Author: Azizur Rahman 6 January 2020
With the City of London Police having announced it has ended its investigation into pyramid fraud cryptocurrency OneCoin, The Times asked Rahman Ravelli’s Senior Partner Aziz Rahman what he thought of the decision.
The police investigation led to no prosecutions or any arrests, even though an estimated £4 billion has been taken from OneCoin investors. Aziz told The Times that the case was an example of how the UK’s enforcement agencies have still not been able to get to grips with this type of case – unlike agencies in the US.
A US commercial lawyer has been convicted in the US of conspiracy to commit money laundering and bank fraud in relation to OneCoin. OneCoin’s founder, Ms Ruja Ignatova, is now wanted by the FBI.
It has been reported that police withdrew an order put in place to prevent OneCoin funds leaving the UK, which then allowed money to be moved to Bulgaria, where Ruja Ignatova was based.
City of London Police told The Times it would continue to assist foreign law enforcement agencies with their OneCoin investigations but said it had insufficient evidence to prosecute individuals.
Aziz’s comments featured in The Times. (Subscription required)
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.