On 17 February 2023, 44-year-old Lee Song Teck (Li Songde) (“Lee”) was charged in court with ten counts of cheating under Section 420 of the Penal Code (Chapter 224, 2008 Rev Ed).
The charges arose from investigations by the Commercial Affairs Department (“CAD”) into a gold investment buyback scheme offered by The Gold Guarantee Pte Ltd (“TGG”) between 2011 and 2013. As part of the investigations, CAD also investigated five other companies which were connected to Lee. Lee was the sole director and shareholder of TGG and these five companies.
One of the five companies investigated include The Discovery Group Pte Ltd (“Discovery”), which offered timeshare membership investments that were purportedly backed by warrants issued by TGG. Lee had allegedly cheated 10 investors of Discovery into believing that their investments were guaranteed by warrants issued by TGG, resulting in the 10 investors disbursing $157,000 to Discovery, which the investors would not have done had they not been so deceived. For each count of offence, persons convicted face imprisonment of up to 10 years and a fine.
Investigations are ongoing. CAD commenced investigations into TGG and the five companies in January 2013. Lee left Singapore on 18 January 2013, prior to the commencement of investigations and was arrested on 2 February 2023, when he returned to Singapore.
SINGAPORE POLICE FORCE
17 February 2023 @ 6:30 PM