The Seychelles Police Financial Crime Investigation Unit (FCIU) recently confirmed receiving a request for an investigation into several transactions linked to the transfer of 230,000 bitcoins. The cryptocurrency is said to be associated with pyramid scam Onecoin.
Onecoin Loot in Dubai
Besides investigating the transfer of the crypto assets, the probe is expected to examine transactions involving cash and property worth $10 billion. According to the Seychelles News Agency, the FCIU’s receipt of the request for an investigation follows the recent discovery of “up to $500 million of Onecoin loot in Dubai bank accounts.”
This discovery prompted victims of the pyramid scheme to file claims against Onecoin in London, Dublin, and Brussels. Meanwhile, the same Seychelles News Agency report quotes Tania Potter, the FCIU’s head of legal affairs, explaining the steps the agency plans to take before making a decision. Potter explained:
"The unit has received quite a number of documents, as part of the complaint, some of which need to undergo a verification process to identify any links to Seychelles and upon completion, a decision on the next step will be taken."
According to Potter, once this process is complete, the FCU will proceed to inform the Onecoin victims.
Problems Encountered When Investigating Crypto Crimes
In the same report, Potter is quoted outlining the difficulties law enforcement agencies often encounter when attempting to investigate crimes that are committed outside Seychelles by business organizations headquartered in the tiny island nation.
“We see that the people who have been defrauded have invested on a platform or with an International Business Company. IBC has a registered agent in Seychelles, transactions however do not happen here so it is difficult for us to go after the person who has facilitated or committed the crime,” she said.