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OneCoin Money-Laundering – Update on companies, people, and money-flow

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The drama about the world’s largest crypto-MLM scam by the Bulgarian Ruja Ignatova should actually be in the last act after astonishingly many years. As BehindMLM reported a few days ago, the European website of OneCoin (www.onecoin.eu) has been closed and investigations are ongoing. OneCoin’s One Academy and One World Foundation websites are also down. It seems as if the vast crypto Ponzi scheme is about to vanish as did its cryptoqueen.

US indictment of lawyer Mark S. Scott

At the end of November 2019 in the United States, the US lawyer Mark S. Scott was found guilty of money laundering and bank fraud by a jury. He can expect up to 50 years in prison, the prosecutor emphasized.

Scott allegedly organized the money laundering of the money stolen by the OneCoin scheme and its promotors worldwide on behalf of the self-proclaimed crypto queens Ruja Ignatova. According to US prosecutors, he laundered about $400 million and received $50 million in commission. More people and companies were involved in this money laundering.

The Dubai connection

Konstantin Ignatov, Ruja’s younger brother, has also provided names of other alleged co-conspirators in the money-laundering scheme in court as a witness to the charges under oath. For example Amer Abdulaiziz and his Phoenix Fund in Dubai. According to Ignatov and Scott, this guy has been one of the most important money launderers for OneCoin. Abdulaiziz is also said to have stolen $100 million from OneCoin, Konstantin Iganatov testified in the court. Scott confirms in a statement that he would have transferred $190 million to this Phoenix Fund.

Rumors have also emerged in various forums that the Phoenix Business Center in Dubai is part of the investment with OneCoin funds. In fact, the Business Center seems to belong to the Phoenix Fund of Amer Abdulaiziz. OneCoin was based there in Dubai.

The Georgian Connection

In addition, the US-American Gilbert Armenta is at the centre of money laundering. Hundreds of millions of OneCoins are said to have been laundered through his JSC Capital Bank in Georgia. The Georgian banking regulator revoked Armenta’s JSC Capital Bank‘s license in 2016 because of these money laundering activities.

From JSC Capital Bank in Georgia, traces lead to Kenya Commercial Bank (KCB) and a Rich Asset Management Limited and Aly-Khan Abdulsatchu (Aly-Khan Satchu). The latter is a well-known investment manager and speculator. Allegedly, an investment fund was to be created in Kenya around the OneCoin scheme. Hence, a certain One Pay Limited (Georgia) transferred substantial amounts to Kenya.

Much of the information now coming to light came to light in the court case against Mark Scott. It is thanks to Matthew Russel Lee of Inner City Press in New York that we learn this. He reported live on Twitter from the courtroom and wrote detailed reports on his Patreon blog. Thank you Matthew for that.

To be continued and updated

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