Singaporean Pleads Guilty in US$537,000 AI Trading 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.

Singaporean Pleads Guilty

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.

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