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Man Charged For Involvement In Alleged Illegal Investment Schemes

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by July 5, 2019 General

The director of RBI Holding Pte Ltd, 49-year-old Selliaya Suresh (Suresh) has been charged in court on 5 July 2019 for his alleged involvement in the following:

a. An allegedly fraudulent villa scheme that offered investments in villas in India.

b. An aquabreed scheme that offered investments in crab farms in Sri Lanka.

c. The issuance of a RBI Aquaculture Bond with a promised annual return.

d. An allegedly fraudulent buy back arrangement for the villa scheme, where investors of the villa scheme were told that they could sell their villas for significant profits, if they first paid tax.

Suresh was charged with the following charges for his alleged involvement in the above:

a. 23 counts of cheating under Section 420 of the Penal Code;

b. 261 counts of forgery for the purpose of cheating under Section 468 of the Penal Code;

c. 141 counts for issuing securities without a prospectus under Section 240 read with Section 331 of the Securities and Futures Act; and

d. Two counts for managing a company as an undischarged bankrupt under Section 148(1) of the Companies Act.

If convicted, Suresh could face the following punishment:

a. Imprisonment for a term which may extend to 10 years, and shall also be liable to a fine for an offence of cheating under Section 420 of the Penal Code;

b. Imprisonment for a term which may extend to 10 years, and shall also be liable to a fine for an offence of forgery for the purpose of cheating under Section 468 of the Penal Code;

c. Imprisonment for a term not exceeding 2 years, or a fine not exceeding $150,000, or to both for an offence of issuing securities without a prospectus under Section 240 read with Section 331 of the Securities and Futures Act; and

d. Imprisonment for a term not exceeding 2 years, or a fine not exceeding $10,000, or to both for an offence of managing a company as an undischarged bankrupt under Section 148(1) of the Companies Act.

Source: Singapore Police Force

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