From studying in Oxford to becoming world¡¯s most wanted woman: Meet the mastermind behind Rs 37000 crore fraud
Ruja Ignatova, famously known as the "Cryptoqueen," is at the center of one of the biggest financial frauds in history. With a background as impressive as studying at Oxford and a career that took her from a consultant role to becoming the most wanted woman in the world, Ignatova's story is a cautionary tale. Accused of orchestrating the OneCoin cryptocurrency scam, she has allegedly defrauded investors out of over $4.5 billion (Approx Rs 37,000 crore). In this article, we will take a look into the rise and fall of Ruja Ignatova, her disappearance, and the ongoing search for the "Missing Cryptoqueen."
The Rise of the Cryptoqueen
Ruja Ignatova, a Bulgarian-born German citizen, came from a modest background with her father working as an engineer and her mother as a teacher. After completing her studies in European law at Oxford University, Ignatova joined McKinsey & Company as a consultant in Sofia. Her career took a dramatic turn in 2014 when she founded OneCoin, a new cryptocurrency she claimed would surpass Bitcoin.
The OneCoin Scheme
OneCoin was marketed as a revolutionary cryptocurrency, attracting investors worldwide with promises of immense profits. In 2016, Ignatova even took the stage at London's Wembley Arena, asserting that OneCoin would outshine Bitcoin. However, the scheme was nothing more than a sophisticated pyramid scam. Unlike legitimate cryptocurrencies backed by secure blockchain technology, OneCoin had no actual value.
Disappearance and FBI Pursuit
In early 2019, US authorities charged Ignatova with wire fraud, securities fraud, and money laundering. She was added to the FBI's 10 Most Wanted list in June 2022. In 2017, as investigators from Germany and the US closed in, Ignatova took an early morning Ryanair flight from Sofia to Athens and was never seen again. Most of her alleged collaborators were arrested, including OneCoin¡¯s co-founder Sebastian Greenwood, who was detained in Thailand in 2018 and extradited to the US. Ignatova¡¯s younger brother, Konstantin Ignatov, was arrested in March 2019 in Los Angeles and pleaded guilty to fraud and money laundering charges. Mark Scott, a former corporate lawyer, was convicted in 2019 for laundering $400 million for the group. But Ignatova has remained elusive.
Where Is the Missing Cryptoqueen?
Despite extensive efforts by law enforcement, Ignatova¡¯s whereabouts remain unknown. She is believed to be traveling with a German passport and might be in countries such as the United Arab Emirates, Bulgaria, Germany, Russia, Greece, or elsewhere in Eastern Europe. The FBI has warned that she might be traveling with armed guards and could have altered her appearance through plastic surgery.
The Aftermath of OneCoin
The OneCoin scam left a trail of financial ruin for its investors. US authorities unsealed an indictment in 2019, charging Ignatova with wire fraud, conspiracy to launder money, and securities fraud. Damian Williams, the US Attorney for the Southern District of New York, highlighted the massive scale of the fraud, stating that Ignatova and her partners had tricked victims into believing OneCoin would be the "Bitcoin killer," when in reality, OneCoin was worthless.
Possible Murder and Mafia Connections
As reported in TOI, a recent BBC investigation suggests that a top mafia figure in Bulgaria, a business associate who kept her safe, might have been responsible for her murder. His name is Hristoforos Nikos Amanatidis, better known as Taki, who has an El Chapo-like image in Bulgaria. Over the years, Taki has been accused of many crimes, including armed robbery, drug smuggling, and murder, but was never prosecuted in Bulgaria.
Former Bulgarian Deputy Minister Ivan Hristanov said in 2022, ¡°Taki is the ghost. You'll never see him. You only hear about him. He's talking to you through other people. If you don't listen, you just disappear from earth. The only person who can protect her from all those investigations, including from foreign agencies - it was Taki.¡± Taki is believed to now live in Dubai, where Ignatova had a luxury penthouse and where her bank accounts received millions from the OneCoin fraud. Sources claim the two were close, and Taki was even the godfather to Ignatova¡¯s daughter. Frank Schneider, a former adviser to Ruja Ignatova, claimed his old boss was working with ¡°gangsters.¡± A few months after talking to the BBC, Schneider also disappeared.
Meanwhile, a document found at the home of a murdered Bulgarian officer by Bulgarian journalist Dimitar Stoyanov of BIRD, an investigative website, stated that a police informant had overheard Taki¡¯s brother-in-law say that Taki had murdered, dismembered, and dumped Ignatova off a yacht in the Ionian Sea. Kuro, another associate of Taki, was found murdered in his Cape Town home in May 2023. Stoyanov, who was forced to leave Bulgaria after getting death threats, says property records show that Ignatova¡¯s properties are now used by Taki and his associates in Bulgaria. However, Taki has never been arrested over the claims, Ignatova¡¯s body was never discovered, and investigators don¡¯t believe there¡¯s enough evidence to prosecute him.
Ruja Ignatova's story is a stark reminder of the risks associated with the burgeoning world of cryptocurrencies. The "Cryptoqueen" remains a fugitive, with her legacy marred by deceit and financial devastation. As the search for the Missing Cryptoqueen continues, the world watches, hoping for justice to prevail and for lessons to be learned from one of the largest cryptocurrency frauds in history
FAQs:
Q. Who is Ruja Ignatova?
Ruja Ignatova is the mastermind behind the OneCoin cryptocurrency scam, famously known as the "Cryptoqueen."
Q. What is OneCoin?
OneCoin was a fraudulent cryptocurrency scheme marketed as a rival to Bitcoin, orchestrated by Ruja Ignatova.
Q. How much money was involved in the OneCoin scam?
The OneCoin scam allegedly defrauded investors out of over $4.5 billion (Rs 37,000 crore) globally.
Q. Where is Ruja Ignatova now?
Ruja Ignatova disappeared in October 2017 and her current whereabouts remain unknown, despite ongoing efforts by law enforcement to locate her.
Q. What charges does Ruja Ignatova face?
Ruja Ignatova faces charges of wire fraud, conspiracy to launder money, and securities fraud in connection with the OneCoin scam.
Q. How did Ruja Ignatova promote OneCoin?
Ignatova promoted OneCoin through lavish events and seminars, including a high-profile appearance at London's Wembley Arena.
Q. What happened to investors who put money into OneCoin?
Investors who put money into OneCoin lost significant amounts of money as the cryptocurrency turned out to be worthless.
Q. Why is Ruja Ignatova called the "Missing Cryptoqueen"?
Ruja Ignatova earned the nickname "Missing Cryptoqueen" after she vanished in 2017 amidst mounting legal troubles.
Q. Is Ruja Ignatova still on the run?
Yes, Ruja Ignatova is still considered a fugitive, and law enforcement agencies continue to search for her.
Q. Are there any updates on the search for Ruja Ignatova?
As of now, there are no significant updates on the search for Ruja Ignatova, but authorities remain vigilant in their efforts to locate her.
