In New Zealand a Million Dollar Fraud with OneCoin has been Committed (UPDATED)
The representatives of church in Australia and New Zealand used the OneCoin digital currency to transfer millions of dollars to Samoa, as reported by information portal RNZ. According to Samoa’s Central Bank, hundreds of people in the region were also involved in the scam. A New Zealand police report says that authorities are examining real measures against OneCoin. Enterprises and individuals financing the project will also be held accountable. OneCoin representatives used the Samoan Independent Seventh Day Adventist Church (SISDAC) to achieve their goals, although the latter denied information about their involvement in illegal activities, also denying participation in money laundering. In addition, a team of church lawyers intends to file a lawsuit against the Samoan government because of false accusations. In an interview with RNZ, three women from Auckland who asked not to reveal their identities claim that their total contribution to OneCoin was $28,000. The victims believed that the investment represented a safe and stable financial future for their families but later found out that they had been tricked. OneCoin is positioning itself as a successful public startup. In Auckland, the company is said to have used entrepreneur Sina. According to information published on her Facebook page, she works at OneDreamTeam NZ, whose team is a local group of independent marketing partners of OneLife, a well-known affiliate of OneCoin. At the moment, his representatives did not comment on the incident. UPDATED!  After the publication of this material, the representatives of OneCoin commented on the information: "Let it be clear that neither OneCoin nor OneLife companies have organization, representation or employees in Samoa and New Zealand. No one has authority to act or make statements on company’s behalf in Samoa and New Zealand. Furthermore, in order to ensure the legitimacy and objectiveness of the information, presented in the mass media, the OneCoin company would like to clear out this obvious misunderstanding, by stating the following: By definition a Ponzi scheme is a “fraudulent activity/investment operation where the revenue for old investors is generated through the investment of new investors, rather than from legitimate business activities”. Why is OneCoin NOT a Ponzi scheme? OneCoin is a centralized, closed source cryptocurrency. The closed system has strict AML and CFT (Anti-Money Laundering and Combating the Financing of Terrorism) policies as well as KYC (Know-Your-Customer) implementation and, as in our case, prevents anonymous transactions. Based on that it is much more compliant than decentralized ones. The OneLife Network which was born out of the OneCoin brand is a growing global network, where the IMAs’ (Independent Marketing Associates) success depends entirely on their personal commitment, abilities and effort. IMAs can obtain an educational package and can only receive a bonus for their marketing activity, meaning they are not obliged to incur any additional expenses or recruit a new IMA. The current legislation on pyramid sales, its origin and its express purpose is consumer protection. The users which are part of the OneLife Network are NOT consumers. They are IMAs, meaning they are self-employed business owners. Before becoming IMAs, users sign a contract. Clause 2 E of the OLN IMA agreement states that, by accepting the contract, the user becomes an independent, self-employed business owner. In addition they are provided with the opportunity (NOT obliged) to recruit a new IMA. In this case bonus/revenue will be received for the realized sales and for the support they provide to IMAs. A bonus is not paid for the recruitment of the new IMA, but for the value of sales. An IMA is entitled to market Advanced Learning Systems - educational packages, to other potential users, who can become IMAs as well and are entitled to market ALS to other users but only if they decide to do so. The IMAs are independent, self-employed contractors for the OneLife Network and it is in this strict sense the company as such has no business activities in Samoa and New Zealand, as already stated above. Having said that we would like to state that the company does not consider it has any responsibility for activities directed by OneLife IMAs at Samoa and New Zealand. Nevertheless, we do care about IMAs behavior and insist on them being compliant with local regulations. That is why free of charge trainings, guidelines and presentation materials are constantly provided to all our IMAs worldwide in order to ensure that they adhere to the law in their daily work. In case an IMA has violated our internal Terms and Conditions, the company has the full right to apply its internal sanction policy. The OneCoin company has always appreciated the efforts of authorities and media outlets to ensure economic safety of the society. Therefore, being a compliant company, OneCoin has always been more than happy to cooperate and explain to whoever is interested, within the reasonable grounds, how a closed source cryptocurrency system works. A closed source does not compromise the legitimacy of the cryptocurrency in any way. The OneCoin company is committed to following good business practices and the relevant rules and regulations in the countries in which they operate. The OneCoin company is fully aware that the cryptomarket is currently still relatively young and is rapidly developing by the minute. Being an alternative to the traditional currencies in terms of payment, none of the currently known cryptocurrencies has been accepted by any government as official currency. So, our main goal is on a daily basis we try to contribute in any way for the establishment of stricter regulations and legal frameworks worldwide to ensure that the cryptomoney is used solely for decent purposes." Subscribe to The Coin Shark news in Facebook: