Scott allegedly worked with Ruja Ignatova and others to launder roughly $392.94 million of funds from a “wire fraud scheme” involving a so-called digital currency called OneCoin from 2015 to 2018, according to the letter.
Scott created and ran different investment funds called the “Fenero Funds” that the letter said he used for “laundering OneCoin fraud proceeds.”
According to the letter, “Scott used an international network of bank accounts, including the Subject Accounts, to launder approximately $392,940,000 in proceeds from the OneCoin Scheme on behalf of Ignatova.”
Ignatova was one of OneCoin’s co-founders, per the letter, and Scott was introduced to him in September 2015, according to the letter.
“As a part of our expansion plans, we are all set to launch our neo-bank for India,” the company said in the announcement. “Our goal is to pave the way for a crypto-friendly banking system for the country where services will be regulated under the Reserve Bank of India.”
The funding comes on the heels of a $33 million raise during the company’s token sale in 2017. However, the company said it turned down $14.34 million because token buyers were not able to pass its know-your-customer (KYC) and anti-money laundering (AML) standards.
Cashaa said that it has been in the green as of March of this year even prior to rolling out its final product.
The company said in the announcement that it is “now at the last stage for approval on our banking platform, the final version launch will be done in phases starting from October and completely rolled out by Dec 2020.”