Man In Singapore Fined $72K For Promoting Crypto Ponzi Onecoin

A man in Singapore has been convicted for promoting and marketing OneCoin cryptocurrency scam in the country. As per the sources, the man convinced many people to sign up for the scheme. The police have said that he will be paying $72k as a fine for promoting crypto.

As per the Straitstimes report, the man charged is named Fok Fook Seng. He is 52 years old and was promoting OneCoin crypto scam for four years until June 2017. He used a multi-level marketing scheme to sell the fraudulent digital currency to the residents in the country.

The man used Facebook to market the OneCoin crypto scam scheme. Through a Facebook page named “OneLife One World Team Singapore,” he tried to sell fraudulent crypto to the unaware public.

The report states that victims were convinced to indulge in online course packages which were nothing but only promotional tokens. They were told that these promotional tokens are used to mine OneCoin. The scheme also included commissions for referrals that play the role of the Pyramid Scheme.

For many months Fok was promoting OneCoin crypto scam and in which 1,180 Singaporean to sign up for the scheme. The scammer has also succeeded in attracting people from other nations. Back in April 2019, Fok was charged under the Pyramid Selling (Prohibition) Act and Multi-Level Marketing.

On 1st July 2020, Fok was ordered to pay up to $100,000 fine for the offense in marketing the OneCoin crypto scam scheme. The police warned residents that digital currencies aren’t any legal tender and asked them to stay away from any individual or companies dealing with the same.