With OneCoin a laughing stock of cryptocurrency circles in larger countries, desperate investors hoping to recover losses are targeting smaller markets.

An emerging source of revenue for OneCoin investment is Samoa, but not if the Central Bank has anything to do with it.

Speaking to the Sunday Samoan, Central Bank Governor Maiava Ainu’u-Enari confirmed a Samoan regulatory investigation into OneCoin.

The Sunday Samoan suspect local church ministers are involved, however Maiava refused to name any suspects.

The scheme is alleged to involve some people and organisation in Samoa who use local agents to collect people’s money in the hope of gigantic returns.

As of today, the Central Bank of Samoa is looking at other measures to ensure that there are no more victims of this scheme.

Ainu’u-Enari is no stranger to MLM cryptocurrency Ponzi schemes.

A few years back two uFun Club investors tried to build an investor base across Samoa.

Their efforts went so far as to give a presentation of the scam to the Governor herself.

Following a police investigation, Nicholas Giannos and Rosita Stanfield were caught red-handed trying to flee Samoa after scamming victims out of over $100,000.

In 2016 Stanfield was sentenced to twelve months in prison. Giannos copped three years.

Maiava made it clear that in order to legally conduct business in Samoa one must have a business license.

“If you don’t have a business license authorising the type of business that you are doing, then you cannot conduct business at all.”

“If people conduct business and collect people’s monies and then try to send them overseas, then that is an illegal type of business.”

“Pyramid schemes or get rich quick schemes have been in existence in Samoa for quite a while.”

“It happened before a few years back when we prosecuted the Ufund case, which was thoroughly covered in the media at that time.”

Whether authorities are able to stop OneCoin spreading across Samoa remains to be seen.