A legal trail has dogged the OneCoin scheme, especially in Europe and Asia, where authorities have identified fraud and prosecuted the business and its promoters. The company has previously stated that it has an operating license which it lacks, but this time, the Vietnamese authorities did not let it pass.
This time, the scam was revealed during a meeting held by promoters of the scheme, which showed an alleged permission issued by the Ministry of Planning and Investment (MPI), approving the operations of the Trident Crypto Academy, which managed OneCoin operations in the country.
The alleged license was signed by the Director of the Procurement Management Department, Nguyen Dang Truong, claiming that the scheme's operations did not violate laws of the Socialist Republic of Vietnam. However, upon receiving reports of the existence of such a document, the government entity denied the legality of the false license with the support of the Ministry of Public Security.
Likewise, the entity revealed the flaws that gave the falsification, emphasizing in principle that the documents are not written according to the regulations stipulated by the MPI. Likewise, the date of issue was also a factor of fraud: allegedly issued on June 16, 2017, the director's signature awarded him in a position he had not previously occupied as President and General Director of the department of the ministry.
Finally, the Procurement Management Department issued legal guidelines for the bidding of organizations and individuals nationwide, so it was evident that one of the papers was a copy of the public document, altered with the false signature of the government representative and the Stamp of the department.
So far, authorities have not announced legal proceedings against those responsible for plagiarism, but they recommended extreme caution against the possibility of fraud with documents of this nature, using official public documents to confuse organizations and companies.
Advance to its neighbors of the Asian continent, Vietnam was pioneer in the acceptance of criptomonedas, also undergoing fraudulent schemes with the nascent technology. Since then, the OneCoin scam was reported by local media, but the investigations did not lead to a definitive action that would impede the operations of the business.
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