Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News

Seychelles Law Enforcement Petitioned to Probe Transfer of 230K Worth of Onecoin Bitcoins

Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

The Financial Crime Investigation Unit (FCIU) of Seychelles Police has issued a statement confirming the official receipt of a petition to thoroughly investigate several transactions associated with the transfer of 230,000 bitcoins. And according to sources, the crypto is believed to be linked with the Onecoin pyramid scam. 

Onecoin Robbery in Dubai

Apart from having to investigate the transfer of the crypto assets, this police investigation will also be looking to properly scrutinize transactions involving cash and property totaling about $10 billion in worth. The receipt of the investigation petition by the FCIU is not unrelated to a recent discovery of nearly $500 million worth of Onecoin loot spread across bank accounts in Dubai, according to the Seychelles News Agency. 

This shocking revelation has prompted individuals and business entities who have fallen victims to the pyramid scheme to file probe requests against Onecoin in London, Dublin, and Brussels.

The Seychelles News Agency has also reported that the head of legal affairs for FCIU, Tania Potter, has revealed the step-by-step process that the agency is planning to take before making its decision.

Potter explained that although the agency has received countless documents included as part of the complaints, some of the documents still need to be thoroughly verified in order to be able to confirm any links to Seychelles, if there ever is. Only upon completion will a decision on what step to take next will be made. Most likely, the next step will be to inform the Onecoin victims, according to Potter. 

Problems associated with investigating crypto crimes

Potter has also been able to outline some of the difficulties that law enforcement agencies usually encounter in cases like this. Especially trying to investigate crimes that seem to have been committed outside the borders of Seychelles but by businesses that are situated in the tiny island nation.

Speaking further, Potter claimed that the individuals who may have been defrauded mostly did invest with an International Business Company. And while IBC is registered in Seychelles, transactions do not in any way happen in the country so it becomes a tough task trying to go after such a person who has either aided or committed the crime, she said.


Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic