Muhammad Zafar, considered one of OneCoin’s prime earners, has been arrested in Pakistan.
Zafar is going through fraud prices in relation to his promotion of “OneCoin and others”.
Zafar, higher often known as “Dr. Zafar” inside OneCoin, was reported to authorities in August 2020. The grievance result in a First Data Report (FIR), filed on April twenty eighth, 2021.
As per the FIR, Zafar first contacted the unidentified complainant over Fb.
Dr. Zafar allured complainant to spend money on cryptocurrency and OneCoin and earn large revenue.
Dr. Zafar made verbal contract with the complainant relating to web optimization advertising and marketing for his firm.
The complainant is cited as working “one of many largest software program home(s) of Faisalabad”.
Complainant began the work of promoting resembling video enhancing/brand promos/publicity stunt for Dr. Zafar’s group, specifically “Diamonds Membership”, for which alleged individual Dr. Zafar paid Rs. 150,000 to complainant’s software program home.
Rs. 150,000 PKR comes to simply shy of $1000 USD.
Assured stage constructed between them and alleged individual supplied him to speculate firstly in OneCoin.
The alleged confirmed him that he has earned Rs. 11 crore in at some point, which he confirmed him (the complainant) by means of web site in presence of witnesses.
Rs. 11 crore is 110 million PKR. This equates to $718,719 USD and is how a lot Zafar claimed he made in at some point selling OneCoin.
(The complainant) met with the alleged Muhammad Zafar at Greatest Western Lodge Faisalabad the place on 19-12-2016 he organized (a) seminar relating to cryptocurrency and OneCoin.
In January 2017 (Zafar) compelled him to speculate and the complainant invested 60 lac rupees in money in January 2017 and returned 2 lac rupees in revenue.
That’s Rs. 6 million PKR invested ($39,202 USD) and Rs. 200,000 PKR withdrawn ($1306 USD).
The complainant additional said in (a) completely different transaction, the alleged Muhammad Zafar obtained complete quantity €371,000 euro in his completely different financial institution accounts.
The FIR suggests Zafar was additionally pitching the BitClub Community Ponzi scheme to his OneCoin downline. FirstCoin Membership can also be talked about.
From the alleged quantity €371,000 euro, complainant paid partial quantity in money and remaining quantity in numerous financial institution transactions.
The alleged Muhammad Zafar confessed by means of SMS chat that he has obtained the stated quantity.
Sounds an terrible lot like structured transactions in order to keep away from any suspicious exercise stories being filed. This may in fact be cash laundering.
The FIR states that when approached to return the quantity, Zafar created “lame excuses”.
Muhammad Zafar has been discovered concerned in Digital Fraud/Monetary Fraud by means of the usage of cryptocurrency, defrauding complainant his cash amounting to €371,000 euro by disguising the true nature of enterprise.
Zafar has since been arrested and is being held in Faisalabad. Authorities are persevering with the investigation, and hope to find out “the position of others” concerned.
Muhammad Zafar was the hyperlink between OneCoin promotion in Pakistan and the UK’s Muslim immigrant group.
After OneCoin Zafar brazenly promoted BitherCash to OneCoin victims within the UK.
Throughout OneCoin’s heyday Zafar is believed to have been residing within the UK. It appears sooner or later he returned to Pakistan, seemingly hoping to fly beneath the regulatory radar.
Zafar is the second high-profily OneCoin arrest this week. French authorities arrested Frank Schneider on Might 1st.
Along with being closely concerned in OneCoin’s cash laundering operations, Schneider additionally labored as Ruja Ignatova’s fixer.