One Coin - What is it?

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#16 [Permalink] Posted on 23rd June 2016 03:08

ah1999 wrote:

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Subhan'Allah I had a Molana come to my house asking me to join one coin.
I said to him I will do research and get back.
I send him the article he got all defensive & said this Mufti has given fatwa it is jaiz who are you to say it is scam & fraud.

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#17 [Permalink] Posted on 23rd June 2016 09:16

Abu Suliman wrote:

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salaam

people are still pushing One Coin?

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#18 [Permalink] Posted on 23rd June 2016 13:17

xs11ax wrote:

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Yea this is the next big thing for them after ACN,& mostly molvies practising brothers promoting it.

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#19 [Permalink] Posted on 23rd June 2016 13:51

It is unfortunate that our Darul-ulooms don't prepare graduates for real life at all. Ulama need to make money so they easily fall for selling Calling Cards and MLM etc.

Forget Halal/Haram MLM or any such Pyramid (looking) Scheme is just bad business.

But its not the fault of Ulama who are not given any Business Training at all.

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#20 [Permalink] Posted on 23rd June 2016 13:58

Abu Suliman wrote:

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someone tried to coerce me into joining ACN. he was also an alim. his argument was hazrat so-and-so also does it and its not a scam and you will make a lot of money. last i heard he lost his money as he couldnt find enough people to join under him.

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#21 [Permalink] Posted on 10th October 2016 21:38

www.fca.org.uk/news/news-stories/beware-trading-virtual-c...
Beware trading virtual currencies with OneCoin
We believe consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies.
OneCoin markets itself as ‘a digital currency, based on cryptography’. It claims to have a finite amount of currency units which means it is unaffected by factors such as inflation, and that it is not bound by a central bank.
Why we are concerned
The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud (link is external) or telephone them on 0300 123 2040.
This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.
As OneCoin is not authorised, consumers who deal with it will have no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.

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ah1999

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#22 [Permalink] Posted on 10th October 2016 21:38

Beware trading virtual currencies with OneCoin
We believe consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies.
OneCoin markets itself as ‘a digital currency, based on cryptography’. It claims to have a finite amount of currency units which means it is unaffected by factors such as inflation, and that it is not bound by a central bank.
Why we are concerned
The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud (link is external) or telephone them on 0300 123 2040.
This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.
As OneCoin is not authorised, consumers who deal with it will have no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.
www.fca.org.uk/news/news-stories/beware-trading-virtual-c...

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ah1999

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#23 [Permalink] Posted on 10th October 2016 22:16

"OneCoin lose Italian bank account, open one up in Hong Kong"
Oct.06, 2016

OneCoin’s banking rollercoaster woes continue, with the latest seeing the scheme open up a new account with China Construction Bank (Asia) Corporation Limited.

Two weeks ago OneCoin revealed a new account with the Italian bank Banca Monte dei Paschi di Siena.

Within twenty-four hours the banking details were removed, suggesting Banca MPS shut down OneCoin’s account once they realized what was going on.

Now, a few weeks later, OneCoin’s latest banking ploy has seen them open up an account with China Construction Bank (Asia) Corporation Limited in Hong Kong.

In keeping with the use of shell companies (one can only assume “OneCoin” and “OneLife” are on a financial blacklist), OneCoin’s new bank account is in the name “Foshan Everbright Import & Export Company Limited”.

According to their website,

China Construction Bank (Asia) Corporation Limited [“CCB (Asia)”] is the retail and commercial business platform of China Construction Bank Corporation [“CCB”] in Hong Kong.

As of August 31, 2016, CCB (Asia) has 50 branches in Hong Kong and offers a wide array of banking products and services to customers, including consumer banking services, commercial banking services, corporate banking services, private banking services and cross-border financial services, etc.

As for Foshan Everbright Import & Export Company Limited, a company bearing the same name is situated in Guangdong, China.

Foshan Everbright Import & Export Company Limited is situated in main commercial area of Foshan.

(Foshan Everbright) is known the main manufacture base for ceramics, plastic, iron and steel for all over China. We therefore build up good cooperate relations with over hundred excellent industries.

The Hong Kong branch OneCoin are using appears to have been set up solely to launder investor funds through (as OneCoin has nothing to do with import/export).

Whether OneCoin purchased the company name or paid someone else to set up the shell company is unclear.

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ah1999

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#24 [Permalink] Posted on 11th October 2016 10:34

www.fca.org.uk/news/news-stories/beware-trading-virtual-c...

Beware trading virtual currencies with OneCoin

We believe consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies.

OneCoin markets itself as ‘a digital currency, based on cryptography’. It claims to have a finite amount of currency units which means it is unaffected by factors such as inflation, and that it is not bound by a central bank.

Why we are concerned

The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud (link is external) or telephone them on 0300 123 2040.

This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.

As OneCoin is not authorised, consumers who deal with it will have no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.

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#25 [Permalink] Posted on 10th June 2017 02:53

18 held for organising Ponzi scheme seminar
www.thehindu.com/news/cities/mumbai/18-held-for-organisin...

Navi Mumbai: The Navi Mumbai police on Sunday arrested 18 people for allegedly organising a seminar on Ponzi scheme. The seminar in Juinagar urged the participants to invest in ‘Crypto currency’ in the name of ‘One Coin’ and promised them returns from 2018.
“We attended the seminar in civil clothes and heard the whole presentation after which they presented a few people claiming that they had earned ₹5 lakh and ₹10 lakh by investing in the scheme. They also played video clippings of Prime Minister Narendra Modi, where he encouraged digital transactions. This particular company has no registration with the RBI nor does it have any licence for running such financial schemes promising high returns. Hence we arrested the 18 people who had organised the seminar and are investigating the case to trace the master mind,” said Police Commissioner Hemant Nagrale, adding, this scam is being run by the accused in Navi Mumbai, Thane and other parts of Maharashtra.

As per the scheme, the investor has to purchase one coin for ₹11,900 and when the rate of the Crypto currency rises, the rate of the coin also goes high. “The coins were virtual coins and when the rates of the coins go up, one can sell those coins to another person and earn cash, and the chain goes on,” said Mr. Nagrale.
The Navi Mumbai police made the participants understand how the scheme was fraudulent.

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ah1999

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#26 [Permalink] Posted on 10th June 2017 02:59

FALSE CLAIM OF BEING SHARIAH COMPLIANT
Clarification – OneCoin Certification

(28th November, 2016) It is clarified that AlHuda Center of Islamic Banking and Economics (CIBE) is contacted by OneCoin through a UK based organization to provide Shariah certification services to one of the their existing Shariah Compliant product “Coin Safe”. After the carefully review of provided documents, structure, mechanism etc. we provisionally certified one product “Coin Safe” (ONLY) , with some other certain guideline to ensure the Shariah Compliance.

We here clarify that AlHuda CIBE did not certified “OneCoin” as Shariah Compliant Company, and OneCoin management has mistakenly issued a Press Release about the Shariah Certification of OneCoin by AlHuda CIBE, which is removed from their website as well. Shariah Certificate is not a document to recommend/suggest to anybody for the investment or business transaction or may utilize for the marketing purposes.

Due to the violation of term of certification and non-compliance of the guidelines, AlHuda CIBE also withdraw the certificate of “Coin safe” product as well.

About AlHuda CIBE:
AlHuda CIBE is very much enthusiastic to utilize the concept of Crypto Currency in Microfinance Industry solution for Poverty Alleviation, Social Development and Financial inclusion in Muslim world.

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ah1999

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#27 [Permalink] Posted on 16th August 2017 13:56

Having enjoyed a great deal of popularity in its early days, OneCoin has now been branded a pyramid - or Ponzi - scheme by the Italian Antitrust and Consumer Protection Authority (AGCM) and saddled with a €2.5m fine as Italy continues to take a tough stance against digital fraud in general and against OneCoin in particular.

The AGCM opened its investigations into OneCoin last December believing the cryptocurrency was, in their words, "a deceitful Ponzi scheme". They concluded their investigation in February and although OneCoin protested against their treatment, the currency was banned in Italy by the end of that month.

www.selachii.co.uk/Blog/Italy-brands-onecoin-a-pyramid-sa...

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One Coin - What is it?

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