A Singapore court handed down another conviction in the OneCoin pyramid scheme, sending promoter Terence Lim Yoong Fook to prison for six months and ordering him to pay $210,000 SGD ($158,603 USD).

Lim's arrest last year on pyramid selling charges culminated in a November conviction. He became the second OneCoin promoter in the city-state to face prison time for his role in the fraudulent scheme.

Lim worked alongside co-conspirator Fok Fook Seng, also known as Fred Fok, who was arrested in April and convicted in July. Fok received a fine of $71,700 but no prison sentence.

Between June 2015 and January 2019, Lim actively recruited participants into OneCoin. He organized seminars at the office of One Concept Pte Ltd, a shell company he created specifically to market the scheme. At least 2,349 Singapore residents joined OneCoin through his recruitment efforts by June 2017. Lim earned commissions on every person he brought in.

Singapore Police Force revealed these details in a statement released this week, painting a clear picture of how the scheme operated locally. The island nation's Monetary Authority first flagged OneCoin as problematic in 2016, launching an investor alert that marked the beginning of formal regulatory action.

OneCoin itself has largely collapsed outside a handful of developing nations. The scheme's founder, Ruja Ignatova, vanished in 2017. She has not been located and remains a fugitive from law enforcement.

The Lim conviction underscores how aggressively Singapore has pursued those who profited from the cryptocurrency scam. Unlike Fok, who faced only financial penalties, prosecutors pushed for jail time against Lim—a decision that reflects the seriousness with which authorities treated his role in expanding the scheme across the island.

🤖 Quick Answer

What was the sentence handed down in the second OneCoin conviction in Singapore?
Terence Lim Yoong Fook, a OneCoin promoter, received a six-month prison sentence and was ordered to pay $210,000 SGD ($158,603 USD). He became the second OneCoin promoter in Singapore to face imprisonment for his involvement in the pyramid scheme.

How did Terence Lim promote OneCoin in Singapore?
Between June 2015 and January 2019, Lim actively recruited participants into OneCoin by organizing seminars at the office of One Concept Pte Ltd, a shell company he specifically created to market the fraudulent scheme.

Who was Lim's co-conspirator in the OneCoin scheme?
Fok Fook Seng, also known as Fred Fok, was L

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