Enyo Law is pleased to share that it has successfully advised Mr Moyn Islam, an entrepreneur, in proceedings commenced in the English High Court by a group of 400-plus investors (the “Investors”) in relation to the fraudulent cryptocurrency OneCoin scheme.

In July 2024, significant legal action was initiated against the individuals and entities allegedly associated with the OneCoin scheme culminating in the Investors securing worldwide freezing orders against the founders of OneCoin’s founders, Dr. Ruja Ignatova (the self-proclaimed “Cryptoqueen”), Karl Sebastian Greenwood, as well as Moyn Islam and his brother Monir Islam (represented by Peters & Peters Solicitors LLP; together the “Islam Brothers”). The Islam Brothers have always vigorously disputed the allegations in full.

We are pleased to confirm in that context that Enyo Law advised Moyn Islam in a confidential out-of-court settlement resulting in the proceedings against him (and his brother) being withdrawn in full, together with a contribution being made to their legal costs by the Claimants and worldwide freezing orders being discharged. The official statement published on behalf of the OneCoin Investors is as follows:

STATEMENT BY ONECOIN INVESTORS REGARDING UK LAWSUIT

We wish to confirm that the claim (CL-2024-000213) brought in the UK by the Claimants (who are OneCoin investors) against Mr Moyn and Mr Monir Islam (the “Islam Brothers”) in July 2024 in relation to OneCoin, together with the accompanying worldwide freezing orders, have been withdrawn by mutual agreement between the parties. No payments whatsoever have been made by Mr Moyn and/or Mr Monir Islam to the Claimants in relation to the claim, although the Claimants have contributed to the legal costs that the Islam Brothers have incurred in relation to defending the claim and the accompanying worldwide freezing orders. For the avoidance of doubt, the withdrawn claims include (but are not limited to) all allegations of fraud and dishonesty made against the Islam Brothers. Moving forward, none of the Claimants will be pursuing any allegations against either of the Islam Brothers whatsoever. All parties appreciate the resolution of this matter and are committed to putting this unfortunate matter behind them and moving forward positively.

The Enyo team acting for Mr Moyn Islam was Konrad Rodgers, Deborah Tillett, and Krupa Vekaria, instructing Tim Akkouh KC and Edward Mordaunt of Essex Court Chambers.