• Newsfact: OneCoin investors refuse to apply for refund in hopes of future profit
• Psychological explanation: "Backfire" effect

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News article: OneCoin investors refuse to apply for refund in hopes of future profit

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"DCP (Crime) Tushar Doshi said, "It is speculated that the investors may not be approaching the EOW for seeking a refund of the money invested by them as they may be still hoping to earn profits from 2018 onwards, as assured by the organizers at the seminars."

[...]

"Last month, the crime branch has already filed a primary charge-sheet against the 22 accused, who were arrested in April and May, for organising a seminar on the One Coin investment, a Ponzi scheme for accepting cash to allegedly cheat investors."

http://timesofindia.indiatimes.com/city/navi-mumbai/no-takers-for-one-coin-refund-as-many-still-hopeful-of-windfall/articleshow/59920531.cms

Psychological explanation: "Backfire" effect

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The investors in OneCoin are clearly showing signs of the backfire effect. Many who have invested in the OneCoin fraud scheme, reinforced their false beliefs in the scam after facing abundant evidence that this is indeed an illegal Ponzi scheme.

Definition of the "backfire effect" according to the Rational Wiki:

"The backfire effect occurs when, in the face of contradictory evidence, established beliefs do not change but actually get stronger. The effect has been demonstrated experimentally in psychological tests, where subjects are given data that either reinforces or goes against their existing biases - and in most cases people can be shown to increase their confidence in their prior position regardless of the evidence they were faced with."

http://rationalwiki.org/wiki/Backfire_effect