According to the results of an investigation conducted by the Department of Commercial Affairs on April 10th, two men were charged in court for promoting a network marketing scheme related to OneCoin cryptocurrency. One of them was also accused of creating One Concept Pte Ltd for this purpose.
Residents of Singapore participated in the scheme by purchasing educational online courses, which were bundled with tokens for advertising purposes. According to the police, these tokens can be used for mining OneCoin cryptocurrency which has some similar features to Bitcoin.
Promoters of the fraudulent scheme will face imprisonment of up to 5 years and a maximum fine of S$ 200,000.