Ponzi-like OneCoin trading scheme swindles many in Vietnam: [tuoitrenews.vn] Besides the virtual currency trading scheme, OneCoin Vietnam also invites members to join its cash-based financial investment scheme, where an investment of VND5 million ($223) will result in a dividend of VND6.5 million ($290) after only ten days.
One network member revealed to the Tuoi Tre journalists that investors have to provide personal information, including their photograph, ID card and bank account, to become a member.
However, OneCoin members never know who they give their money to, and who will pay them the ‘interest’ either. All transactions are conducted online and no investors really know where the network operator Bamboo is headquartered.
In fact, Bamboo has stopped paying interest to its investors since September, with some members lamenting that they had no way of contacting any responsible person behind the scheme.
Tran Thi Linh Dung, dean of the banking department under the Phu Yen branch of the Banking Academy, said the OneCoin scheme is a credit fraud that targets people’s greed.
“What’s more dangerous than giving money to someone you don’t know, and then waiting for that unknown person to pay you back?” she said.
Links to this posting:
Aboriginal News Group
Contributing Editors, International Correspondents & Affiliates
- (RIP) John John [Occupied Canada]
- Sina Brown-Davis [Occupied Australia]
- (RIP) Ridwan Laher [Rep. of South Africa]
- Mars2Earth [Occupied Aotearoa]
- Bolivia Rising [Bolivia]
- Simon Moya-Smith [Occupied N. America]
- Zashnain Zainal [Malaysia]
- Rodrigo Sanchez-Chavarria [Peru/Occupied N. America]
- Debbie Reese [Occupied N. America]
- Gerald and Maas Night\u2019s Lantern [Occupied Canada]
- Min Reyes [Occupied Canada]
- @alyssa011968 [Occupied N. America]
- Martyn Namorong [Papua New Guinea]
- Abiyomi Kofi [Occupied N. America]
- Tiokasin Ghosthorse [Occupied N. America]
- Vagabond Beaumont [Occupied Puerto Rico/N. America]
- Lupe Morales [Occupied N. America/Oaxaca,MX]
- Aztatl Garza [Occupied N. America]
This is an Ad-Free Newswire
Southern Poverty Law Center
This site uses the Blogspot Platform