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Over $10 billion in fraudulent OneCoin transactions traced to Seychelles under investigation.

Over $10 billion in fraudulent OneCoin transactions traced to Seychelles under investigation

The Financial Crime Investigation Unit of the Seychelles Police says it is investigating OneCoin pyramid scheme which involves transaction of cash and property worth over $10 billion.

The police confirmed that it has received documents asking for an investigation in multiple transactions involving the transfer of 230,000 Bitcoins.

The head of legal affairs at the Financial Crime Investigation Unit, Tania Potter, said the unit has received quite a number of documents, as part of the complaint, some of which need to undergo a verification process to identify any links to the Seychelles and upon completion, a decision on the next step will be taken.

Potter outlined that an email was sent to the Attorney General’s office from a lawyer in the UK, and the lawyer was referred to the Unit.

“On August 18, the matter was brought to my attention and the officer who received the complaint was instructed to acknowledge and inform the complainant that the documents will be verified and any outcome will be communicated in due course,” said Potter.

 The BitCoin News published the article regarding the fraudulent case which is now before the police for investigations.

 “The request for an investigation is the result of claims filed in London, Dublin, and Brussels against the OneCoin organisation by victims after up to $500 million of OneCoin loot was recently discovered in Dubai bank accounts.” The Bitcoin News

According to The Bitcoin News, the lawyer lodging the criminal complaint, Jonathan Levy, has offered to assist the Unit in the investigation.

“The misuse of the Seychelles jurisdiction and involvement of public officials to commit the crypto crime of the century calls into question the use of the Seychelles by other crypto ventures including the world’s largest cryptocurrency exchange, Binance, which makes extensive use of the Seychelles as a corporate headquarters.

“If Seychelles lacks the ability to regulate crypto asset transactions worth billions, then there are serious anti money laundering issues raised about cryptocurrency companies that choose to base their operations there,” continued Levy.

Meanwhile the latest 2021 research that was undertaken by leading pan-African technology group Liquid Intelligent Technologies says over 90% of IT decision makers across South Africa, Kenya and Zimbabwe have accelerated their Cyber Security due to the substantial emergence of digital ways of working.

The study established some of the main concerns about Cyber Security threats and the most significant impacts of digital breaches on an organisational level.

 A critical insight from the research suggests that 79% of businesses from all three countries attribute an increase in Cyber Security threats to the advent of remote working. Data breaches like data extortion, data leakage and data disclosure constitute almost 71% of the cyber-attacks for Kenyan businesses, and over 70% of South African and Zimbabwean organisations consider email attacks like Phishing the most prominent digital threats.

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