OneCoin pyramid scheme is being banned by the Indian government, 18 participants have been arrested

According to local Indian media reports, the Indian government is cracking down on the OneCoin pyramid scheme on a large scale. This investment plan under the banner of digital currency is widely regarded as a fraud.

Media outlets such as The Times of India, The Hindu, and Hindustan Times reported that as many as 18 people have been arrested in connection with the OneCoin pyramid scheme. According to reports, the arrests took place on Sunday.

Police also said they had seized funds from participants’ bank accounts totaling more than $2 million. An Indian government official told The Hindu that authorities believe participants may have additional accounts, but since they are not explicitly connected to OneCoin, tracking them may be difficult.

Indian police have reportedly arrested participants after going undercover at a OneCoin conference, where attendees were promised huge returns by the end of next year, a common belief among OneCoin supporters.

The Indian police's action may be the most significant blow to the OneCoin pyramid scheme so far.

Earlier this month, Germany’s top financial regulator, BaFin, shut down a payment processor that handled OneCoin transactions and seized nearly €29 million in account funds.

Central banks in some of the regions targeted by OneCoin scheme leaders, such as Nigeria and Uganda, have issued warnings in recent months, and as previously reported, the City of London police are also investigating the OneCoin scheme.