BE Club Founders Cleared of OneCoin Allegations, Business Reputation Restored

BE Club co-founders Moyn and Monir Islam have achieved complete vindication in the UK High Court as all allegations connecting them to the OneCoin cryptocurrency fraud have been withdrawn without financial settlement.

The resolution in the case (CL-2024-000213), made public on 25 January, 2025, has significant implications for the business community, particularly for entrepreneurs who may face unfounded allegations that can have a negative impact. The resolution came after the Islam brothers submitted compelling evidence refuting the claims against them. Notably, the claimants have agreed to contribute to the legal costs incurred by the brothers.

Monir and Moyn Islam were small-scale UK investors who themselves suffered financial losses from the OneCoin scheme. They held no operational roles in the fraudulent organisation and attempted to alert others once they became suspicious of its legitimacy.

'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.

The brothers' subsequent business ventures, including Melius, later rebranded as BE Club, have been subject to misrepresentation due to false associations with OneCoin.

The resolution includes the lifting of a worldwide freezing order previously imposed on the brothers' assets and establishes a binding agreement preventing any future OneCoin-related claims against them. This outcome allows the entrepreneurs to focus fully on their current business ventures without the shadow of unwarranted allegations.

Jennifer McAdam, a key member of the Claimant group's steering committee, released official statements available on Facebook, X (previously Twitter), and Instagram confirming the withdrawal of claims.

The brothers were represented by separate law firms, which have put out statements on the resolution: Enyo Law & Peters & Peters.

OneCoin was a fraudulent cryptocurrency scheme that defrauded investors worldwide of approximately $4 billion before its founder disappeared in 2017.