OneCoin promoters arrested in Singapore, regulatory warning
Two OneCoin promoters have been arrested in Singapore, on the charges related to “pyramid selling”.
According to a report by Rachel Mui from the Business Times, the arrests are the first of their kind in Singapore.
The Commercial Affairs Department has stated that OneCoin is a “fraudulent cryptocurrency”.
Local residents participated in the scheme by buying online educational courses bundled with promotional tokens.
The promotional tokens could be used to ‘mine’ for OneCoins. Participants who brought in new participants were also entitled to overriding commissions in contravention of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.
In addition to being charged with promoting the OneCoin Ponzi scheme, one of the affiliate promoters also copped what appears to be a money laundering charge.
The company in question is One Concept Pte Ltd, which authorities say was incorporated solely for the purpose of laundering funds related to OneCoin investment.
Back in 2016 the Monetary Authority of Singapore issued a OneCoin investor alert.
MAS’ investigation is believed to have contributed to OneCoin losing their Singapore held United Overseas Bank account.
The latest arrests follow the Singaporean government flat out calling OneCoin a Ponzi pyramid scheme mid last year.
The two OneCoin Ponzi promoters were presented in court on April 10th.
If convicted, they face a prison term of five years and/or a fine of up to S$200,000 ($147,840) for each charge.
The Singapore Police Force has issued a new warning against promoting or investing in OneCoin or One Concept Pte Ltd.
If Thailand rounds up the Euro gent fugitives hiding there, and hunting down EU/US MLM crypto scammers hiding out in Asia becomes the new norm, watch the sparks fly.
There isn’t enough popcorn to go with all the mid life crises that’d cause.
Finally, a headline that gets it right. Notice it’s not ‘Two men arrested in a cryptocurrency scam’.
Fact is, OneCoin is an MLM scam that happened to use crypto as it’s lure. To make it doubly bad, their cover product, crypto, wasn’t even real.
share-your-photo.com/8765634b96
ccn.com/singapore-two-charged-promoting-onecoin-scam
News item on Singapore Police Force / SPF website:
NOLINK://www.police.gov.sg/news-and-publications/media-releases/20190410_arrest_Two_Men_Charged_For_Promoting_A_MLM_CAD
Ah thanks for that. I did go looking when it was first reported and came up blank. Figured they hadn’t uploaded yet.
Nothing new, but still…
“OneCoin” is Singapore’s newest multi-billion dollar pyramid scam”
http://theindependent.sg/onecoin-is-singapores-newest-multi-billion-dollar-pyramid-scam/