Investigators track Ruja Ignatova in South Africa: key clues in the biggest crypto scam

International authorities continue the search for Cryptoqueen Ruja Ignatova, the architect of the OneCoin Ponzi scheme that defrauded millions of investors. According to new German investigations, the Bulgarian educated at Oxford may be residing in an exclusive enclave near Cape Town, South Africa, after disappearing in October 2017. Although her whereabouts have sparked speculative theories for years, German investigative agencies operate under the premise that Ruja Ignatova is still alive.

German Investigation: Evidence Points to South Africa

Sabine Dässel, representative of the Criminal Investigation Office of North Rhine-Westphalia (LKA) in Germany, confirmed in the WDR documentary “Die Kryptoqueen” that all evidence points to the South African capital. The area where Ruja Ignatova is presumed to be hiding is known for attracting international fugitives and offering highly secured properties that facilitate anonymity.

Investigators identified a significant pattern: Konstantin Ignatov, Ruja Ignatova’s brother, made multiple trips to Cape Town after his sister’s disappearance, leading detectives to speculate that he was receiving direct instructions from her. This movement was considered a crucial indicator that Ruja Ignatova was still coordinating activities from the South African city.

The Colossal Figure: $4.3 Billion in Scams

Between 2014 and 2017, Ruja Ignatova and her network of collaborators orchestrated one of the largest crypto frauds in history. Investors were deceived with promises of extraordinary returns through OneCoin, a completely fictitious cryptocurrency that didn’t even exist on a real blockchain. The total amount defrauded reached approximately $4.3 billion.

Upon fleeing, Ruja Ignatova allegedly took £500 million, resources that allowed her to fund her escape and secure false identities. Her disappearance left an operational void in the scheme, although her network continued functioning for some time under the supervision of her accomplices.

Dark Connections with Bulgarian Organized Crime

The German documentary revealed complex links between Ruja Ignatova and figures of Bulgarian organized crime, particularly with Hristoforos Nikos Amanatidis (known as Taki). Although Amanatidis has not been formally convicted of any crime, it is alleged that he used the OneCoin structure to launder proceeds from criminal activities.

For years, there was a theory that Taki ordered the murder of Ruja Ignatova in Greece during 2018. However, the WDR documentary dismissed this hypothesis after verifying information from the LKA indicating that the alleged hitman was in prison at the time of the supposed incident. Other parallel investigations have also failed to corroborate this claim.

Duncan Arthur, a key informant in OneCoin operations, provided additional testimony to the documentary filmmakers, revealing that Konstantin Ignatov maintained regular communication with his sister after 2017. This testimony reinforces the thesis that Ruja Ignatova remains alive.

International Pursuit and Escalating Rewards

The FBI keeps Ruja Ignatova on its list of the ten most wanted fugitives worldwide. Recognizing the gravity of the case, the U.S. agency recently increased the reward for information leading to her arrest from $100,000 to $5 million. Additionally, investigators speculate that Ruja Ignatova may have undergone cosmetic surgery procedures to significantly alter her appearance and make identification more difficult.

She currently faces formal charges of wire fraud and securities fraud in multiple jurisdictions: the United States, Germany, Bulgaria, and India.

The Fate of the Accomplices: Exemplary Sentences

While Ruja Ignatova remains elusive, her collaborators have faced justice. Karl Greenwood, co-founder of the scheme, is serving a 20-year prison sentence for fraud. Irina Dilkinska, the operation’s legal chief, was convicted of fraud and money laundering. Mark Scott, another involved lawyer, received a 10-year sentence following crucial testimony from Konstantin Ignatov.

Konstantin Ignatov, who temporarily took over OneCoin’s operations after his sister’s disappearance, eventually cooperated with the FBI and served three years in a U.S. detention facility. His cooperation led to harsher sentences for other accomplices, though he himself received a reduced sentence for his statements.

The search for Ruja Ignatova remains one of the most active criminal investigations on the international stage, with agencies from multiple countries coordinating efforts to locate and capture the most wanted fugitive in the crypto sector.