In the aftermath of
BaFin’s regulatory ban of OneCoin
 on April 28th, promotion of OneCoin in Germany has come to a screeching halt.

Yesterday, top German affiliate Udo Deppisch was forced to cancel two OneCoin events in Germany that had been organized prior to the ban:

Not content with having thwarted the scheme locally, now the Bielefeld Public Prosecutors Office has confirmed an ongoing fraud investigation.

According to the Public Prosecutors Office, the investigation concerns “OneCoin representatives” tied to IMS International Marketing Services.

IMS is a shell company OneCoin set up to accept payments from OneCoin investors in Germany. BaFin estimate that
OneCoin laundered over $424 million
through IMS bank accounts.

When BaFin moved to
seize the accounts
, only $31 million was recovered.

IMS International Marketing Services was acquired by OneCoin when they
purchased the OPN pyramid scheme
off Frank Ricketts.

Ricketts is believed to be the architect of much of OneCoin’s money laundering network.

According to the Bielefeld Public Prosecutors Office, ‘
seven representatives from the Onecoin environment
‘ are being investigated for fraud and violations of laws governing Germany’s payment services regulations.

The investigation began “months ago”, following a money laundering report filed by a bank in Bielefeld.

Bielefeld is a city in the north-east of the German state, North-Rhine Westphalia.

A representative from the Office
confirmed to Suddeutsche Zeitung
that while the investigation is currently focused on IMS payments, it ‘
could expand in the future
‘.

At the time of publication the Public Prosecutors Office investigation into OneCoin is ongoing. As of yet no suspects have been named.

🤖 Quick Answer

What regulatory action did BaFin take against OneCoin in Germany?
BaFin issued a regulatory ban on OneCoin on April 28th, effectively halting promotion activities in Germany. The ban followed investigations into OneCoin's operations, particularly through IMS International Marketing Services, a shell company used to process investor payments in the country.

Which German authorities are investigating OneCoin representatives?
The Bielefeld Public Prosecutors Office has confirmed an ongoing fraud investigation targeting OneCoin representatives associated with IMS International Marketing Services. The investigation examines fraudulent activities related to investor funds processed through German bank accounts.

How much money did BaFin estimate OneCoin laundered through German accounts?
BaFin estimated that OneCoin laundered over $424 million through IMS bank accounts in Germany. When authorities moved to seize these accounts, only $31 million remained available, indicating substantial

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