Skip to main
Toggle notifications
  • EMERGENCIES

    999
  • EMERGENCY SMS

    70999
  • HOTLINE

    1800 255 0000
  • I-Witness

Man Charged For Alleged Hydroponics And Aquaponics Farming Investment Scam

On 4 May 2023, Oommen Mathews, a 41-year-old male Singapore citizen, director, and shareholder of Reign Gainers Pte Ltd (“Reign Gainers”) and Capital Nation Pte Ltd (“Capital Nation”), was charged in court with 55 counts of offences under the Companies Act and Securities and Futures Act.

Oommen Mathews had allegedly offered more than 60 persons investments in hydroponics and aquaponics farming promoted by Reign Gainers and Capital Nation, with promised returns of up to 20% per annum. More than $3 million were collected from these investors. These two companies allegedly had no business activities to generate the promised investment returns and Oommen Mathews had purportedly carried on the business of the two companies for a fraudulent purpose between 2015 and 2017. Oommen Mathews is also alleged to have structured some of these investments in the form of bonds and offered them to the investors without the requisite prospectus. He also allegedly lodged a document with the Accounting and Corporate Regulatory Authority (“ACRA”), despite knowing it to be false or misleading.

Oommen Mathews faces the following charges:

  1. Two counts of fraudulent trading under Section 340 of the Companies Act. The offence carries an imprisonment term of up to seven years, a fine of up to $15,000, or both;

  2. 52 counts of making offers of securities without prospectus under Section 240 of the Securities and Futures Act. The offence carries an imprisonment term of up to two years, a fine of up to $150,000, or both; and

  3. One count of lodging a document with ACRA knowing that it is false or misleading under Section 401(2A) of the Companies Act. The offence carries an imprisonment term of up to two years, a fine of up to $50,000, or both. 

 


PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
04 May 2023 @ 12:00 PM
Hover to toggle social media icons SHARE
Hover to toggle social media icons SHARE