An Ostrobothnia District Court approved the seizure of 179,000 EUR from a Finnish OneCoin affiliate, linking the funds to an ongoing criminal investigation into tax fraud. Police initiated the case after receiving a tip regarding undeclared income found in the suspect's bank account.
The investigation uncovered that the seized funds had not been reported on any of the affiliate's tax returns. When confronted, the individual claimed the money was not his, stating he held it "on behalf of another lesser person." Finnish media outlets have reported this individual to be the third OneCoin affiliate in the region suspected of tax evasion.
Ostrobothnia police launched a broader criminal investigation into OneCoin activities last year. Finnish authorities face a specific challenge in pursuing OneCoin directly, as the scheme maintains no physical corporate presence within the country. This absence has prompted law enforcement to concentrate efforts on local promoters and their financial transactions, using tax evasion as a primary enforcement strategy.
Finland's National Bureau of Investigation (NBI) previously opened a separate OneCoin probe in 2015. That initial investigation was suspended, with officials stating they would await OneCoin's release of its blockchain source code and a public listing of its digital currency. OneCoin had promised to make its source code available by the end of 2016, a deadline it failed to meet.
The company also announced its intention to go public by October 2018. However, corporate communications have since dried up, making a public listing of OneCoin's "Ponzi points" increasingly improbable. This consistent failure to deliver on fundamental promises has left many investors, some waiting since late 2014, in a state of financial uncertainty.
OneCoin is widely identified as a massive pyramid and Ponzi scheme, which defrauded millions of people globally. Its founder, Ruja Ignatova, disappeared in 2017 amid international warrants for her arrest. Authorities in the United States and Germany have successfully prosecuted several key OneCoin associates for wire fraud, money laundering, and other related charges. These international enforcement actions highlight the widespread legal challenges facing individuals connected to the scheme.
The NBI's decision to reopen its original investigation remains contingent on OneCoin's missed October 2018 public listing deadline. Finnish authorities continue to pursue financial crimes linked to the scheme, demonstrating a consistent focus on the domestic activities of its promoters. Victims of financial fraud can find support and reporting mechanisms through the Finnish National Police Board's financial crime unit.