On 24 January 2024, Kang Chee Wee, Lim Jun Hong and Dexter Lau Yu Hong, aged between 28 and 35, were charged in court for cheating under Section 420 read with Section 109 of the Penal Code, for offering a fraudulent investment scheme called 1Meltz.
Between 25 November 2016 and 29 February 2017, the accused persons allegedly entered into a conspiracy to cheat investors by falsely representing to them that their investment was into 1Meltz, a company based in the United States (“USA”) with investments in the USA. Investors were promised fixed returns of 40% over 28 days.
Kang Chee Wee and Lim Jun Hong were each charged with four counts of conspiracy to cheat under Section 420 of the Penal Code read with Section 109 of the Penal Code, for allegedly deceiving two victims into paying an aggregate sum of S$541,049 for the investment.
Dexter Lau Yu Hong was charged with two counts of conspiracy to cheat under Section 420 read with Section 109 of the Penal Code, for allegedly deceiving the two abovementioned victims into paying an aggregate sum of S$83,000 for the investment.
The offence of cheating under Section 420 of the Penal Code read with Section 109 of the same Code carries a punishment of an imprisonment term of up to ten years, a fine, or both.
SINGAPORE POLICE FORCE
24 January 2024 @ 11:15 AM