Several investors who deposited their hard earned money in the OneCoin company were told that they would receive huge returns by December 2018. As per Indian Express report, a probe has revealed that the company did not have any registered office nor did it have any bank account and that the accused used to receive all payments in cash. The police said they have so far arrested 18 persons, after close to 400 people were promised huge returns by the company on a one-time investment of Rs 11,900.
According to a senior police official investors were provided passwords after making the payment, on which they could access their profiles on the OneCoin website. “On the website, investors could see how many coins they had purchased with their money. The accused had told the investors that the value of the coins would fluctuate according to the value of Euro,” the officer was quoted as saying by Indian Express.
The company also told investors that value of the coins would increase steadily as more and more people joined the marketing scheme, making them bring in their acquaintances into the scheme in the hope of getting more returns, he said further.
Investors were to receive their payments by December 2018. the officer added the company had told investors to wait and watch their investment grow steadily on the website until that time.
“Had we not acted now, there would have been a flood of complaints next year after the investors would have realised that they had been cheated,” the officer further told Indian Express.
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The police have also booked four other persons, who according to them worked at senior positions in the company. During the investigation, 18 persons who were earlier arrested disclosed that the money collected so far was transferred into bank accounts which were not registered under the company.