Share this article
Indian Police Prepare Charges Against OneCoin Founder Ruja Ignatova
Authorities in India have prepared charges against Ruja Ignatova, founder of the suspected fraudulent investment scheme, OneCoin.
By Stan Higgins
Updated Sep 11, 2021, 1:31 p.m. Published Jul 11, 2017, 10:00 p.m.
Authorities in India have prepared charges against the founder of OneCoin, the digital currency investment scheme widely believed to be fraudulent.
According regional news source The Indian Express, the Economic Offenses Wing of the Navi Mumbai Police has put together a charge sheet – in which allegations are formally laid out – that includes dozens of promoters connected to OneCoin. Those involved are accused of taking thousands of dollars from investors.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Police have been cracking down on proponents of OneCoin for months, dating back to April, when police arrested a group of individuals following a promotional event. India is among a number of countries worldwide in which law enforcement agencies have pursued investigations against OneCoin.
Among those being charged is Ruja Ignatova, who founded OneCoin and has largely been viewed as the public face of the scheme, appearing at events worldwide, including an appearance in May at one in Macau. A group of "nearly 30" people have been charged as a result of the Mumbai police investigation.
The publication further added that, as it stands, investigators are having difficulty talking about the suspected fraud with some of those involved. The reason: fears of potential legal liability for taking part in what has been described as a Ponzi scheme.
"In this sort of scheme, investors become the perpetrators as well as victims. It is clear that this is a Ponzi scheme," Tushar Doshi, a senior law enforcement official, told the Express.
Police have also been stymied as they look to recover funds. Officials told the publication that as funds were being seized from related bank accounts, some of the money was withdrawn by outside sources.
Ruja Ignatova image via Flickr
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Copper, gold and bitcoin: A macro signal to watch
The copper-to-gold ratio is breaking higher, a move that has historically aligned with key turning points in bitcoin cycles.
What to know:
- A rising copper-to-gold ratio signals a shift toward risk-on conditions and has historically preceded major bitcoin rallies after prolonged downtrends.
- The ratio has now broken out from a yearslong decline. Copper’s recent outperformance versus gold may support a bitcoin rally into 2026.
Top Stories
