The Chinese authorities have accused four suspects of $ 2 billion theft through the OneCoin pyramid scheme.
According to the Supreme People’s Procuratorate, prosecutors based in the province of Hunan accused four individuals as defendants for realizing an illegal scheme using “Weika Coin“, also known as OneCoin. The pyramid scheme is a widely discussed topic lately, due to the numerous investment scams that involve it.
According to the report issued by the prosecutors, the operation of capturing the guilty individuals began in September 2017, being divided into three stages. Following the investigations, 98 people have been found guilty of involvement in the pyramid scheme. These reside in over 20 localities in China. A specific number of them have already been subject to four-year prison sentences. To avoid the jail years, convicts may choose to pay a fine of between 10,000-5,000 yuan or converted: $ 1,565- $ 783,000.
“According to reports, the case lasted for two years. The Zhuzhou County Procuratorate examined and prosecuted 106 people, filed a public prosecution of 98 people, and recovered nearly 1.7 billion yuan of funds involved in the case. This was the largest number of people involved in the investigation and prosecution since the establishment of the hospital and the largest amount of economic loss recovered,” reported JCRB.
2 million victims= 15 billion yuan
Over 2 million victims have resulted from this scam scheme, respectively 15 billion yuan were stolen from the investors. According to the report, only 1.7 billion yuan were returned to the victims.
The main guilty person for the launch of the OneCoin scheme is Ruja Ignatova. The scheme was thoroughly investigated by the authorities, considering that it could be fraudulent. Last year, the same pyramid scheme caused major losses among investors, while the main suspect was Ignatova.
Recently, the Special Prosecutor’s Office in Bulgaria and the forces in Europe joined to carry out some investigations on the pyramid scheme and find out how to fight it.