Indian police have arrested 22 people in April and May for their alleged connection in the OneCoin scam, The Hindu reported.

The regulatory authorities in the country have quite often warned people against engaging in digital currency-related activities. Despite these warnings, reports suggest that OneCoin was heavily marketed in India.

OneCoin claims to be a digital currency, based on cryptography and created through a process called 'mining'. It has been touted as pyramid or Ponzi schemes by financial regulators world over. BaFin, the UK Financial Conduct Authority (FCA), Belgium’s Financial Services and Markets Authority (FSMA), and others have issued warning against OneCoin in the recent past.

The Economic Offence Wing-I of the Navi Mumbai police has filed a primary charge sheet against those arrested.

“We have filed the primary charge sheet so that the accused who are in custody do not get bail. Of the total 22 accused, six are in custody, while others are on bail. The 60-day period to file the charge sheet was nearly over for the four key accused,” Deputy Commissioner of Police (Crime) Tushar Doshi said (as quoted by The Hindu). “The six accused are still on the run. We have identified around 31 bank accounts attached with the scam, and given debit-freeze orders for 19 of them. Around 25 crore [rupees] have been frozen in these accounts”.

The police said that the company is not registered with the Reserve Bank of India (RBI) and the OneCoin cryptocurrency is not recognised in the country, adding that the scheme was fraudulent.

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