OneCoin is slowly catching the attention of more law enforcement agencies worldwide. After initial investigations in India, Italy, and the United Kingdom, it now appears the notorious Ponzi scheme is under investigation by the Finnish authorities as well. It is good to see a global crackdown against OneCoin, since this pyramid scheme has taken money from thousands of investors. Moreover, the team seemingly is not too concerned with providing any transparency regarding the project or the technology being used.

Another Police Investigation Involving OneCoin

Most cryptocurrency users are all too familiar with the name OneCoin. This project claims to be a much better version of digital currency than Bitcoin will ever be, without backing those claims up whatsoever. There is also no evidence of any technology allegedly used by OneCoin, as the company has no blockchain or mining setup. Instead, the team manages a tightly-controlled mutable database of numbers which can be edited as they see fit. Anyone who has invested in OneCoin ultimately risks losing all their money when trying to cash out.

There is a cult-like mentality when it comes to the people who invest in and represent OneCoin. Not too long ago, we highlighted a few of the better-known individuals officially representing OneCoin. Unfortunately, it turns out virtually every major city around the world has at least one person who is involved in this pyramid scheme. There are also regular meetups to recruit potential investors, who are urged to invest in the scheme as a way to get rich quick.

Any promise of quick financial gain without too much involvement is often too good to be true, and investing in OneCoin is no exception. The company does not require users to refer others, yet it certainly encourages doing so. Every person one brings into the fold will net him or her a lucrative affiliate bonus, making it worthwhile to go out of one’s way to speak to others about the program. Officially representing OneCoin often attracts the attention of law enforcement officials, though.

Several news sources in Finland report that is exactly what is happening in their country. It seems the local police have taken a keen interest in OneCoin and anyone who openly affiliates with this Ponzi scheme. Several criminal reports have been filed against the company, originating from both private individuals and tax authorities. This news comes on the heels of OneCoin facing a multi-million euro fine as well. Authorities around the world are smartening up when it comes to these nefarious schemes. OneCoin is a plague that needs to be eradicated completely before more people lose their money.

Finland has been keeping a close eye on OneCoin since early 2015. It is believed around 20,000 Finnish residents are involved, having invested as much as “tens of millions of euros.” If that is the case, things do not bode too well for OneCoin right now, as all of these people may try to get their money back sooner rather than later. It is doubtful the organization would be able to pay them all, even if it wanted to. With the tax authorities looking into the matter, there could be more fiscal penalties on the horizon for the company and any payment processor facilitating its payments.

With so many court cases being built against OneCoin, it appears this notorious Ponzi scheme may meet its demise sooner rather than later. It is unfortunate so many people have lost their hard-earned money by investing in this scheme, but they should have done their homework first and foremost. Never believe any financial promise someone talks you into, as there is always a catch. In the case of OneCoin, that could be having nothing to show for your investment.