The WinsBank system has signs of using virtual money as a means of raising capital and doing business in illegal multi-level method and payment (Photo: bocongan.gov.vn) Hanoi (VNS/VNA) - The Ministry of Public Security has warned peopleabout investing in the WinsBank system through website WINSBANK.IO.
The WinsBank system is suspected of using virtual currency as a means ofraising capital and doing business in illegal multi-level method.
WinsBank is a product of the World Blockchain Holdings Limited Company(formerly Winsfun), with its address at 9 Barrack Road, Belize City, Belize.This company operates casino investments, betting, lottery; digital assetmortgage loans; virtual currency WinCoin (Win) and issuance of shares of eShare(ESR).
To attract investors, WinsBank has made many promises about the future of thevirtual currency Win and the ESR share price, while offering economic benefitsto deceive people to invest money in the WinsBank system.
WinsBank promises that investors will enjoy a fixed interest rate from 2 percentto 12 percent per year after participating in the system by buying virtualcurrency WinCoin, with 13 WinCoin investment packages worth from 100 USD to 1million USD or buying ESR shares with 16 packages from 100 USD to 1 million USD.
In addition, it said investors would receive additional profit when introducingnew investors to WinsBank under the multi-level business model.
The police have discovered the WinsBank system is organised by a group ofpeople in Vietnam, who are operating without a business registration andheadquarters in the country.
WinsBank does not have any manufacturing activities, creating valuable productsand services, but mainly operates under the multi-level model, taking moneyfrom new participants to pay interest and commission to older ones. When themoney is high enough, the organisers will stop paying interest to theparticipants, and at the same time, collapse the system and run away with themoney raised.
The model of selling ESR shares, trading the WinCoin virtual currency andpaying bonuses through WinBank shows signs of multi-level business activities,which have not been licensed by the Ministry of Industry and Trade under theGovernment’s Decree 40/2018/ND-CP.
Illegal multi-level marketing activities, disguised in any form, will behandled according to the Criminal Code 2015, amended in 2017, on charges ofviolating regulations on business activities under the multi-level method.
“Vietnam has not recognised any type of virtual money and cryptocurrencies, soinvestors will bear a lot of risks when investing in virtual money investmentactivities and virtual products,” the ministry has noted.
The ministry notified people who have invested in the WinsBank system can go tothe nearest police station or contact the Cyber Security and High-tech CrimePrevention Department to report and provide information./.
VNA
