a global scale with markets seen in the UK and across Europe. Warnings have been released by UK and European authorities advising against investing in the OneCoin scheme. With no obvious sources of profit and obscure methods of practice, the scheme has all the hallmarks of a pyramid structure. Despite the short lived nature of many similar schemes, OneCoin supposedly attracted well over 140 member levels with over 2 million members registered on the service. Despite OneCoin operations being shut down in China, the company remains active worldwide.
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