Putting to shame the endless parade of warnings issued elsewhere in the world, Chinese authorities have made another 119 OneCoin related arrests.
Public court documents have also detailed the recovery of a large sum of money stolen from OneCoin victims, including $7.2 million stashed in a bank account belonging to Sebastian Greenwood.
Authorities in China’s Hunan province began investigating back in 2016.
Yesterday authorities in Hunan released information pertaining to another one hundred and nineteen arrests.
Since their arrest, each of the arrested suspects have confessed to participation in OneCoin as an investor. Two of the arrested suspects have already been sentenced to more than five years in prison.
Authorities claim the OneCoin bust is the “largest MLM case” ever investigated in Hunan.
The case spanned twenty Chinese provinces, Hong Kong and “overseas countries”.
20,000 bank accounts belonging to suspects were analyzed, along with “tens of millions” of transactions.
Some 200 shell companies related to OneCoin were also part of the investigation.
Investor losses meanwhile have now been pegged at $2.4 billion – a staggering amount considering the continued inaction of authorities outside of China.
In related news a lengthy judgment from the Zhuzhou Intermediate People’s Court in Hunan has also surfaced.
The judgment is dated December 17th, 2017 and certifies OneCoin is an illegal pyramid scheme.
Of note is a list of frozen assets at the end of the filing, including names and bank accounts.
Whereas most of the OneCoin investors are Chinese, there are some in English.
Most notably Sebastian Greenwood, who authorities managed to recover 45.5 million yuan from ($7.14 million USD).
Like OneCoin Founder Ruja Ignatova, Sebastian Greenwood went into hiding in 2017.
Before Kari Wahlroos was brought on board, Greenwood was primarily responsible for promotion of OneCoin globally.
After Wahlroos took over in 2015, Greenwood gained considerable weight and only put in appearances at annual events.
Like Ignatova, the total amount Greenwood pocketed from OneCoin investors is unclear.
Other top OneCoin investors with “illegal income” that appear in the court document include:
- Robert Archibald (aka John Archibald, Chinese name: 罗某) – $18.8 million seized across three bank accounts
- Robert Rysart (Chinese name: 费某) – $5.6 million seized across three bank accounts
In addition to money, the court document also lists laptops, computers and cars as seized assets.
The current whereabouts of Sebastian Greenwood, Robert Archibald and Robert Rysart are unknown.