logo

Singapore convicts MLM scheme agents in country’s first

singapore mlm scam convicted

A recent case of arrest occurred in Singapore and convicts were two men that were conducting a multi-level marketing scheme. Multi-Level marketing is centered around on selling certain products and not recruiting involving any sorts on salesmen. If the strategy is correct, then multi-level marketing should be successful by doing just that. The case of such a scheme has never occurred in Singapore before.

The names of the men convicted are yet to be disclosed but what we do know is that they were promoting OneCoin. OneCoin is a Ponzi scheme promoted as a cryptocurrency.

It even has a personal blockchain network to look legitimate. The men involved were taking investments to give courses and selling One coin as if it was a cryptocurrency.

OneCoin has been around for a while and was only caught in March before. The men were from Bulgaria that time around, and they were caught by US law enforcement.

The promotional tokens that were being distributed were deemed to be able to allow mining for OneCoins. OneCoin was on the alert list of the MAS. The list is for organizations and schemes that are misleading and false.

OneCoin has attracted a lot of attention because of this and many governments all over the world are now at least aware of its existence. This is why many governments have issued a warning for it. The warning is to let the public know that any scheme of such name is false and misleading.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Dogecoin price analysis: DOGE swiftly retraces to $0.07, more upside tomorrow?
How to stake Verasity (VRA): What's the 2,500,000,000 reward capacity?
Singapore’s crypto lender Hodlnaut shuts down
How to Stake on Kraken: Earn Up to 23% APY On Your Crypto
Go Around the World with 1xBit and Win Crypto

Follow Us

Industry News

Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea
Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance