Police Hunt Mastermind of RM2.3 Million Investment Scam
SINGAPORE, Aug 27 — A Singapore businessman has admitted to cheating investors in a fake AI trading scheme that caused losses exceeding US$537,000.
Ong Kai Min, 42, director of the Singapore Index Trading Institute (SITI), pleaded guilty to eight counts of cheating involving seven people and one company. Prosecutors said he promised monthly returns of up to 10 per cent but no trades were carried out.
Instead, investors’ funds were diverted to Ong’s personal and business expenses. He paid out only part of the money to satisfy withdrawal requests.
Investigations linked Ong to several firms, including SITI, Bookhero and C7 Traders Vanuatu, which displayed fake profits through trading apps.
Ong will be sentenced on September 19. Each charge carries up to 10 years in jail and fines.
Read More News on Latest Malaysia
Read More News on Business News Malaysia
Read More News on SG Business News
Read More News on World Future TV
MARALINER signed six strategic partnerships to strengthen smart mobility, fleet management, EV development and integrated…
SML Group earned SBTi net-zero validation and multiple global awards recognising RFID innovation, sustainability leadership…
Malaysia's Migrant Repatriation Programme 2.0 extended to May 2027; industry groups call for policy clarity…
Bursa Malaysia appoints CFO Azizan Abdul Aziz as Islamic capital market director, reinforcing focus on…
Huawei unveils FusionSolar9.0 in Malaysia, introducing AI‑powered, grid‑stabilising solar technology to boost clean energy transition…
Private markets remain resilient but face mounting pressure from higher rates, weak exits, concentrated AI…
This website uses cookies.