Onecoin’s Bulgarian Offices Raided by Law Enforcement, No Arrests Made

It has been a while since we last heard any major Onecoin-related news, though this notorious Ponzi scheme has been in the crosshairs of law enforcement agencies for quite some time now. It is evident this scheme will fall apart at some point in the near future. The company’s offices in Sofia, Bulgaria were raided by law enforcement agents this week. It is good to see officials crack down on clear scams such as this one before things really get out of hand.

Onecoin Receives Another Major Blow

Most people who have been active in cryptocurrency for a while will know that Onecoin is something everyone should avoid. The company claims to sell its own digital currency, yet has no blockchain to issue said tokens. As a result, it is evident this currency does not exist, yet it still “issues” the coin to naive investors. Moreover, the company virtually guarantees yearly interest and commissions, making it even shadier.

This notorious Ponzi scheme will collapse sooner or later. When it happens, everyone associated with this company will need to start looking over their shoulder at all times. Law enforcement agencies all over the world are already cracking down on Onecoin, and they will continue to do so until this threat is properly removed. The recent raid by Bulgarian law enforcement on the Onecoin offices in Sofia only confirms how dire the situation is right now. Such action is direly needed, as local sources claim that over 3 million people have been defrauded by this company to date.

Around four dozen employees were questioned during the recent raid. So far, none of them have been arrested, but that could always change. During the raid, agents confiscated servers, documents, and a fair amount of “other” evidence from the Onecoin offices. It’s evident the authorities want to look into the financial side of this notorious Ponzi scheme first and foremost. An official lawsuit can then be filed, similar to the ones faced by Onecoin in other European countries.

Surprisingly, this initiative was not something Bulgarian officials undertook on their own initiative. Instead, they were asked by German officials, where the Onecoin founder Ruja Ignatova has been taken to court. However, Ignatova was born in Bulgaria, which makes this raid a logical course of action. It is evident there are still plenty of skeletons in the closet of this company, and it is now up to law enforcement to bring them to light. Ignatova stepped down as the CEO of Onecoin a while ago, a move that clearly showed she knew what was eventually coming.

With over three million people subscribing to the Onecoin “packages”, it is evident there is a very real chance that every single one of them has lost money in the process. This alone is a very worrisome thought, but it is also possible that the total number of defrauded victims is a lot higher. In Bulgaria, the company is suspected of money laundering, illegal payments, and commercial fraud. With this in mind, it seems to make little sense that no one has been arrested so far. At the same time, it is unclear if authorities are looking for specific individuals who may or may not work at the Bulgarian Onecoin office at this time.

Unfortunately, the recent raid has done virtually nothing to stop the Onecoin machine. Instead, we see continuing worldwide efforts to lure in unsuspecting investors. The parent company, Onecoin Ltd., is not even registered in Europe, and its affiliates are found in virtually every single country all over the world. There is still a very long way to go until this company can finally be brought to its knees once and for all. If law enforcement agencies continue to crack down on Onecoin, the world may be safe from this pest sooner rather than later.