IN the first case of its kind in Singapore, two men were charged in court on April 10 with promoting a fraudulent cryptocurrency, OneCoin, using a multi-level marketing scheme.
Of the two men, one was also charged with incorporating a company, One Concept Pte Ltd, to promote the multi-level marketing scheme. Konstantin Ignatov, brother of Ruja, was on arrested on March 6, 2019, at the Los Angeles International Airport and charged with wire fraud conspiracy. Ms Ignatov, whose whereabouts are unknown, has been charged in absentia for wire fraud, securities fraud and money laundering.
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