OneCoin Claims Against BE Club Co-Founders Fully Withdrawn

In a significant development, claims issued in the UK High Court against the co-founders of BE Club, Moyn and Monir Islam, in relation to the OneCoin scheme have been fully withdrawn. This resolution, made public on January 25, 2025, came after the Islam brothers presented compelling evidence that countered all the claims against them. Notably, the claimants have agreed to contribute to the legal costs incurred by the brothers, and a worldwide freezing order on their assets has been lifted.

The case, identified as CL-2024-000213, involved allegations of fraud and dishonesty against the Islam brothers, who were small-scale UK investors in the OneCoin scheme. The brothers, who suffered financial losses from the scheme, held no operational roles in the fraudulent organization and had attempted to alert others about its legitimacy once they became suspicious.

Moyn Islam expressed relief at the resolution, stating, "For years, misinformation surrounding OneCoin has affected my reputation, including allegations of dishonesty, fraud, and fleeing the UK. This resolution shows we have been telling the truth. We’ve been unfairly targeted, and this is a vital step in setting the record straight." The brothers' subsequent business ventures, including Melius, later rebranded as BE Club, have also been subject to misrepresentation.

The resolution not only lifts the worldwide freezing order on the brothers' assets but also establishes a binding agreement preventing any future OneCoin-related claims against them by these claimants. This outcome allows the entrepreneurs to focus fully on their current business ventures without the shadow of unwarranted allegations.

The OneCoin scheme, which began in 2014, exploited early cryptocurrency enthusiasm to attract investors on a massive scale, leading to an estimated $4 billion in losses. By 2016, nearly 1.6 million people had already joined the scheme. During this period, the Islam brothers also joined, believing they were supporting a system that had already amassed a significant global following under promises of financial success.

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Jennifer McAdam, a key member of the Claimant group’s steering committee, released official statements confirming the withdrawal of claims. The statement is also available at the end of this article. The brothers were represented by separate law firms, which have put out statements on the resolution.