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What GST Council in India changed? 

Tax changes in India 

In the changes, which are anticipated to affect consumers at the most basic level, the GST exemption from ‘pre-packaged and labeled’ retail packs will be removed. However, items sold loose or unlabelled will remain exempt.

Last week, the Goods and Services Tax Council held its 47th meeting and effected a series of rate changes as part of a correction of inverted duty structures and withdrawal of certain exemptions in what could be a precursor to an overall tweaking of tax slabs and rate rationalization in the future.

GST Council Meeting: Big News! Paneer, meat, papad will cost you more from July  18. details here - Business League

GST exception has been withdrawn from ‘pre-packaged and labeled’ retail packs, which include food items such as curd, lassi, puffed rice, wheat flour, and buttermilk, but items sold loose or unlabelled will remain exempt. All the changes made will be effective from July 18, 2022.

The GST Council discussed the recommendations of four ministerial panels – on rate rationalization, movement of gold and precious stones, system reforms, and on casinos, horse racing, and online gaming.

In its report, the Group of Ministers (GoM) on rate rationalization, headed by Karnataka Chief Minister Basavaraj Bommai, corrected inverted duty structures and withdrew exemptions. Tax slab changes and rate rationalization will now be worked on for another three months by the GoM.

In its report, the Group of Ministers (GoM) on rate rationalization, headed by Karnataka Chief Minister Basavaraj Bommai, corrected inverted duty structures and withdrew exemptions. Tax slab changes and rate rationalization will now be worked on for another three months by the GoM.

Correction of inverted duty structure results in an 18% rate hike for household items such as LED lamps, printing/drawing ink, power-driven pumps, Tetra Pak, solar water heaters, finished leather, and cut and polished diamonds to 1.5% from 0.25. 18% GST will be charged for the issuance of checks. Additionally, exemptions will be withdrawn for pre-packaged and pre-labeled food items such as grains, curd, lassi, paneer, jaggery, wheat flour, puffed rice, and buttermilk and meat/fish (except fresh and frozen). Food items such as these will now be taxed at five percent, the same rate as branded items. Additionally, goods like edible oil and coal will not be eligible for refunds of accumulated input tax credits.

5% GST rate may be hiked to 6% as govt looks to increase revenue -  BusinessToday

Exemptions for room rent have also been removed: a 12 percent GST will now be collected on hotel rooms that has rent up to Rs 1,000 per day, and a 5 percent GST will be levied on hospital rooms above Rs 5,000 per day (excluding ICU). The tax rate for ostomy/orthopedic appliances has been cut from 12 to 5 percent, and for goods and passengers transported by ropeways from 18 to 5 percent (with input tax credits).

For high-risk taxpayers, the GoM on system reforms has suggested additional measures for physical verification at registration, such as biometric authentication, geotagging, and real-time monitoring of bank accounts. State governments are also required to generate e-way bills for intra-state transport of gold and precious stones with a minimum threshold of Rs 2 lakh.

The compliance measures and rate changes are expected to generate Rs 15,000 crore in revenue in a year, officials said.

A number of rate revisions have been implemented since the implementation of GST in July 2017, which has impacted the revenue stream. Furthermore, rationalization of rates assumes importance because the five-year guaranteed compensation mechanism to states for revenue losses resulting from GST implementation ended in June, and despite at least a dozen states requesting an extension, the Council did not take any action to extend it. Even with an increase in GST revenue, states with a heavy reliance on compensation may have a challenging FY23, according to experts.

The withdrawal of exemptions for pre-packaged items was also prompted by concerns regarding disputes and revenue leakage. Companies were seen to be embezzle the provision exempting unlabelled food items by not registering them. As an example, it is reported there were concerns that a branded rice manufacturer was selling items with a similarly-sounding label without registering it as a brand and selling them under the exempted category.

Due to the revenue trend dropping under revenue-neutral rates last year, the GST Council decided to look at a series of measures, including rate rationalizations to correct the inverted duty structure and the overhauling of the rate structure to increase revenues going forward. The move came after four years of GST implementation with the acknowledgment that a series of rate cuts covering over 500 items caused a strain on the finances of the central and state governments, with lower-than-expected revenue buoyancy. A year after the July 2017 rollout, GST rates were reduced by the GST Council. The rate cuts under GST on over 350 items out of 1,211 items in the five broad categories of zero, five percent, 12 percent, 18 percent, and 28 percent resulted in a revenue loss of approximately Rs 70,000 crore in a year.

Indian Customers at the New Market, Kolkata, India Editorial Stock Image -  Image of indian, calcutta: 67379609

Inverted duty structures arise when input taxes are lower than output taxes, resulting in the inverse accumulation of input tax credits that, in most cases, need to be refunded. In sectors such as mobile phones and footwear, inverted duty structures resulted in refunds of Rs 5,500 crore and Rs 2,000 crore, respectively.

Mobile phones (March 2020) and footwear (September 2021) have been corrected from an inverted duty structure. In September 2021, it was also decided to update it for textiles, but that was later withdrawn in a specially called one-agenda meeting in December 2021. Afterward, the GoM on rate rationalization was also tasked with looking at inversions in textiles and other sectors, including utensils, tableware, tractors, pharma, aggarbatti, certain agricultural machinery, etc.

According to a committee headed by the then Chief Economic Advisor Arvind Subramanian, the Revenue Neutral Rate should be between 15-15.5 percent (federal and state combined). This was against the backdrop of a two-rate structure, a standard rate close to RNR at which maximum tax base would be taxed, and a higher demerit or sin rate. According to a report published by the Reserve Bank of India (RBI) in September 2019, the GST Council has rationalized rates, bringing the effective weighted average GST rate down from 14.4% to 11.6%.

Based on the latest revenue figures shared with the Council, the all-India average shortfall between projected revenue and post-settlement gross SGST revenue was 27.2% in 2021-22 versus 37.9% in 2020-21. In 2021-22, only five states/UTs – Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim – registered revenue growth above the protected revenue rate for states. In 2021-22, Puducherry, Punjab, Uttarakhand, Himachal Pradesh, and Chhattisgarh recorded the largest revenue gaps between protected revenue and post-settlement gross state GST revenue.

 Companies are expected to raise prices for everyday items such as LED lamps and packaged food items like wheat flour, paneer, curd, and lassi, adding to inflationary concerns. The tourism segment in non-metro cities is expected to be adversely affected by a 12 percent tax on hotels below Rs 1,000/day. Since these items have a low weight in the Consumer Price Index, the overall retail inflation rate is unlikely to be affected sharply.  

Inflation is unlikely to be affected significantly by this. The CPI does not include items such as spoons and knives that are not purchased regularly, which have a very small weight, compared to items such as petrol/diesel that have a higher weight. There is a weight for hotels in the CPI of 0.00904, so even if all hotels charge less than Rs 1,000/day, a 12 percent increase in GST will result in a 0.11 basis point increase. Based on the assumption that all electric bulbs/tube lights are LEDs, the CPI will increase by 0.97 basis points. The price of curd may increase by 0.47 basis points. According to Devendra Kumar Pant, Chief Economist at India Ratings, the measure is unlikely to significantly affect CPI inflation.

· The goods that will now have 12 percent GST instead of 5 percent are Prepared/finished leather/chamois leather/composition leathers, solar water heater & its system, Petroleum/Coal bed methane, manufacture of leather goods and footwear, Contracts provided to the central and state governments, union territories, and local authorities involving primarily earthwork and subcontracts. 

· Goods like printing, writing or drawing ink, LED lamps, lights, and fixtures, their metal printed circuits board, knives, pencil sharpeners, and blades, therefore, spoons, forks, ladles, skimmers, cake-servers, Tetra Pak, Power driven pumps, Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium, etc., Machines for cleaning, sorting or grading seed, grain, pulses, eggs, fruit or other agricultural produce and its parts, milking machines and dairy machinery will now have 18 percent GST.

· Whereas the Cut and polished diamonds will now have 1.5 percent GST, which was earlier 0.25 percent. 

· At the same time, some of the GST rates are reduced, which include Orthopedic appliances – splints and other fracture appliances; artificial body parts; other devices which are worn, carried, or implanted in the body in order to compensate for a defect or disability; intraocular lenses that have gone down from 12 percent to 5 percent. 

Who is the wanted crypto queen?

OneCoin's Missing 'Crypto Queen' Is Now One of Europe's Most-Wanted  Fugitives

 The 42-year-old Bulgarian woman was accused of defrauding victims out of more than $4 billion (€3.83 billion) through the cryptocurrency company she founded in 2014.

The FBI has listed Ruja Ignatova, the self-styled ‘crypto queen’ who allegedly led one of the largest cryptocurrency scams in history, on its 10 Most Wanted Fugitives list, released on Thursday (June 30).

The 42-year-old Bulgarian woman was accused of defrauding victims out of more than $4 billion (€3.83 billion) through the cryptocurrency company she founded in 2014.

For information leading to Ignatova’s arrest, the FBI is offering a $100,000 reward. She has been missing since 2017 when US officials issued a warrant for her arrest.

Forbes reports she is only the 11th woman to appear on the FBI’s Ten Most Wanted Fugitive List in its 72-year history.

A law graduate from Oxford and a former McKinsey employee, Ruja Ignatova had an illustrious resume before leading one of the most notorious cryptocurrency fraud.

The ‘crypto queen’ launched OneCoin Ltd in 2014 and began marketing her currency as a “bitcoin killer.” According to investigators, Ignatova made false representations in order to garner huge amounts of funds from investors who had little knowledge of investing in cryptocurrencies. Over 3 million investors participated in the company from over a hundred countries around the world. The investigation has revealed that between the fourth quarter of 2014 and the third quarter of 2016, OneCoin generated a whopping €3.353 billion in sales revenue and earned a profit of €2.232 billion.

“She capitalized on the frenzied speculation that accompanied the early days of cryptocurrency,” said Damian Williams, the top federal prosecutor from Manhattan.

Investors were promised big returns at minimal risk, and according to prosecutors, Ignatova offered buyers commissions if they sold OneCoin to others so as to entice even more people to buy her fraudulent currency.

The IRS Special Agent who is also the in Charge, John R. Tafur, called it an “old scam with a virtual twist” that was designed solely to defraud investors.

According to investigators, it was essentially a Ponzi scheme from the very beginning, which was marketed as a cryptocurrency. Ponzi schemes are scams in which one party promises high returns on investment with little or no risk.

OneCoin representatives and Ignatova are accused of making false and misleading statements to conned victims of the fraud.

FBI adds 'Cryptoqueen' to 'Ten Most Wanted Fugitives List' for fraud

The company had promised that the OneCoin cryptocurrency was ‘mined’ through mining servers and that its value would rise from €0.50 to around €29.95 as of January 2019. OneCoin was not mined, and its value was determined entirely by Ignatova and her co-conspirators.

A blockchain is a digital ledger that identifies the currency and records its historical transactions and is used by other cryptocurrencies. Having no such security technology, OneCoin tokens were basically worthless since they couldn’t be actively traded, couldn’t be used to purchase anything, and investors couldn’t trace their investments.

In a statement reported by AFP, FBI Special Agent Ronald Shimko said OneCoin had a private blockchain.

As opposed to other virtual currencies, which have decentralized and public blockchains, in this case, investors were just asked to trust OneCoin,” he said.

To create excitement among OneCoin members and garner even more investment, Ignatov repeatedly told them that the company would hold an “initial public offering” between 2018 and 2019. This offering, however, was repeatedly postponed and never occurred, according to the FBI.

When investigators began searching for the ‘crypto queen’ in 2017, she disappeared into thin air.

A growing suspicion of her boyfriend led Ignatova to bug her boyfriend’s apartment. She immediately boarded a flight from Bulgaria to Greece after learning he was cooperating with the FBI investigation into OneCoin.

She can speak English, German, and Bulgarian and may be using a fake passport. As per the New York Post, investigators believe she might have changed her appearance from brown eyes and dark hair.

The US government has charged Ignatova with plot to commit wire fraud, wire fraud, conspiracy to commit money laundering, securities fraud, and conspiracy to commit securities fraud.

Each of the first four counts carries a sentence of up to 20 years in prison, while the last carries a sentence of up to 5 years in prison, according to the Washington Post.

The company was taken over by her brother Konstantin Ignatov in 2017. A wire fraud arrest was made by the FBI in Los Angeles in 2019. It was reported by The Washington Post that he entered into a plea deal to cooperate with US authorities after pleading guilty to a series of felonies.

A US corporate lawyer, Mark Scott, was convicted of laundering $400 million for OneCoin in 2019.

Tax changes in India 

In the changes, which are anticipated to affect consumers at the most basic level, the GST exemption from ‘pre-packaged and labeled’ retail packs will be removed. However, items sold loose or unlabelled will remain exempt.

Last week, the Goods and Services Tax Council held its 47th meeting and effected a series of rate changes as part of a correction of inverted duty structures and withdrawal of certain exemptions in what could be a precursor to an overall tweaking of tax slabs and rate rationalization in the future.

GST Council Meeting: Big News! Paneer, meat, papad will cost you more from July  18. details here - Business League

GST exception has been withdrawn from ‘pre-packaged and labeled’ retail packs, which include food items such as curd, lassi, puffed rice, wheat flour, and buttermilk, but items sold loose or unlabelled will remain exempt. All the changes made will be effective from July 18, 2022.

The GST Council discussed the recommendations of four ministerial panels – on rate rationalization, movement of gold and precious stones, system reforms, and on casinos, horse racing, and online gaming.

In its report, the Group of Ministers (GoM) on rate rationalization, headed by Karnataka Chief Minister Basavaraj Bommai, corrected inverted duty structures and withdrew exemptions. Tax slab changes and rate rationalization will now be worked on for another three months by the GoM.

In its report, the Group of Ministers (GoM) on rate rationalization, headed by Karnataka Chief Minister Basavaraj Bommai, corrected inverted duty structures and withdrew exemptions. Tax slab changes and rate rationalization will now be worked on for another three months by the GoM.

Correction of inverted duty structure results in an 18% rate hike for household items such as LED lamps, printing/drawing ink, power-driven pumps, Tetra Pak, solar water heaters, finished leather, and cut and polished diamonds to 1.5% from 0.25. 18% GST will be charged for the issuance of checks. Additionally, exemptions will be withdrawn for pre-packaged and pre-labeled food items such as grains, curd, lassi, paneer, jaggery, wheat flour, puffed rice, and buttermilk and meat/fish (except fresh and frozen). Food items such as these will now be taxed at five percent, the same rate as branded items. Additionally, goods like edible oil and coal will not be eligible for refunds of accumulated input tax credits.

5% GST rate may be hiked to 6% as govt looks to increase revenue -  BusinessToday

Exemptions for room rent have also been removed: a 12 percent GST will now be collected on hotel rooms that has rent up to Rs 1,000 per day, and a 5 percent GST will be levied on hospital rooms above Rs 5,000 per day (excluding ICU). The tax rate for ostomy/orthopedic appliances has been cut from 12 to 5 percent, and for goods and passengers transported by ropeways from 18 to 5 percent (with input tax credits).

For high-risk taxpayers, the GoM on system reforms has suggested additional measures for physical verification at registration, such as biometric authentication, geotagging, and real-time monitoring of bank accounts. State governments are also required to generate e-way bills for intra-state transport of gold and precious stones with a minimum threshold of Rs 2 lakh.

The compliance measures and rate changes are expected to generate Rs 15,000 crore in revenue in a year, officials said.

A number of rate revisions have been implemented since the implementation of GST in July 2017, which has impacted the revenue stream. Furthermore, rationalization of rates assumes importance because the five-year guaranteed compensation mechanism to states for revenue losses resulting from GST implementation ended in June, and despite at least a dozen states requesting an extension, the Council did not take any action to extend it. Even with an increase in GST revenue, states with a heavy reliance on compensation may have a challenging FY23, according to experts.

The withdrawal of exemptions for pre-packaged items was also prompted by concerns regarding disputes and revenue leakage. Companies were seen to be embezzle the provision exempting unlabelled food items by not registering them. As an example, it is reported there were concerns that a branded rice manufacturer was selling items with a similarly-sounding label without registering it as a brand and selling them under the exempted category.

Due to the revenue trend dropping under revenue-neutral rates last year, the GST Council decided to look at a series of measures, including rate rationalizations to correct the inverted duty structure and the overhauling of the rate structure to increase revenues going forward. The move came after four years of GST implementation with the acknowledgment that a series of rate cuts covering over 500 items caused a strain on the finances of the central and state governments, with lower-than-expected revenue buoyancy. A year after the July 2017 rollout, GST rates were reduced by the GST Council. The rate cuts under GST on over 350 items out of 1,211 items in the five broad categories of zero, five percent, 12 percent, 18 percent, and 28 percent resulted in a revenue loss of approximately Rs 70,000 crore in a year.

Indian Customers at the New Market, Kolkata, India Editorial Stock Image -  Image of indian, calcutta: 67379609

Inverted duty structures arise when input taxes are lower than output taxes, resulting in the inverse accumulation of input tax credits that, in most cases, need to be refunded. In sectors such as mobile phones and footwear, inverted duty structures resulted in refunds of Rs 5,500 crore and Rs 2,000 crore, respectively.

Mobile phones (March 2020) and footwear (September 2021) have been corrected from an inverted duty structure. In September 2021, it was also decided to update it for textiles, but that was later withdrawn in a specially called one-agenda meeting in December 2021. Afterward, the GoM on rate rationalization was also tasked with looking at inversions in textiles and other sectors, including utensils, tableware, tractors, pharma, aggarbatti, certain agricultural machinery, etc.

According to a committee headed by the then Chief Economic Advisor Arvind Subramanian, the Revenue Neutral Rate should be between 15-15.5 percent (federal and state combined). This was against the backdrop of a two-rate structure, a standard rate close to RNR at which maximum tax base would be taxed, and a higher demerit or sin rate. According to a report published by the Reserve Bank of India (RBI) in September 2019, the GST Council has rationalized rates, bringing the effective weighted average GST rate down from 14.4% to 11.6%.

Based on the latest revenue figures shared with the Council, the all-India average shortfall between projected revenue and post-settlement gross SGST revenue was 27.2% in 2021-22 versus 37.9% in 2020-21. In 2021-22, only five states/UTs – Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim – registered revenue growth above the protected revenue rate for states. In 2021-22, Puducherry, Punjab, Uttarakhand, Himachal Pradesh, and Chhattisgarh recorded the largest revenue gaps between protected revenue and post-settlement gross state GST revenue.

 Companies are expected to raise prices for everyday items such as LED lamps and packaged food items like wheat flour, paneer, curd, and lassi, adding to inflationary concerns. The tourism segment in non-metro cities is expected to be adversely affected by a 12 percent tax on hotels below Rs 1,000/day. Since these items have a low weight in the Consumer Price Index, the overall retail inflation rate is unlikely to be affected sharply.  

Inflation is unlikely to be affected significantly by this. The CPI does not include items such as spoons and knives that are not purchased regularly, which have a very small weight, compared to items such as petrol/diesel that have a higher weight. There is a weight for hotels in the CPI of 0.00904, so even if all hotels charge less than Rs 1,000/day, a 12 percent increase in GST will result in a 0.11 basis point increase. Based on the assumption that all electric bulbs/tube lights are LEDs, the CPI will increase by 0.97 basis points. The price of curd may increase by 0.47 basis points. According to Devendra Kumar Pant, Chief Economist at India Ratings, the measure is unlikely to significantly affect CPI inflation.

· The goods that will now have 12 percent GST instead of 5 percent are Prepared/finished leather/chamois leather/composition leathers, solar water heater & its system, Petroleum/Coal bed methane, manufacture of leather goods and footwear, Contracts provided to the central and state governments, union territories, and local authorities involving primarily earthwork and subcontracts. 

· Goods like printing, writing or drawing ink, LED lamps, lights, and fixtures, their metal printed circuits board, knives, pencil sharpeners, and blades, therefore, spoons, forks, ladles, skimmers, cake-servers, Tetra Pak, Power driven pumps, Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium, etc., Machines for cleaning, sorting or grading seed, grain, pulses, eggs, fruit or other agricultural produce and its parts, milking machines and dairy machinery will now have 18 percent GST.

· Whereas the Cut and polished diamonds will now have 1.5 percent GST, which was earlier 0.25 percent. 

· At the same time, some of the GST rates are reduced, which include Orthopedic appliances – splints and other fracture appliances; artificial body parts; other devices which are worn, carried, or implanted in the body in order to compensate for a defect or disability; intraocular lenses that have gone down from 12 percent to 5 percent. 

Who is the wanted crypto queen?

OneCoin's Missing 'Crypto Queen' Is Now One of Europe's Most-Wanted  Fugitives

 The 42-year-old Bulgarian woman was accused of defrauding victims out of more than $4 billion (€3.83 billion) through the cryptocurrency company she founded in 2014.

The FBI has listed Ruja Ignatova, the self-styled ‘crypto queen’ who allegedly led one of the largest cryptocurrency scams in history, on its 10 Most Wanted Fugitives list, released on Thursday (June 30).

The 42-year-old Bulgarian woman was accused of defrauding victims out of more than $4 billion (€3.83 billion) through the cryptocurrency company she founded in 2014.

For information leading to Ignatova’s arrest, the FBI is offering a $100,000 reward. She has been missing since 2017 when US officials issued a warrant for her arrest.

Forbes reports she is only the 11th woman to appear on the FBI’s Ten Most Wanted Fugitive List in its 72-year history.

A law graduate from Oxford and a former McKinsey employee, Ruja Ignatova had an illustrious resume before leading one of the most notorious cryptocurrency fraud.

The ‘crypto queen’ launched OneCoin Ltd in 2014 and began marketing her currency as a “bitcoin killer.” According to investigators, Ignatova made false representations in order to garner huge amounts of funds from investors who had little knowledge of investing in cryptocurrencies. Over 3 million investors participated in the company from over a hundred countries around the world. The investigation has revealed that between the fourth quarter of 2014 and the third quarter of 2016, OneCoin generated a whopping €3.353 billion in sales revenue and earned a profit of €2.232 billion.

“She capitalized on the frenzied speculation that accompanied the early days of cryptocurrency,” said Damian Williams, the top federal prosecutor from Manhattan.

Investors were promised big returns at minimal risk, and according to prosecutors, Ignatova offered buyers commissions if they sold OneCoin to others so as to entice even more people to buy her fraudulent currency.

The IRS Special Agent who is also the in Charge, John R. Tafur, called it an “old scam with a virtual twist” that was designed solely to defraud investors.

According to investigators, it was essentially a Ponzi scheme from the very beginning, which was marketed as a cryptocurrency. Ponzi schemes are scams in which one party promises high returns on investment with little or no risk.

OneCoin representatives and Ignatova are accused of making false and misleading statements to conned victims of the fraud.

FBI adds 'Cryptoqueen' to 'Ten Most Wanted Fugitives List' for fraud

The company had promised that the OneCoin cryptocurrency was ‘mined’ through mining servers and that its value would rise from €0.50 to around €29.95 as of January 2019. OneCoin was not mined, and its value was determined entirely by Ignatova and her co-conspirators.

A blockchain is a digital ledger that identifies the currency and records its historical transactions and is used by other cryptocurrencies. Having no such security technology, OneCoin tokens were basically worthless since they couldn’t be actively traded, couldn’t be used to purchase anything, and investors couldn’t trace their investments.

In a statement reported by AFP, FBI Special Agent Ronald Shimko said OneCoin had a private blockchain.

As opposed to other virtual currencies, which have decentralized and public blockchains, in this case, investors were just asked to trust OneCoin,” he said.

To create excitement among OneCoin members and garner even more investment, Ignatov repeatedly told them that the company would hold an “initial public offering” between 2018 and 2019. This offering, however, was repeatedly postponed and never occurred, according to the FBI.

When investigators began searching for the ‘crypto queen’ in 2017, she disappeared into thin air.

A growing suspicion of her boyfriend led Ignatova to bug her boyfriend’s apartment. She immediately boarded a flight from Bulgaria to Greece after learning he was cooperating with the FBI investigation into OneCoin.

She can speak English, German, and Bulgarian and may be using a fake passport. As per the New York Post, investigators believe she might have changed her appearance from brown eyes and dark hair.

The US government has charged Ignatova with plot to commit wire fraud, wire fraud, conspiracy to commit money laundering, securities fraud, and conspiracy to commit securities fraud.

Each of the first four counts carries a sentence of up to 20 years in prison, while the last carries a sentence of up to 5 years in prison, according to the Washington Post.

The company was taken over by her brother Konstantin Ignatov in 2017. A wire fraud arrest was made by the FBI in Los Angeles in 2019. It was reported by The Washington Post that he entered into a plea deal to cooperate with US authorities after pleading guilty to a series of felonies.

A US corporate lawyer, Mark Scott, was convicted of laundering $400 million for OneCoin in 2019.

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