OneCoin Labelled Pyramid Scheme, Fined 2.6 Million in Italy

An Italian consumer watchdog has approved several companies to use Pyramid sales strategy to promote Vancon, a perceived digital currency scheme that is widely seen as a scam.

The Italian International Trust (IAA) has imposed a penalty of 2,95,000 on the group of companies promoting Vancon's purchase. Companies are accused of providing wrong information about the product to the consumer, according to the IAA, with their sales system featuring pyramid characteristics.

In particular, restrictions are applied against a Life Network Limited and its companies, as well as against the registrants of several domain names, including one single anetiertol.IT, onecinitaliaofficial.it, ekoninitia.com. Misleading promotional activity was to sell the training package where investors were promised for virtual anaconda through cryptokurges mining. As has been mentioned earlier, instead of BlackChane, one person has been accused of not being a cryptronangency and using the SQL script.

Price of 3,000,000 will be allowed after just two years of joining the program of 27,530 packages

Authorization has written, a Lifers business offer has been underlined as a false high profit potential.

The Italian Consumer Authority also described the details of its investigation in Operating Methods of Winkain, which states:

Ekin was spread through the pyramid selling system, because the recruitment of new consumers was the sole purpose of the sales activity and it was encouraged by the identification of various bonuses, the program's only real and effective remuneration. In fact to hide the entry fee required to enter the training kit's purchase system and to persuade other consumers of the product's well-being.

In fact, Vancon cryptokurancy, which was not possible to verify existence and stability, was an excuse for a system that was specifically intended (and through the support) of other consumers, the IAA said, to tell .

Italy joins in the growing list of countries in Europe and countries around the world to take action on winnaben. In India, police identified 30 Akon Promoters from April and arrested them, in which 22 people have been charged. The alleged pyramid scheme, which has earned $ 12 million from investors in the country, was classified as a Ponzi scheme last month by an Indian police officer.

In Finland, law enforcement officials started investigations after obtaining several complaints from private individuals and tax authorities in Ekkinone this month.

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