After leaving many in immense shock across the globe, the OneCoin scam was exposed. Upon investigation of its operations and its truth like the narrative to lure investors, many vulnerable people fell prey. What has come to the fore in the recent developments is shocking. The fake cryptocurrency company, which posted as an educational resource and an alternative to bitcoin, ran its operations using religion and faith as a bet.
Australia and New Zealand were one of the primary activity areas for the OneCoin fraudsters. The Samoan authorities have pointed their fingers at two churches with their bases in Australia and New Zealand.
Samoa’s Central Bank has claimed that the region’s community has been conned of tens of thousands of dollars by OneCoin. The representatives from the organization targeted members of Samoa Worship Centre and the Samoan Independent Seventh Day Adventist Church (SISDAC), where they sold OneCoin’s products through the church. The SISDAC has refused to have been involved with any such fraudulent activities with the “company.”
Members of the community have reported that the church refuses to accept the accusations where many members invested in OneCoin. The legal team of the churches has decided to charge the Samoan government with charges of defamation.
As per experts, OneCoin exploited the region’s customary values towards religion and elders to target the population. In MLM, one’s close relatives or friends refer you to sell products. One tends to buy something from them based on their word of mouth. The fact that people would not report on their relatives of conning them was used to OneCoin’s advantage.
After a tussle on how the cheated can contact the company for a response, some mailed to the company’s website, which remains unanswered. Legal notices have then been sent via social media to the proprietors.
A similar case was also observed in the U.K., where family ties were exploited in the means of MLM selling OneCoin’s fake cryptocurrencies. In particular, British Muslims were hit by a major blow as they were told that OneCoin falls under Islamic laws. The deaf community from Midlands and the orthodox Jewish groups in London too had invested in the scheme which they claimed to be a “once in a lifetime opportunity.” The same was adopted for various religious groups from Hong Kong to Palestine.
Ignatova and her associates of the scam used faith and beliefs as their trump cards to instill trust among people. No wonder the company managed to pool in the kind of numbers that it did in such a short span.