OneCoin Won’t Be Investigated by NZ Authorities but May Have Shut ePayments Systems Down

While New Zealand’s Commerce Commission has announced that it won’t investigate OneCoin, the ePayments Systems shutdown may be related to it.

The first warning against OneCoin was issued by the Financial Markets Authority back in 2018. In 2019, NZ police filed a report detailing fraud related to OneCoin at the Commerce Commission. The organization has since reported it has decided not to pursue an investigation, claiming that:

“The scheme was no longer operational in New Zealand and there was likely to be little prospect of obtaining compensation for participants.”

The Samoan Religious Community Promoted OneCoin in NZ

Among the promoters of OneCoin includes the Samoan religious community, which promoted it in NZ. Since January 2020, 3 Samoan religious organizations have been placed under investigation for money laundering.

It remains unclear who will be held accountable for the loss of millions of dollars.

Is OneCoin Behind the ePayments Systems Shutdown?

ePayments Systems, the largest digital payment company in the UK, has been shut down by the Financial Conduct Authority (FCA) on February 11th.

It’s believed that over £100 million in client funds were lost. Rumors of malpractice include OneCoin's complicity in fraud because Robert Courtneidge – one of the former directors at ePayments Systems – worked for the law firm Locke Lord as a Global Head of Cards and Payments. Locke Lord also had, as a client, Ruja Ignatova, OneCoin’s founder.

Two months before Courtneidge left Locke Lorde, Ignatova suddenly disappeared, potentially with a lot of money in laundered investor funds from OneCoin.

Had Courtneidge Worked Closely with Mark Scott?

Back in November 2019, Mark Scott got a conviction for laundering more than 400 million euros for Ignatova, money that is unaccounted for at the moment.

It’s assumed that Courtneidge worked closely with Mark Scott in order to be appointed as ePayment Systems director. This relationship may have involved laundering enormous amounts of money for Ignatova through ePayment Systems.

Could this be why the FCA has shut down ePayments Systems under allegations of money laundering?

Courtneidge Had no Comment on Connections to OneCoin

When approached by the Financial Times on his connections to OneCoin, Courtneidge refused to comment. The same goes for ePayments Systems and Locke Lorde. The question remains whether ePayments Systems was used to steal money for Ignatova or not.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide