Indian police are continuing their efforts to recoup funds from promoters of OneCoin, a digital currency investment scheme widely believed to be fraudulent.
“We need police custody for investigating the case and to get all details of the scam. We have got custody of the accused till May 3,” the official said.
That Indian police are shifting resources and seeking additional information from those held indicates that officials in that country are continuing to step up their fight against OneCoin. Recent reports show that other countries, including most notably Germany, are taking aim against the scheme in other ways as well.
As reported last week by CoinDesk, BaFin, Germany’s top finance regulator, issued cease-and-desist letters to major elements of OneCoin’s global operations, effectively ordering it to stop operating in the country.
Reports from last month also indicate that Kazakhstan’s government has also taken steps, ordering a OneCoin advocate under house arrest pending further investigation, according to a report from regional news service Tengri News.
Jail cell image via Shutterstock