The cryptocurrency scam OneCoin's money laundering operation allegedly funneled billions through Seychelles, where notaries reportedly validated forged documents without witnessing signatures. Investigator Jonathan Levy's findings point to Mimoun Madani, a Dutch national in Dubai, who allegedly used a Power of Attorney purportedly signed by fugitive OneCoin founder Ruja Ignatova to move vast sums.

The critical issue centers on notarizations performed in Seychelles by Bernard Georges, a lawyer and member of parliament operating Georges & Co from Eden Island. Levy confronted Georges about the documents' authenticity. Georges admitted he never saw anyone sign the Powers of Attorney. He contended his notary seal and signature merely confirmed the documents' existence, not their genuineness or the presence of signatories.

This admission is significant. Proper notarization requires a notary to confirm the identity of signatories and witness their actual signatures. Georges apparently bypassed these crucial steps. After Georges stamped these questionable documents, they were apostilled, certifying them for international use. Presenting these apostilled papers in the UAE lent them an appearance of legal authority, enabling Madani to transfer millions.

The scope of the alleged fraud extends further. Sheikh Al Qassimi, another figure linked to the OneCoin scheme, claims to control 230,000 Bitcoin using a separate forged Power of Attorney. This Bitcoin hoard is valued at over $10 billion. Al Qassimi is reportedly using these forged documents in an attempt to seize up to $1 billion in UAE real estate.

Levy formally notified Seychelles' Financial Crimes Investigations Unit on August 18th, requesting an investigation into notarial practices that facilitated this massive fraud. He described the situation as urgent, stating that lax notarization standards in Seychelles had become the legal bedrock for extensive criminal activity. Levy also sought a warrant for Madani's arrest on charges of uttering forged documents. It remains uncertain whether Seychelles Police will act. The nation's potential role as a hub for laundering illicit documents may finally face scrutiny, contingent on official action.