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Tuesday, September 17th, 2019

Man Charged For Involvement In Illegal Investment Scheme

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by August 22, 2019 General

The Police have charged a 44-year-old man in court for his involvement in an alleged fraudulent investment scheme.

Between April 2015 and August 2016, the Police received several reports from victims who were purportedly cheated by a man who promoted an investment scheme which promised investors a 97% return on their investment. The total amount involved is $3.56 million.

The man has been charged in court on 22 August 2019 with the following offences:

a. 29 counts of cheating under Section 420 of the Penal Code. If convicted, he faces imprisonment for a term which may extend to 10 years, and shall also be liable to a fine; and

b. 26 counts of non-declaration of cross border movement of cash under Section 48C of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. If convicted, he faces imprisonment for a term not exceeding 3 years, or a fine not exceeding $50,000, or to both.

Members of the public are advised to adopt the following measures:

Avoid investments that promise high returns, guaranteed profits and quick gains, especially when there are claims that it involves little or no risk.

Be careful when dealing with unregulated entities or persons. If you choose to deal with unregulated entities or persons, you will forgo the protection given under MAS’ regulations.

Before committing to an investment, always Ask, Check and Confirm.

o ASK

ASK as many questions as you need to fully understand the investment opportunity. If the company is unable to, or avoids answering any of your questions, be wary!

o CHECK

CHECK on the company, its owners, directors and management members to assess if the opportunity is genuine

o CONFIRM

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).

Source: Singapore Police Force

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