The Police have arrested a 38-year-old man for his suspected involvement in a series of cheating cases.
Between 9 December 2019 and 31 December 2021, the Police received multiple reports alleging that the man failed to honour an agreement which purportedly guaranteed a Return on Investment (“ROI”).
Preliminary investigations revealed that the man was believed to be running Ponzi-Like schemes and enticed victims to invest through him with guaranteed ROIs. Since 2021, the man had purportedly cheated more than 24 victims of accumulated invested sum amounting to more than S$8 million. The man allegedly misappropriated the funds as he was unable to honour his obligations.
The man also allegedly forged a letter of demand from a law firm and addressed to a bank, to request for the release of funds from his bank account. He would then purportedly show the letter to the victims and buy time by convincing them that actions were being taken to make payments to the victims. Further investigations also revealed that the man did not have a licence to carry out investment schemes which is a regulated activity.
The man will be charged in Court on 26 June 2024 with the offences of cheating under Section 420 of the Penal Code, forgery under Section 465 of the Penal Code and carrying on a business without Capital Markets Services Licence under Section 82(3) of the Securities and Futures Act.
The offence of cheating carries an imprisonment term of up to 10 years and a fine. The offence of forgery carries an imprisonment for a term of up to 4 years, or with fine, or with both.The offence of carrying on a business without Capital Markets Services Licence shall be liable on conviction to a fine not exceeding S$150,000, or to imprisonment for a term not exceeding 3 years, or to both.
Members of the public are advised to exercise caution when dealing with investment opportunities. Before committing to an investment, always Ask, Check and Confirm.
- ASK as many questions as you need to fully understand the investment opportunity. If the company or person is unable to, or avoids answering any of your questions, be wary.
- CHECK on the company, its owners, directors and management members to assess if the opportunity is genuine.
- CONFIRM the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website (www.mas.gov.sg).
SINGAPORE POLICE FORCE
26 June 2024 @ 3:40 AM