The UK High Court has seen a significant development in the OneCoin fraud case as claimants have completely withdrawn all allegations against BE Club co-founders Moyn and Monir Islam, including lifting a previously imposed worldwide freezing order. All allegations were withdrawn without financial settlement.
The resolution in the case (Case: CL-2024-000213) was reached after the Islam brothers submitted evidence supporting their position that the allegations were unfounded. Unlike typical settlements, this one concluded without any financial payment from the Islam brothers to the claimants.
Instead, the claimants have agreed to contribute to the legal costs incurred by the Islam brothers in defending themselves against these allegations. This development brings closure to a case that had significant implications for the brothers’ business reputation and personal lives.
“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,”
said Moyn Islam. His brother Monir added,
“This resolution is not only a victory for us but also for the principles of justice.”
Jennifer McAdam, a key member of the Claimant group’s steering committee, has also released official statements available on Facebook, X (previously Twitter), and Instagram confirming the withdrawal of claims. This resolution was made public on January 25, 2025.
Moyn and Monir Islam were small-scale UK investors who themselves lost money to the OneCoin fraud. They held no leadership roles in OneCoin’s operations or management, and once their suspicions grew about the scheme, they actively sought to warn others.
The brothers’ business ventures, including Melius – later rebranded as BE Club – have been misrepresented. Additionally, some critics have wrongly alleged that Moyn and Monir Islam fled to Dubai after the collapse of the scheme, despite clear evidence showing their move was a strategic business decision that took place gradually over several years.
The resolution includes a binding agreement preventing any future OneCoin-related claims against the Islam brothers. The brothers were represented by separate law firms, which have put out statements on the resolution: Enyo Law & Peters & Peters.
OneCoin was a cryptocurrency scheme that defrauded investors of approximately $4 billion before its founder disappeared in 2017.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
