The Commercial Affairs Department is investigating an investment scheme involving Pareto SG Pte Ltd (Pareto SG), Pareto International Holdings Limited (Pareto International) and Veritas Global Exchange for possible breaches and offences under the Penal Code as well as the Securities and Futures Act.
Since 2019, Pareto SG marketed an investment opportunity involving the trading of Contract For Difference (CFD) for foreign exchange. Investors opened online trading accounts with an overseas broker, Veritas Global Exchange. They then transferred monies to an overseas bank account belonging to Pareto International.
A 34-year-old director of Pareto International has been charged in Court on 15 February 2020 for cheating one person who had invested into the CFD trading opportunity marketed by Pareto SG, under section 420 of the Penal Code. A 39-year-old director of Pareto SG was also arrested for the same offence in relation to the investigation.
Investigation into the scheme is ongoing.
Anyone who has invested through Pareto SG is advised to lodge a police report. You are encouraged to lodge your report online via http://www.police.gov.sg/e-services/report/police-report. To assist us in our review of your complaint, you should state the name and contact details of the Pareto SG staff you have dealt with. In addition, you should clearly state the date and amount of your investment as well as any withdrawals. You should also upload a copy of the documents made to and received for the investment (e.g. bank statements, receipts, bank transfer forms). Alternatively, you may lodge a police report at the nearest Neighbourhood Police Centre (open 24 hours) or at any Neighbourhood Police Post (open from 12.00pm to 10.00pm). Please bring with you a copy of the aforementioned documents.
Source: Singapore Police Force