OneCoin laundering funds through precious metal investments?
Following the revelation that the Mauritian Independent Commission Against Corruption has been investigating OneCoin since March, further details of the company’s operations in Mauritius have emerged.
A complaint against OneCoin was filed with the ICAC last Wednesday.
The complainant, Cangayen Pillay claims he’s been ‘fighting mercilessly against the Ponzi system in Mauritius for several decades‘.
An investigation by L’express meanwhile has revealed insight into how OneCoin funds are laundered out of the country.
Be More Global Ltd was incorporated as BMG Ltd in Mauritius last July. A listed subsidiary of the company, SAS Capital Ltd,
holds a Global Business license from the Financial Services Commission (FSC) and was incorporated before BMG on 8 October 2014.
Jean Philippe Galle manages both BMG and SAS Capital on behalf of their owner Serge Legrand.
Galle is a “top leader” within OneCoin and is part of the One DreamTeam, a major OneCoin downline recently abandoned by the Steinkeller Brothers.
Legrand has a Mauritian residency permit until 2019 through SAS Capital. Whether he’s also a OneCoin affiliate is unclear.
OneCoin events are regularly held BMG’s offices and, through SAS Capital, the offer of precious metals investment.
As part of their investigation into OneCoin and BMG, L’express interviewed one of Legrand’s clients.
“(Legrand) has been very insistent that I place 5,000 euros in rare earth products that would be recoverable with a 20% interest in five years”, she said.
A contract had even been made in her name. According to her, the man was a little aggressive.
She was also approached by Jean Philippe Galle for a payment of 5,000 euros for OneCoin.
In the end, she found “this a shady mode of operation” and made no payment.
SAS Capital offer investment in precious metals through the French company Metallion and Hong Kong based ACK Consulting Ltd.
On their company website, Metallion claim they trade in “high-tech materials, strategic metals and rare earths”.
The Metallion website domain was only registered last July. Activity on the Metallion website, according to Alexa, is non-existent (unranked).
Ack Consulting Ltd was incorporated in November, 2013 and don’t appear to have an online presence.
Despite neither company appearing to be all that successful, BMG (not SAS Capital) recently put through an order of 10 million euros for indium, dysprosium and neodymium from Metallion.
The source of the funds transferred out of Mauritius and what role ACK Consulting Ltd plays in the relationship between the four companies is unclear.
L’express’ attempts to give Jean Philippe Galle and Serge Legrand to explain themselves and their business went unanswered.
Serge Legrand did not wish to comment, while Jean Philippe Galle is out of the country.
Having filed a complaint with the ICAC, Cangayen Pillay now hopes ‘the government, the Financial Services Commission, the anti-corruption commission and the police force (will) take responsibility in this whole affair‘.