OneCoin's Pakistan team falsely claimed official Securities and Exchange Commission of Pakistan approval on August 27, just days after the State Bank of Pakistan and Federal Investigation Agency announced a coordinated crackdown. The company's local representatives posted a Facebook message declaring OneCoin's recognition, complete with a no-objection certificate and a work permit.
The Facebook post, attributed to the "OneCoin Pakistan Team," presented four documents to substantiate its claims of legitimacy. One document was an SEC certificate of incorporation for "Famous Associates PVT LTD," dated February 20, 2012. This date precedes OneCoin's global launch by more than two and a half years.
Another piece of "evidence" was a Direct Selling Association membership certificate for "OneLife Network LTD." A third document shown was a letter from the Pakistani SEC, which only stated that the company name "OneLife Network LTD" was available for registration, not that it had actually been registered. The fourth item was a photograph featuring OneCoin affiliate Muhammad Zafar alongside others holding the DSA certificate.
A direct search on the Pakistani SEC's official website for "OneLife Network" yielded no results. This lack of any record persisted two weeks after the initial Facebook announcement, confirming the claims were fabrications. The Securities and Exchange Commission of Pakistan is the primary regulator for the country's corporate sector and capital markets, responsible for company registrations and oversight.
Despite the transparent falsehoods, OneCoin Pakistan adopted an aggressive posture against the investigating authorities. A subsequent Facebook post, attributed to Umar Asghar, listed as an OneCoin Independent Business Owner from Lahore, issued a direct warning.
Asghar's message stated, "FIA, CIA, or any other Authority who is Trying to Confuse people, I suggest them to Move Back, otherwise you will be Ambarrased! And that would be waistage of our and their time." This public challenge directly confronted the State Bank and Federal Investigation Agency, which had launched their inquiries into the scheme.
Pakistan is a major recruitment territory for OneCoin. The country ranks as the second largest source of traffic to the main OneCoin website and the third largest for its OneLife affiliate portal. Muhammad Zafar and his extensive network built substantial pyramid recruitment operations across Pakistan.
The State Bank of Pakistan oversees the country's monetary and financial systems, while the Federal Investigation Agency is tasked with combating financial crimes, including fraud and illegal investment schemes. A successful regulatory intervention and potential arrests would disrupt these operations and cut off a significant revenue stream for OneCoin's global structure.
The timing of the fabricated credentials coincided directly with the announced crackdown, indicating a calculated maneuver. The false registration certificate and defiant social media posts aimed to maintain affiliate confidence and operational momentum in the face of governmental scrutiny.
OneCoin has faced similar enforcement actions and legal proceedings in numerous other jurisdictions. Authorities in the United States, Germany, India, and Bulgaria have deemed its operations fraudulent pyramid schemes, leading to arrests and asset freezes. The State Bank of Pakistan previously issued warnings against OneCoin, declaring it an unauthorized multi-level marketing scheme.