New Zealand police confiscate property and money from Onecoin advisor


  • New Zealand police have confiscated landed property and money from former Onecoin advisor Frank Schneider.
  • Police’s proactive measures and international collaboration.

In recent developments, New Zealand police have confiscated a residential property and over $282,000 in cash allegedly linked to Frank Schneider, an adviser to the Onecoin mastermind, Ruja Ignatova. The seized assets are suspected to be tied to the proceeds of a global Ponzi scheme. Reports suggest that Schneider, a Luxembourg national, may have acquired the residential property through a third party.

New Zealand police seize items from former Onecoin advisor

The funds used for the property purchase were purportedly transferred to an unidentified individual between 2018 and 2020. Frank Schneider faced arrest by the French police in April 2021 and spent seven months in prison before being released under house arrest. While awaiting extradition to the United States, where he faced a potential 40-year jail term, Schneider expressed concerns about receiving a fair trial in the U.S. He cited the high costs of litigation and criticized the plea bargain system commonly employed by U.S. prosecutors.

Despite initially vowing to contest his extradition, Schneider vanished a year later, even though he was under house arrest and wearing an ankle tag. The recent actions by New Zealand police include the seizure of a residential property and cash belonging to Schneider. Detective Inspector Christiaan Barnard affirmed that the New Zealand Police will collaborate with international partners to prevent the exploitation of New Zealand’s financial system for hiding illicit income. Notably, the police have no indication that Onecoin masterminds are present in New Zealand.

It is reported that Schneider may have utilized an intermediary to purchase the seized residential property, with funds transferred to an undisclosed party over the period spanning 2018 to 2020. Following Schneider’s arrest in France and subsequent release, he voiced concerns about the U.S. legal system and disappeared after initially agreeing to extradition. Detective Inspector Christiaan Barnard emphasized the commitment of the New Zealand Police to working with global partners to safeguard the country’s financial system from misuse.

Police’s proactive measures and international collaboration

Despite the asset seizure, there is no indication that the Onecoin masterminds are currently residing in New Zealand. The police are actively pursuing the forfeiture of the confiscated assets. These recent developments highlight the ongoing international efforts to address the fallout from the Onecoin scandal. With Schneider’s connection to the alleged Ponzi scheme and subsequent disappearance, authorities are navigating complex legal challenges in pursuing justice. The asset seizure in New Zealand underscores the commitment to curbing financial crimes and preventing individuals from using the country as a haven for illicit gains.

As the case unfolds, it remains to be seen how the extradition process and legal proceedings will progress. Schneider’s disappearance, despite being under house arrest, raises questions about the efficacy of monitoring systems and the challenges in ensuring compliance with legal constraints. The New Zealand police’s proactive approach in seizing assets associated with Schneider reflects a broader commitment to combating financial wrongdoing and maintaining the integrity of the country’s financial system.

The recent developments in New Zealand surrounding the seizure of assets linked to Onecoin adviser Frank Schneider shed light on the complexities of addressing international financial crimes. As authorities collaborate globally to tackle the aftermath of the Onecoin scandal, the case underscores the importance of cross-border cooperation in holding individuals accountable for their involvement in alleged Ponzi schemes. The New Zealand police’s actions demonstrate a dedication to upholding the integrity of the financial system and preventing the misuse of the country as a refuge for illicit gains.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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