OneCoin parades bogus license in Pakistan as authorities close in

OneCoin parades bogus license in Pakistan as authorities close in

Another day brings another drama as OneCoin Pakistan affiliates are trying to pull the wool over the eyes of many people who are seeing the scheme for the scam it is.

As soon as Pakistani authorities hinted it was investigating OneCoin, the scheme’s affiliates have devised tactics to earn legitimacy in the eyes of typical Pakistani investors.

A Facebook post monitored by BehindMLM shows OneCoin affiliates parading unverified and apparently false documents as registration documents.

Using the OneCoin the OneCoin Pakistan Team Facebook handle, the poster said:

Congratulations to all Onelife Community Members, Onelife Network is Now Officially Recognized by Security Exchange Commission of Pakistan, we Got NOC From SECP AND WORK Permit, Registered from Direct Selling Association.

The post was ended with threats and typographical/grammatical errors “FIA , CIA, or any other Authority who is Trying to Confuse people, I suggest them to Move Back, otherwise, you will be Ambarrased! (sic) And that would be waistage (sic) of our and their time”.

This sorts of strategy are typical of Ponzi schemes. Their claim for genuineness is often laced with bogus claims and half-truths. Apart from the fact that Onecoin is not in any way similar to a cryptocurrency such as Bitcoin, the scheme through its founder, Ruja Ignatova had claimed it has a Blockchain, the public ledger software platform that powers any digital currency.

Till date, neither OneCoin nor its founders have been able to prove to the world how its white paper works and what makes it different from other digital currencies. As a matter of fact, they have refused to even share the document for the view o of the public.

Many countries have since taken a drastic step to prevent their citizens and investor community from the menace of OneCoin and other fake digital currencies. Even far away Uganda has placed a total ban on any sign of OneCoin within its shores.

As for its sojourn in Pakistan, there is the likelihood that a handful of its affiliates might get in trouble should they continue to raid the investor community in the country. As a food for thoughts, neighbouring India has since banned all dealings in OneCoin while also prosecuting its promoters.