Singaporean citizen fined $100,000 for promoting the crypto scam OneCoin.

A man in Singapore has been convicted of promoting the multi-level marketing scheme involving infamous cryptocurrency OneCoin.

Fok Fook Seng, the 52-year-old Singaporean citizen, was fined $100,000 on July 1 for committing the offense between January 2016 and June 2017, said the Singapore Police Force. Fook Senf was charged in April 2019 under the Multi-Level Marketing and Pyramid Selling Act, in a case the police said was a first of its kind. The promotion of the MLM scheme is prohibited in the country. OneCoin has been classified as a major crypto scam by the United States and many other countries. 

 

Fok Fook Seng promoted the MLM crypto scheme at large scale events. 

The 52-year-old Singaporean citizen was a director of locally registered companies, including wholesale trading firm A Roboclean (S), used Facebook page OneLife One World Team Singapore to advertise the crypto scam OneCoin, and promoted it at large-scale events. According to promotions, participants purchased packages containing online educational courses bundled with “promotional tokens.” The participants were told that these tokens could be used to “mine” cryptocurrency OneCoin. They could also receive commissions if they referred others to buy these packages and if those participants, in turn, made successful referrals like a typical pyramid scheme. 

 

OneCoin founder Ruja Ignatova is still on the run from authorities. 

OneCoin has been classified as a multi-billion dollar cryptocurrency scam in the United States and several other countries. As reported earlier, Konstantin Ignatov, the brother of on the run “crypto queen,” admitted his role in the OneCoin cryptocurrency fraud. He pleaded guilty to various charges, including money laundering and fraud. After reaching a plea deal, he was sentenced to 90 years of prison time. OneCoin was co-founded by Dr. Ruja Ignatov, who is on the run, raised over $4 billion in its ICO. However, the company has denied all allegations and is still operating. Under the plea deal, Ignatov will not face further charges as they emerge against OneCoin and its constituents. Ruja Ignatov, the mastermind behind the crypto scam, is still on the run. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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