All claims against BE Club co-founders Moyn and Monir Islam in relation to OneCoin have been withdrawn, including lifting a previously imposed worldwide freezing order. All allegations were withdrawn without financial settlement.
The resolution in the case (UK High Court 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.
The claims against the Islam brothers were dropped soon after they set out certain key facts about their connection to OneCoin:
- Moyn and Monir were small-scale investors who lost money to the OneCoin fraud
- They held no leadership roles in OneCoin’s operations or management
- The brothers sought to warn others about OneCoin’s practices
“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.”
Rebuilding Reputation
The brothers have long been mischaracterized as high-level promoters of OneCoin, a claim that has fuelled misinformation about their businesses. 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.
Official Statements
Several external publications have picked up this important development, including Gulf Today & Bitcoin News.
Jennifer McAdam, a key member of the Claimant group’s steering committee, has also released official statements confirming the withdrawal of claims. This resolution was made public on January 25, 2025.
The statements can be found on social media:
Screenshot provided below
You can also find statements from the law firms that represented the brothers here:
The OneCoin case
In July 2024, a group of investors of the OneCoin scheme filed a claim in the UK High Court against key OneCoin figures, which included the Islam brothers.
The Claimants initially sued for almost GBP 22 million, and obtained a worldwide freezing order in the sum of GBP 11 million against the brothers. After the Islam brothers put in evidence countering the allegations, the Claimants agreed to withdraw all claims.
The Claimants have also confirmed that they will not pursue OneCoin-related claims or allegations by them against the Islam brothers in the future, bringing these allegations to a full and final close.
Understanding the OneCoin Fraud
The OneCoin scheme, launched in 2014, exploited early cryptocurrency enthusiasm to defraud investors worldwide. While the actual perpetrators of the fraud face international arrest warrants, many investors, like the Islam brothers, were drawn into the large-scale scam by promises of financial growth.
Moving Forward With The Truth
Founded in 2018, BE Club has maintained a six-year track record of compliance while operating as a SaaS-driven financial education platform. Be Club does not accept investments, manage funds, or offer financial advisory services. Instead, it provides learning tools and trading intelligence solutions, ensuring full transparency and regulatory alignment.
Both the Islam brothers and BE Club emerge stronger from this challenge. This outcome is a critical step toward establishing the truth and combatting the misinformation that has misrepresented the company and founders.
We thank the BE Club community for supporting us throughout this journey. Together, we will continue to build on our foundation of integrity and trust.
[Screenshot of official statement below – CL-2024-000213]
