Two men were arrested in Singapore after authorities in the Asian country discovered that those involved were embezzling people with the sale of the alleged cryptographic project OneCoin.
The investigation was conducted by the Department of Commercial Affairs of the Singapore Police Force (SPF), and resulted in an indictment against these individuals for promoting this cryptoactive case, which has been denounced by multiple governments of the world as a potential pyramid scheme. The lawsuit was filed by the authorities of the country this April 10.
According to the research, the subjects would have offered an important reward to those who acquired the promotional tokens and attracted other investors.
Promotional tokens could be used to "mine" OneCoins. Participants who attracted new participants also had the right to cancel commissions in contravention of the Multilevel Marketing Ban Act.
Singapore Police Force (SPF)
It should be noted that one of those involved also faces charges for using a company known as One Concept Pte to promote OneCoin through a multilevel marketing scheme.
On the other hand, the Monetary Authority of Singapore (MAS) added OneCoin and One Concept Pte in the List of alerts for investors, so that there are no more scams associated with the supposed cryptoactive in that country.
The citizens of the Asian country who promote OneCoin or any other Ponzi scheme may be subject to a judicial process, as established in the Multilevel Marketing Ban Act. These charges have a maximum penalty of five years and / or a maximum fine of more than USD 147,000 in the Asian country.
Featured image by 3839153 / pixabay.com