Singapore Police Secure First Convictions Against OneCoin MLM Scheme Agents

Two men were found guilty of promoting and accepting investments for OneCoin, including setting up a dedicated subsidiary.

Singapore authorities have charged two men for promoting cryptocurrency multi-level marketing (MLM) scheme OneCoin in the first case of its kind for the city state, local daily news outlet Business Times reported on April 10.

The two men, who were not named, reportedly engaged in activities involving incorporating a subsidiary to promote OneCoin, as well as signing up new members and taking investments in return for education courses and OneCoin tokens.

The case is the latest to afflict OneCoin, which had managed to operate for several years and accrue giant investments before its two Bulgarian founders were indicted by United States law enforcement in March.

"The promotional tokens could be used to 'mine' for OneCoins,” Business Times quotes a statement from the Commercial Affairs Department of the Singapore Police Force as reading. It continues:

“Participants who brought in new participants were also entitled to overriding commissions in contravention of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.”

Singapore’s central bank, the Monetary Authority of Singapore (MAS), had previously inserted OneCoin on its Investor Alert List, a directory of entities that it believes to be misleading the public.

Various governments worldwide have issued warnings against OneCoin, advising consumers not to interact with any agent associated with the scheme.

One of the two founders, Ruja Ignatova, remains at large following the U.S. indictment.


By Readers$type=blogging$cate=2$count=6


Analysis,498,News,2832,Press Releases,338,Sponsored,137,
CryptoNomus: Singapore Police Secure First Convictions Against OneCoin MLM Scheme Agents
Singapore Police Secure First Convictions Against OneCoin MLM Scheme Agents
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy