Things continue to unravel for OneCoin, one of the biggest Ponzi schemes the world has ever seen. Even though the company continues to attract investors, it is only a matter of time until the pyramid scheme collapses. In Mumbai, 18 people affiliated with OneCoin were arrested recently, and money from four different bank accounts has been confiscated.
Another Blow For OneCoin Scammers
It is evident the OneCoin project and anyone representing it cannot be trusted. However, unsuspecting people looking to get rich through a strategic investment continue to be swayed by the promise of this project. Especially in India, the project seems to be thriving, although that situation may come to change very soon. Now that 18 OneCoin affiliates have been arrested and money has been seized by the police, things are going from bad to worse.To be more specific, the Mumbai police department is unsure how many people are actively involved with promoting this scam and collecting investments. While 18 arrests have been made, the police also uncovered four bank accounts associated with these scamming practices. In these bank accounts, the police discovered 18.97 crore, which is worth about US$2.96m. All of these funds have been confiscated for the remainder of the investigation.All of the people detained by the police were involved in organizing meetings and seminars related to the OneCoin Ponzi scheme. They would also mingle with the attendees to answer questions and secure investments on behalf of the parent company. New investors were asked to pay a deposit of 11,900 Rupee before they had to start recruiting new investors. It is evident OneCoin is a pyramid scheme, even though the company aims to position itself as an MLM company.Once the investors added funds to their account, they will see a representative value in OneCoin. However, there are no coins to speak of, which means the balances have no inherent value. Instead, the numbers represent information in the database maintained by the OneCoin team, while there is no value assigned to it. Investors are also tricked into believing how these mysterious coins will continue to appreciate in value over the coming years, allowing everyone to become a billionaire.It is evident OneCoin representatives will go to great lengths to promote their scam to large audiences. During a recent seminar in Mumbai, the organizers showed clips of Prime Minister Modi and Bill Gates talking about digital investments for India. The OneCoin team turned this public information into a marketing tool for their own scam, which is not a good idea. After all, all OneCoin is doing is attracting a lot of unwanted attention due to these types of practices.The event in question was attended by police officers disguised as civilians. All organizers have been taken into custody, and they were unable to present any registration certificate to support their outrageous OneCoin claims. The investigation is still ongoing, as the Mumbai police want to find the masterminds behind the OneCoin activity in India. It is a matter of time until this entire pyramid scheme collapses, that much is evident. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.