Two OneCoin promoters have been arrested in Singapore, on the charges related to “pyramid selling”.

According to a
report by Rachel Mui from the Business Times
, the arrests are the first of their kind in Singapore.

The Commercial Affairs Department has stated that OneCoin is a “fraudulent cryptocurrency”.

Local residents participated in the scheme by buying online educational courses bundled with promotional tokens.

The promotional tokens could be used to ‘mine’ for OneCoins. Participants who brought in new participants were also entitled to overriding commissions in contravention of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.

In addition to being charged with promoting the OneCoin Ponzi scheme, one of the affiliate promoters also copped what appears to be a money laundering charge.

The company in question is One Concept Pte Ltd, which authorities say was incorporated solely for the purpose of laundering funds related to OneCoin investment.

Back in 2016 the Monetary Authority of Singapore i
ssued a OneCoin investor alert
.

MAS’ investigation is believed to have contributed to OneCoin
losing their Singapore held United Overseas Bank account
.

The latest arrests follow the Singaporean government
flat out calling OneCoin a Ponzi pyramid scheme
mid last year.

The two OneCoin Ponzi promoters were presented in court on April 10th.

If convicted, they face a prison term of five years and/or a fine of up to S$200,000 ($147,840) for each charge.

The Singapore Police Force has issued a new warning against promoting or investing in OneCoin or One Concept Pte Ltd.

🤖 Quick Answer

What charges were brought against OneCoin promoters arrested in Singapore?
Two OneCoin promoters were arrested in Singapore on pyramid selling charges. The Commercial Affairs Department classified OneCoin as fraudulent cryptocurrency. Charges involved illegally promoting a Ponzi scheme through educational course sales bundled with promotional tokens, offering overriding commissions for recruiting new participants in violation of Multi-Level Marketing regulations.

How did the OneCoin scheme operate in Singapore?
Participants purchased online educational courses bundled with promotional tokens, which could be used to mine OneCoins. The scheme generated revenue through recruitment-based commissions, where existing members received overriding commissions for bringing new participants, violating anti-pyramid selling legislation and operating as an illegal multi-level marketing operation.

Why were these arrests considered significant in Singapore?
These arrests represented the first prosecutions of their kind in Singapore related to OneCoin. They demonstrated regulatory enforcement

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