Latest news with #OneCoin
Time Business News
12 hours ago
- Business
- Time Business News
Luxury, Lies, and Runaways: The Financial Fugitives Living in Plain Sight
VANCOUVER, Canada — While the public often imagines fugitives as shadowy figures hiding in jungle compounds or remote mountain hideouts, the reality for many of the world's most wanted financial criminals is far more luxurious. From Dubai penthouses to Côte d'Azur villas, dozens of high-profile economic fugitives are hiding in plain sight — protected by legal loopholes, diplomatic dead zones, and astonishing wealth. Amicus International Consulting, a global legal advisory group specializing in identity restructuring and cross-border protection, has tracked how financial fugitives often live openly in jurisdictions that offer prestige, comfort, and—crucially—non-extradition protection. These men and women, some accused of stealing hundreds of millions, continue to travel, spend lavishly, and maintain elite lifestyles — even while on the FBI's Most Wanted list. Welcome to the World of Visible Vanishers The term 'fugitive' typically evokes images of hiding, evasion, and a constant state of fear. But in the 21st century, high-net-worth fugitives often do the opposite: they vanish into the foreground. Their anonymity isn't gained by retreat, but by blending into the elite — people who travel with private security, change identities with ease, and navigate the world through diplomatic corridors. They aren't hiding in the shadows. They're living at the Ritz. Case Study #1: Ruja Ignatova — The Billion-Dollar Disappearance Known globally as the 'Cryptoqueen,' Ruja Ignatova disappeared in 2017 after defrauding investors out of over $4.5 billion through the OneCoin cryptocurrency scam. Though she was added to the FBI's Top Ten Most Wanted list, Ignatova's precise location remains unknown. What makes her case extraordinary is that her lifestyle — including jets, couture, and lavish events — was not abandoned after her flight. Reports suggest she may have taken refuge aboard luxury yachts or in exclusive compounds in Dubai or the Black Sea, protected by organized networks with political clout. Her story exemplifies how wealth doesn't just buy silence — it can buy safe passage, legal delay, and, sometimes, impunity. The New Face of Financial Crime These fugitives are often CEOs, bankers, hedge fund managers, or state-affiliated insiders. Their crimes include securities fraud, embezzlement, bribery, wire fraud, and manipulation of crypto assets. The modus operandi of these runaways includes: Transferring funds to untraceable offshore accounts Acquiring a second citizenship through investment Using diplomatic loopholes or honorary consul appointments Purchasing real estate in countries that do not enforce U.S. extradition Unlike violent fugitives, who may draw public attention quickly, financial fugitives often go undetected for years — if they are detected at all. Case Study #2: Ayitey Ayayee-Amim — Banking Executive Vanishes After Scandal In 2013, U.S. authorities sought Ayitey Ayayee-Amim, a former banking executive linked to fraudulent business practices in Florida, involving millions of dollars in loans and forged documents. Ayayee-Amim disappeared without a trace after legal proceedings began. Insider reports suggest he may have utilized connections in Ghana and the United Arab Emirates to establish a parallel life, leveraging regional legal inertia and financial ties. His case highlights a common trend: individuals returning to their home country, where extradition enforcement is weaker or politically sensitive. Safe Zones: Where the Law Hesitates to Follow Fugitives don't flee blindly. According to Amicus International's research, economic criminals often target jurisdictions with a mix of the following characteristics: No Extradition Treaty with the U.S. Nations such as the UAE, Russia, and parts of Africa and Southeast Asia remain popular for this reason. Golden Visa and Investment Residency Programs Countries offering citizenship or long-term residence in exchange for investment (Malta, Turkey, St. Kitts & Nevis, Vanuatu) are high on the list. Lax Financial Oversight In areas where beneficial ownership is easily concealed or offshore trusts are prevalent, tracing assets becomes extremely challenging. Case Study #3: John Joseph Ruffo — A Master Disappearance Convicted of a $350 million fraud, John Ruffo was supposed to begin a 17-year sentence in 1998. Instead, he cashed out multiple accounts and drove away in a rented car, never to be seen again. Authorities believe Ruffo used fake IDs, offshore banking infrastructure, and assistance from unnamed accomplices to establish a new identity abroad. In 2021, a surveillance camera in Monrovia, California, possibly captured Ruffo at a baseball game — the closest the FBI has come in over two decades. His sophisticated evasion continues to puzzle law enforcement. How Amicus Investigates High-Profile Disappearances Amicus International's expertise in citizenship law, diplomatic compliance, and asset protection gives it a unique vantage point. While Amicus does not support fugitives, it is often hired by governments, investigators, or media to analyze how legal frameworks are manipulated by those avoiding prosecution. Some findings include: Honorary diplomatic posts have been used to delay arrests or access restricted airspace. have been used to delay arrests or access restricted airspace. Citizenship renunciation , especially from the U.S., can sometimes block legal action if dual nationalities are managed carefully. , especially from the U.S., can sometimes block legal action if dual nationalities are managed carefully. Digital ID manipulation is on the rise, with deepfakes and synthetic IDs used in fraud cases tied to immigration records. Case Study #4: Ruja's Inner Circle in Dubai and Montenegro Further intelligence suggests that Ruja Ignatova's remaining wealth, possibly more than $500 million, is being funnelled through shell companies in Montenegro, Dubai, and Panama. Her partners are rumoured to operate family offices and real estate investment platforms under alternate identities. According to former employees, Ignatova had prepared for escape by securing legal documents under multiple nationalities and was advised by a team of elite European lawyers specializing in 'jurisdictional asset sheltering.' Living Rich While Wanted Contrary to expectations, many fugitives: Hold bank accounts under aliases Own real estate through offshore trusts Attend private events under assumed identities Operate businesses remotely using proxies The lifestyle isn't always low-key. Some own art collections, luxury vehicles, and yachts, with expenses often funded through dormant foreign companies or shadow investments in unregulated crypto exchanges. When Is the Law Powerless? There are still blind spots in international cooperation. Some notable causes include: Bilateral political tensions that slow or prevent extradition. that slow or prevent extradition. Dual nationality complications where one citizenship shields the other. where one citizenship shields the other. Resource limitations in pursuing fugitives through multiple jurisdictions. in pursuing fugitives through multiple jurisdictions. Weak implementation of INTERPOL Red Notices, particularly when requests are ignored or overridden due to political considerations. Case Study #5: A Financial Fugitive in the Alps In 2022, Amicus collaborated with Swiss media to investigate a fugitive investment banker accused of defrauding clients in Luxembourg and the United States. Worth over $300 million, he was found living under a false name in a luxury estate near Lake Geneva, posing as a European venture capitalist. His capture was delayed by months due to: Use of alternate birth records from a Caribbean country Protection by a local lawyer acting as legal proxy Laws preventing asset seizure until conviction abroad Ultimately, Swiss officials coordinated with U.S. authorities to freeze his assets, but he vanished before arrest. Today, he is believed to be living in South Africa. The Cost of Legal Evasion The ripple effects of such disappearances include: Public distrust in financial institutions Loss of confidence in justice systems Billions in unrecovered victim losses Even when fugitives are eventually caught, recovering assets can be challenging. Funds have typically moved through numerous layers of front companies and legal entities, making actual restitution unlikely. What's Changing in 2025? Law enforcement is adapting through: AI-driven asset tracing systems Cross-border data analytics partnerships Real-time banking alerts between jurisdictions Expanded FATF cooperation and cryptocurrency surveillance Moreover, new legislation in the U.S., EU, and UK targets beneficial ownership transparency, aiming to unmask who controls international assets. Amicus on the Frontlines of Legal Identity Change For individuals navigating international law for legitimate reasons — such as journalists, whistleblowers, or politically exposed persons — Amicus provides: Legal name change support Treaty relocation guidance Secure communication systems Citizenship restoration and second passport consulting The firm's transparency and strict compliance with legal standards distinguish it from the shadowy brokers often used by fugitives. Conclusion: The New Class of Criminal Financial fugitives living in plain sight are not anomalies. They represent a new class of global actors: informed, connected, and strategic. Unlike violent offenders, they operate in suits, not shadows. Their crimes don't leave blood, but they leave communities bankrupt and trust broken. And they will continue to live well until the law catches up with luxury. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram TIME BUSINESS NEWS
Daily Mail
23-04-2025
- Business
- Daily Mail
Drug dealers create their own cryptocurrency to launder dirty money
A criminal gang involved in the drug trade has created its own cryptocurrency to launder dirty money in what may be the first known case of its kind. Organized crime syndicates have long exploited the relative anonymity of mainstream cryptocurrencies like Bitcoin and Ethereum to hide the origin of illicit funds. But the move by a UK street gang to develop and launch its own digital coin takes things 'one step further', according to drug crime expert Gary Carroll of Claymore Advisory Group. The plot, which is currently active, bears a passing resemblance to OneCoin - a fake cryptocurrency launched in Germany that turned out to be a giant Ponzi scheme. However, this is thought to be the first time experts have observed the launch of a genuine digital coin by a street gang. Mr Carroll, who spent 14 years in policing before becoming an expert witness, learned of the scheme through sources but was unable to name the coin or the gang to protect their identity. He described it as a 'meme coin', which refers to a cryptocurrency that is designed to go viral on social media and rapidly rise in price. He said the gang hoped to wait for the coin to become more valuable before suddenly selling out as part of a 'pump and dump' strategy. 'Criminals have been using crypto to launder money for at least 15 years now,' he told 'But developing a meme coin is one step further than simply buying cryptocurrencies like Bitcoin and Ethereum and suggests the process is becoming easier. 'They are using illicit money to pay developers to create a legitimate coin and then launch it onto the market. They are hoping to get the coin onto popular wallets and for the public to fall on it and turn it into the next Dogecoin. 'This is essentially a pyramid scheme and relies on multi-level marketing and loads of people buying in. 'Even if the coin only rises by a small amount they could still make a lot of money before selling out. 'The those profits will appear to be from crypto entrepreneurship rather than drugs.' Mr Carroll described the gang behind the coin as 'mid-level' operators who make money through extortion, fraud, drug supply, and the sale of counterfeit goods and cigarettes. 'They are based in England but they've got connections to other countries,' he said. 'They're not a household name - but they've got enough to throw in a few hundred grand and get the coin off the ground. 'There are lots of meme coins out there that do absolutely nothing but have huge uptakes, so the potential rewards are astronomical.' Mr Carroll has completed more than 1,000 expert reports over nine years and given evidence to multiple court cases, giving him a deep understanding of the rapidly evolving nature of international drug crime. He believes the relative ease of creating meme coins suggested it could become a popular method for gangs looking to launder money and turn a quick profit. 'It's just one step further than urban street gangs investing in crypto - why invest in the coin when they can just start one themselves? 'In one or maybe two years time there will be cases in court, I'm confident about that. 'Criminals, especially drug dealers, aren't known for their patience. So they are wanting to do something that makes money as quickly as possible. 'My own opinion is this will become more common. It's a way to semi-legitimize their trade.' OneCoin remains the largest crypto-related scam to date. It was launched in 2014 by German-Bulgarian businesswoman Dr Ruja Ignatova, who described it as 'the Bitcoin killer' while addressing an adoring crowd at Wembley Arena. Between August 2014 and March 2017, more than $4.5billion was invested by devotees in dozens of countries before Dr Ruja suddenly disappeared in October 2017. It later emerged OneCoin was not a real cryptocurrency at all but a pyramid scheme hosted on its parent company's servers. The FBI is now offering a $5m bounty to help track down Dr Ruja, despite rumors she has been murdered at the orders of a Bulgarian mafia boss. Mainstream cryptocurrencies like Bitcoin are regularly used by criminals to launder cash or move large sums across borders without having to resort to traditional banking methods. This is often done through highly organized networks that operate across multiple countries and have a wide variety of different criminal clients. One system recently exposed by police was run by Russian-speaking hackers and consisted of two networks called Smart and TGR. Smart was run by Ekaterina Zhdanova, a glamorous businessman who regularly graced the covers of business magazines during her earlier career in financial services. She is currently in custody in France, while the whereabouts of the boss of TGR, Russian businessman Georgy Rossi, are unknown. Police say Smart and TGR used their global reach to launder money for crime groups including the Kinahans, as well as street drugs gangs operating in several different countries. They also helped Russian clients bypass financial restrictions to invest money in the UK and the Kremlin pay spies overseas, according to the National Crime Agency.
Daily Mail
22-04-2025
- Business
- Daily Mail
EXCLUSIVE UK drug dealers create their own cryptocurrency to launder dirty money: How street-level crime gang developed new coin in first case of its kind in Britain
A gang involved in the drug trade has created its own cryptocurrency to launder dirty money in what may be the first known case of its kind in Britain, MailOnline can reveal. Organised criminals have long exploited the relative anonymity of mainstream cryptocurrencies like Bitcoin and Ethereum to hide the origin of illicit funds. But the move by a UK street gang to develop and launch its own digital coin takes things 'one step further', according to drug crime expert Gary Carroll. The plot, which is currently active, bears a passing resemblance to OneCoin - a fake cryptocurrency launched in Germany that turned out to be a giant Ponzi scheme. However, this is thought to be the first time experts have observed the launch of a genuine digital coin by a British street gang. Mr Carroll, who spent 14 years in policing before becoming an expert witness, learned of the scheme through sources but was unable to name the coin or the gang to protect their identity. The drug and data interpretation expert described it as a 'meme coin', which refers to a cryptocurrency that is designed to go viral on social media and rapidly rise in price. He said the gang hoped to wait for the coin to become more valuable before suddenly selling out as part of a 'pump and dump' strategy. 'Criminals have been using crypto to launder money for at least 15 years now,' he told MailOnline. 'But developing a meme coin is one step further than simply buying cryptocurrencies like Bitcoin and Ethereum and suggests the process is becoming easier. 'They are using illicit money to pay developers to create a legitimate coin and then launch it onto the market. They are hoping to get the coin onto popular wallets and for the public to fall on it and turn it into the next Dogecoin. 'This is essentially a pyramid scheme and relies on multi-level marketing and loads of people buying in. 'Even if the coin only rises by a small amount they could still make a lot of money before selling out. 'The those profits will appear to be from crypto entrepreneurship rather than drugs.' Mr Carroll described the gang behind the coin as 'mid-level' operators who make money through extortion, fraud, drug supply and the sale of counterfeit goods and cigarettes. 'They are based in England but they've got connections to other countries,' he said. 'They're not a household name - but they've got enough to throw in a few hundred grand and get the coin off the ground. 'There are lots of meme coins out there that do absolutely nothing but have huge uptakes, so the potential rewards are astronomical.' Mr Carroll has completed more than 1000 expert reports over nine years and given evidence to multiple crown court cases, giving him a deep understanding of the rapidly evolving nature of UK and international drug crime. He believes the relative ease of creating meme coins suggested it could become a popular method for gangs looking to launder money and turn a quick profit. 'It's just one step further than urban street gangs investing in crypto - why invest in the coin when they can just start one themselves? 'In one or maybe two years time there will be cases in court, I'm confident about that. But there are no examples of this happening in the UK. 'Criminals, especially drug dealers, aren't known for their patience. So they are wanting to do something that makes money as quickly as possible. 'My own opinion is this will become more common. It's a way to semi-legitimise their trade.' OneCoin remains the largest crypto-related scam to date, with investors losing £100m in the UK alone. It was launched in 2014 by German-Bulgarian businesswoman Dr Ruja Ignatova, who described OneCoin as 'the Bitcoin killer' while addressing an adoring crowd at Wembley Arena. Between August 2014 and March 2017, more than €4bn (£3.4bn) was invested by devotees in dozens of countries before Dr Ruja suddenly disappeared in October 2017. It later emerged OneCoin was not a real cryptocurrency at all but a pyramid scheme hosted on its parent company's servers. The FBI is now offering a $5m bounty who can help track down Dr Ruja, despite rumours she has been murdered at the orders of a Bulgarian mafia boss. Mainstream cryptocurrencies like Bitcoin are regularly used by criminals to launder cash or move large sums across borders without having to resort to traditional banking methods. This is often done through highly organised networks that operate across multiple countries and have a wide variety of different criminal clients. One system recently exposed by police was run by Russian-speaking hackers and consisted of two networks called Smart and TGR. Police say Smart and TGR used their global reach to launder money for crime groups including the Kinahans, as well as street drugs gangs operating in several different countries. They also helped Russian clients bypass financial restrictions to invest money in the UK and the Kremlin pay spies overseas, according to the National Crime Agency. Smart was run by Ekaterina Zhdanova, a glamorous businessman who regularly graced the covers of business magazines during her earlier career in financial services. She is currently in custody in France, while the whereabouts of the boss of TGR, Russian businessman Georgy Rossi, are unknown.
Express Tribune
09-03-2025
- Business
- Express Tribune
Pakistan moves to recognise crypto as strategic asset
Listen to article Pakistan is taking steps to position cryptocurrency as a key 'strategic asset' in its drive to revolutionize the digital financial landscape, according to an adviser to the country's finance minister. This announcement comes after Islamabad signaled its intent to formalize digital asset regulations in the near future. Pakistan's finance division revealed plans last month to establish a national crypto council that would create a safe investment ecosystem for digital assets within the country. This move aims to support the growing crypto adoption, with Pakistan already ranking among the top 10 nations globally for crypto usage. In a significant development, Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, was appointed as the chief adviser to the finance minister for the newly-formed Pakistan Crypto Council. Saqib emphasized the country's strong position in the global crypto market, stating on social media platform X, "Moving forward, it will be our priority to recognize crypto as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure compliance to position Pakistan as a leader in the digital financial revolution." The announcement follows years of regulatory uncertainty in Pakistan. The country's central bank had previously deemed virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, and others, illegal, banning their sale, purchase, and exchange. Despite this, over 20 million Pakistanis are active users of digital assets, though they face significant challenges such as high transaction fees, the finance division stated. Saqib acknowledged the growing global trend towards digital assets, pointing to the United States' recent move to establish a Bitcoin Strategic Reserve as a major turning point for the global economy. He said that this move not only legitimizes crypto as a store of value but also accelerates institutional adoption, signaling a shift from traditional assets like gold and oil.
Gulf Today
08-03-2025
- Business
- Gulf Today
BE Club Founders Exonerated in OneCoin Case: Allegations Officially Withdrawn
All allegations against BE Club co-founders Moyn and Monir Islam related to the OneCoin fraud have been fully withdrawn by claimants in the UK High Court (Case: CL-2024-000213), without financial settlement. The resolution, made public on January 25, 2025, came after the Islam brothers presented evidence demonstrating the allegations were unfounded. Notably, the case concluded without any financial settlement from the brothers to the claimants. Instead, the claimants have agreed to contribute toward the legal expenses incurred by the Islams during their defense. This revealed that the brothers were small-scale investors who lost money in the OneCoin scheme – they did not make money from the scheme. They held no leadership positions within OneCoin's structure, and attempted to warn others once they became suspicious of the operation. "For years, misinformation surrounding OneCoin has affected my reputation, including allegations of dishonesty, fraud, and fleeing the UK. This resolution shows we have been telling the truth. We've been unfairly targeted, and this is a vital step in setting the record straight," said Moyn Islam. The brothers' subsequent ventures, including Melius, which later became BE Club, have been mischaracterized due to baseless connections to OneCoin. Critics have also falsely asserted that Moyn and Monir Islam fled to Dubai after the collapse of the scheme, when their relocation was a deliberate business decision that occurred progressively over several years. Jennifer McAdam, representing the claimant group's steering committee, has issued official statements across social media confirming the withdrawal of all claims. The resolution includes the lifting of a previously imposed worldwide freezing order and establishes a binding agreement preventing any future OneCoin-related claims against the brothers. The brothers' law firms have put out individual statements: Enyo & Peters & Peters.
