MAN CHARGED FOR CHEATING IN RELATION TO AN INVESTMENT SCHEME

On 4 November 2020, a 49-year-old man was charged in court for his alleged role in a scheme that offered foreign exchange investments and promised returns of up to 8% per month. The accused is alleged to have used the monies collected from the four investors for other purposes.

The accused faces 21 counts of cheating under Section 420 of the Penal Code. These charges involve a sum of $1.1 million. If convicted, he faces imprisonment for a term which may extend to 10 years, and shall also be liable to a fine, in relation to each count of cheating offence.

Members of the public are advised to adopt the following measures concerning investment schemes:

  • Avoid investments that promise high returns, “guaranteed profits” and quick gains, especially when there are claims that the investments involve little or no risk.
  • Do not deal with unregulated entities or persons, or you will forgo the protection available under the regulations of the Monetary Authority of Singapore (MAS).
  • Before committing to an investment, always Ask, Check and Confirm.
    • 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!

    • CHECK

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

    • 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