While New Zealand’s Commerce Commission has announced that it won’t investigate OneCoin, the ePayments Systems shutdown may be related to it.
The first warning against OneCoin was issued by the Financial Markets Authority back in 2018. In 2019, NZ police filed a report detailing fraud related to OneCoin at the Commerce Commission. The organization has since reported it has decided not to pursue an investigation, claiming that:
“The scheme was no longer operational in New Zealand and there was likely to be little prospect of obtaining compensation for participants.”
The Samoan Religious Community Promoted OneCoin in NZ
Among the promoters of OneCoin includes the Samoan religious community, which promoted it in NZ. Since January 2020, 3 Samoan religious organizations have been placed under investigation for money laundering.
It remains unclear who will be held accountable for the loss of millions of dollars.
Is OneCoin Behind the ePayments Systems Shutdown?
ePayments Systems, the largest digital payment company in the UK, has been shut down by the Financial Conduct Authority (FCA) on February 11th.
It’s believed that over £100 million in client funds were lost. Rumors of malpractice include OneCoin’s complicity in fraud because Robert Courtneidge – one of the former directors at ePayments Systems – worked for the law firm Locke Lord as a Global Head of Cards and Payments. Locke Lord also had, as a client, Ruja Ignatova, OneCoin’s founder.
Two months before Courtneidge left Locke Lorde, Ignatova suddenly disappeared, potentially with a lot of money in laundered investor funds from OneCoin.
Had Courtneidge Worked Closely with Mark Scott?
Back in November 2019, Mark Scott got a conviction for laundering more than 400 million euros for Ignatova, money that is unaccounted for at the moment.
It’s assumed that Courtneidge worked closely with Mark Scott in order to be appointed as ePayment Systems director. This relationship may have involved laundering enormous amounts of money for Ignatova through ePayment Systems.
Could this be why the FCA has shut down ePayments Systems under allegations of money laundering?
Courtneidge Had no Comment on Connections to OneCoin
When approached by the Financial Times on his connections to OneCoin, Courtneidge refused to comment. The same goes for ePayments Systems and Locke Lorde. The question remains whether ePayments Systems was used to steal money for Ignatova or not.