The US has upped the reward for wanted crypto fraudster Ruja Ignatova, who was last seen in Greece, to $5 million for information leading to her arrest and/or conviction.
Beginning in approximately 2014 in Bulgaria, Ignatova, as co-founder of OneCoin Ltd, and others defrauded investors from across the world out of billions of dollars.
Ignatova promoted OneCoin as a digital currency investment through false statements and representations to attract investors. By 2017, OneCoin is believed to have defrauded victims of more than $4 billion.
She capitalized on the excitement surrounding cryptocurrencies to draw in new investors. While the company is said to have used many of the terms associated with virtual currencies, investigators believe that OneCoins were not mined in the way traditional to cryptocurrencies.
In addition, the value of OneCoin was determined by the company rather than market demand.
Crypto fraudster Ignatova defrauded victims of $4 billion
“OneCoin claimed to have a private blockchain,” said Special Agent Ronald Shimko, who was investigating the case out of the FBI’s New York Field Office. “This contrasts to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin.”
Ignatova targeted individuals who may not have fully understood the ins and outs of cryptocurrencies but were moved by Ignatova’s impressive resume and the marketing strategies used by OneCoin.
On October 12, 2017, Ignatova was indicted in the US District Court for the Southern District of New York and charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.
Two weeks after the indictment Ignatova traveled from Sofia, Bulgaria, to Athens, Greece, to evade arrest and has been a fugitive since that time.
Ignatova is only the eleventh woman selected to be on the FBI’s Ten Most Wanted Fugitives list in its 74-year history. She is currently 44 years old and has brown eyes and dark brown to black hair. Investigators, however, believe she could have altered her physical appearance.
In February 2018, a superseding indictment was issued charging Ignatova with the additional crimes of conspiracy to commit securities fraud and securities fraud. Germany has also criminally charged Ignatova for her role in the transnational fraud scheme.
According to the US Department of State, Ignatova, a German national, participated in one of the largest global fraud schemes in history.
The Secretary authorizes the reward offer of up to $5 million under the Department of State’s Transnational Organized Crime Rewards Program, which supports law enforcement efforts to disrupt transnational crime globally and bring fugitives to justice.
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