Finally I came across doing a clean install of my Macbook, this is long due since the system is piling up crap from 2012.
I am a heavy TrueCrypt user despite the announcements the team made a couple of months back so after installing OS X I went to the archive page on GRC to get the latest fully functional binary and upon installing on my Mac I found that there was a version check.
Thanks to the fix on stefansundin.com I was able to be up and running:
First copy the package to your desktop, then open terminal and type:
sed -i '' 's/<installation-check .*>//' 'Desktop/TrueCrypt 7.1a.mpkg/Contents/distribution.dist'