OneCoin Affiliate’s Tax Fraud Funds Seized in Cryptocurrency Ponzi Scheme
OneCoin Affiliate’s Tax Fraud Funds Seized
In the Ostrobothnia region of Finland, a district court issued an order allowing for the seizure of 179,000 EUR. The order permitted authorities to seize funds specifically from a Finland-based OneCoin affiliate, which is also facing criminal charges for tax fraud.
The criminal charge arose after a tip led investigators to launch a criminal investigation focusing on a “sum of money in the man’s account . . . he was not taxed for.” The OneCoin affiliate, in an attempt to explain the funds in his account, defended himself by stating that the funds were not his, but that he was simply holding the funds in the account for someone else.
In addition to the criminal investigation surrounding the OneCoin affiliate, there have also been accusations against OneCoin itself. Last year, the region’s police department launch an investigation into the firm and the National Bureau of Investigation followed as well. Although the investigation was ultimately suspended after OneCoin agreed to become a public listing, the platform still has yet to comply with the requirement that it release its blockchain source-code as well. The source-code was supposed to be released by the end of 2016.
OneCoin is scheduled to become a public listing by October 2018 – however, this may not happen due to the company’s most recent updates.