New Zealand Police Seize Residential Property and Cash Owned by Fugitive Former Luxembourg Spy and Onecoin Adviser

New Zealand Police Seize Residential Property and Cash Owned by Fugitive Former Luxembourg Spy and Onecoin Adviser

A residential property in Wellington, New Zealand and more than $282,000 belonging to an adviser of Onecoin mastermind Ruja Ignatova was recently seized by the police. Detective Inspector Christiaan Barnard said his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand.

Property Purchased by Third Party

The police in New Zealand have reportedly seized a residential property and more than $282,000 in cash, both of which allegedly belonged to Frank Schneider, the fugitive adviser to the Onecoin mastermind Ruja Ignatova. According to the police, the seized assets might be proceeds of a global Ponzi scheme.

A report in The Post states that Schneider, a Luxembourg national, may have purchased the residential property through a third party. The money used to buy the property is thought to have been sent to the unnamed individual sometime between 2018 and 2020.

After his arrest by the French police in April 2021, Schneider reportedly spent seven months in prison before being released under house arrest. In August, while awaiting his extradition to the U.S., where he faced the prospect of 40 years in jail, he reportedly claimed in a podcast that he would not get a fair trial in that country.

Schneider cited the cost of litigation as well as the so-called plea bargain system commonly employed by U.S. prosecutors. However, just a year after vowing to fight his extradition, Schneider disappeared even though he was wearing an ankle tag.

Onecoin Masterminds Are Not Hiding in New Zealand

Meanwhile, in his remarks following the New Zealand police’s seizure of the assets, Detective Inspector Christiaan Barnard, said:

The New Zealand Police will continue to work with our international partners to ensure that New Zealand’s financial system is not abused to hide illicit income.

The detective inspector added that his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand. According to the report, the New Zealand police are now seeking to forfeit the seized assets.

What are your thoughts on this story? Let us know what you think in the comments section below.