SG is financial loss/fraud/scam hub. Huat ah!

[LITTLEREDDOT]

Scam victims lose nearly $1 million to con men claiming to work for China-based firms​

The latest scam tactic involves victims getting calls from someone posing as an employee of a Chinese business. PHOTOS: SINGAPORE POLICE FORCE

Gabrielle Andres
Correspondent

Sep 10, 2024

SINGAPORE - Scam victims in Singapore lost nearly $1 million in under two weeks to con men who claimed to be working for China-based businesses like Tencent, WeChat or UnionPay.
The police said in a statement on Sept 10 that there have been at least 46 such cases reported since Aug 29, and victims have lost at least $958,000 to these con men.
The latest scam tactic involves victims getting unsolicited phone calls from someone trying to pass off as an employee of a Chinese business, the statement added.
The con man would claim to inform the victims of an expiring free trial of a subscription that they had previously signed up for, such as insurance coverage or WeChat’s anti-harassment function.
Victims would then be told that fees would be deducted automatically from the bank accounts linked to the platform, unless they have cancelled the subscription.
The victims would then be asked to check and verify their identities and bank account details by providing their personal information, and transferring money to various bank accounts.
The police said: “The victims were assured that their monies would be refunded upon successful verification.

“In some cases, the scammer would guide the victim using the WhatsApp screen-sharing function, to increase the bank transaction limit and perform the bank transfers.”
Sometimes, the con men would pressure the victims to comply with their instructions, or take further steps to pass themselves off as credible.
For instance, they would use tactics like redirecting victims to speak to another person posing as a customer service employee, as well as showing fake employment passes or documents of their alleged subscriptions with the personal information of the victim.
“Most victims would realise that they had been scammed only after making multiple monetary transfers without receiving the promised refunds,” the police said.
The police suggested that people use the ScamShield app, set up security features like transaction limits and enable two-factor authentication to guard against falling victim to scams.
They should also check for tell-tale signs of a scam and report any fraudulent transactions to their bank immediately.

 

[mojito]

Man allegedly behind global insider trading scheme arrested in S’pore; US says he pocketed millions​

Ge Zhi was apprehended on July 3 and brought to the State Courts the next day, where he was ordered to be held under the Extradition Act. PHOTO: JOSH GE/FACEBOOK

Samuel Devaraj

Jul 10, 2024

SINGAPORE - A Singaporean man accused of being the leader of an international insider trading and money laundering scheme has been arrested here, following a request in June from the US.
Ge Zhi, 33, was apprehended on July 3 and taken to the State Courts the next day, where he was ordered to be held under the Extradition Act.
The Straits Times understands the US will be filing extradition papers for him to be taken to the district court in Massachusetts.
Ge and his alleged co-conspirators are accused by the US authorities of pocketing tens of millions of dollars in illegal profits on the back of a securities fraud scheme.
They are said to have received non-public information about at least 10 companies whose shares were traded on the US stock exchange. The information included financial performance and merger-and-acquisition activity of the firms, which they received from company insiders.
Ge is said to have recruited others to trade in the stocks, purportedly directing them on how to trade on the information and when to withdraw their proceeds.
Investigators in the US alleged that the illegal profits were then purportedly laundered through various means, including cash payments and international financial transactions, with the intention of, among other things, concealing the sources of the proceeds and masking the identities of the scheme’s participants.

Among other things, Ge is said to have instructed a co-conspirator to transfer $300,000 in illicit proceeds into a Hong Kong bank account, and to say that the money was payment to an antique watch dealer.
A Singapore Police Force spokesperson declined to provide specifics when contacted by ST, but said a warrant of arrest was issued for a 33-year-old Singaporean man on June 28, 2024, for offences allegedly committed in the US.
“As the matter is before the courts, we are unable to comment further,” the spokesperson added.

Ge’s lawyer, Mr Favian Kang from Adelphi Law Chambers, also declined to comment on the matter.
ST contacted the US Department of Justice but a spokesperson declined comment.
In court on July 4, State Counsel Anupriya A. Daniel applied for Ge to be remanded for seven days, pending an extradition request from the US.
The US has an extradition treaty with Singapore.
The counsel said that the authorities in the US had asked only for Ge to be apprehended.

In response to Mr Kang’s query on when the extradition papers are expected, State Counsel Daniel said she was not sure, but added that the time limit is two months.
Mr Kang then requested that the prosecutor liaise with the US counterpart to expedite the matter.
During proceedings, District Judge Brenda Tan asked Ge if he wished to consent to surrender to the foreign state, and he said no.
Under the Extradition Act, fugitives can give consent to their extradition and waive extradition proceedings.
This is in line with international practice, to save state resources and prevent the fugitive from being detained longer than necessary in Singapore.
Ge maintained his refusal in his second court appearance on July 10.
State Counsel Daniel again requested that Ge be remanded for a week, pending the receipt of a formal extradition request.
Ge asked the court if he could get a bail hearing, but Senior District Judge Ong Hian Sun said no.
He will return to court on July 16.

My fellow Singaporeans commit more crimes indeed.

 

[LITTLEREDDOT]

Victims lose $616k amid spike in parcel delivery scams in 2024​

Victims would receive a message claiming of a failed parcel delivery to their addresses. They would then be instructed to click on a link to confirm their addresses. Those who do so would enter a phishing site. PHOTO: SINGAPORE POLICE FORCE

Ang Qing

Sep 20, 2024

SINGAPORE – A surge in parcel delivery scams in 2024 has cost victims here at least $616,000, the police warned on Sept 20.
At least 338 such cases have been reported since Jan 1. So far, the bulk of these cases – at least 266 of them – involved scammers impersonating national postal service provider SingPost, which resulted in at least $495,000 lost in total.
Victims of these scams would first receive a message claiming of a failed parcel delivery to their addresses. They would then be instructed to click on a link to confirm their addresses.
Those who did so would enter a phishing site, which would prompt the victim to key in their credit or debit card details.
Victims would realise they had been scammed only when they noticed unauthorised transactions on their affected cards.
The police said they have also observed online messaging applications like iMessage and Rich Communication Services (RCS) being abused by these scammers to deliver phishing messages.
In one case, the scammer, using a number with a British country code, named an RCS group chat “Singapore Post” in an attempt to impersonate SingPost.

“While there are safeguards such as the SMS Sender ID Registry to protect the public from spoofed SMSes, such protection does not extend to online messaging applications,” said the police.
Under the registry system, unregistered organisations that send SMSes to Singapore mobile numbers will have their sender profiles marked with the words “Likely-SCAM”.
The public should be alert when they receive messages from unknown contacts through a group chat on such messaging applications, said the police.
Group chats can be renamed to mimic legitimate sender profiles used in SMSes, and be used by scammers to impersonate legitimate entities in such group chat settings.
SingPost has said on its website that it will not send SMSes to request any payment before delivery or personal information. SMSes from SingPost come from the SMS Sender ID “SingPost”, and will not contain clickable links.
SingPost receives payments made only on the official SingPost mobile application, at post offices and at self-service postal machines.
The police advised the public to take the following precautions.

• Add the ScamShield app and set security features. For example, users can set up transaction limits for credit and debit card transactions, enable two-factor authentication and multifactor authentication for banks and e-wallets.
• For iMessage, enable a setting that would filter out messages from unknown senders or disable the iMessage if you do not expect messages from this channel.
• Report phishing messages from iMessage to Apple, and for Android RCS to Google.
• Do not respond to unknown numbers on online messaging applications until the sender’s identity can be verified.
• Verify the information in text messages with the company or e-commerce platform directly.
• Avoid iMessage and RCS group chats by unknown senders. A group chat can be identified by looking for the prompt indicating that you have been added to a group chat, as well as other key design features distinguishing it from other message types.
• Tell the authorities, family and friends about scams.

“iMessage” prompts are indicated in chats utilising iMessage (left), while “Text Message” prompts are indicated in chats using SMS. PHOTOS: SINGAPORE POLICE FORCE

With “Show Contact Photos” enabled (top), iMessage group chat headers will show the icons of accounts in the group chat. Users with “Show Contact Photos” disabled should click on the header to find out if it is a group chat. PHOTOS: SINGAPORE POLICE FORCE

 

[LITTLEREDDOT]

Police called to office at Ubi Techpark after unhappy investors demand refund from gemstone scheme​

The police were called to an office at Ubi Techpark on Aug 23, where a group of angry investors gathered to demand their money back from an investment scheme. ST PHOTO: GAVIN FOO

Christine Tan

Sep 23, 2024

SINGAPORE – Investors trying to get their money back from a gemstone scheme which bears the hallmarks of a multi-level marketing programme say they have been stonewalled for years.
The investors, who set up a chat group of about 100 participants, include a number of elderly retirees.
On Aug 23, about 10 of them turned up at the fourth floor of Ubi Techpark, in Ubi Crescent, and thumped tables and shouted at staff.
The police were called in to restore calm. The Straits Times understands that they are looking into the investors’ complaints.
The investment scheme involved amber gemstones. Investors were awarded points, which could be redeemed for cryptocurrency tokens that promised high returns.
Ms Shonna Seow, 42, a business owner, turned up at the Ubi Techpark office on Aug 23 with her parents, who are in their 80s.
She said her parents each invested $35,000 in 2017 with Global GC.

Her mother told ST in Mandarin: “We didn’t earn any profits, not even one cent. We only got a few hundred dollars from introducing new members. They said those were profits, but it was actually only commission.”
Ms Seow said that when they tried to get their money back, they were told they had to pay a sum of money.
She said the money her parents invested was part of the proceeds from selling their three-room flat.

“They wanted to keep the money for their retirement. But they were swayed by their friend’s words to invest.
“I asked the (firm’s representative), ‘These old people don’t even know how to use computers, how do you expect them to understand cryptocurrency?’” she said, adding that she has made a police report.

Ms Shonna Seow's parents, who are both in their 80s, said they were asked to pay a sum for a chance to get back their $70,000 investment. ST PHOTO: GAVIN FOO

Retiree Dennis Tan, 56, said he invested more than US$20,000 (S$25,800) in 2015 with USFIA Singapore.
He said the company offered a “commission” of 10 per cent of their investment sum for every new member investors recommended. He added that the promised profits from the investment scheme never materialised, and has filed a police report about the matter.
USFIA Singapore and Global GC are listed on the Monetary Authority of Singapore’s (MAS) investor alert list.
Checks by ST showed that USFIA Singapore, which was formed in 2014 and struck off in 2020, had listed one Mr Wong Yet Loong as director.
Mr Wong, who is also known as Lionel Wong, registered Global GC in 2015. The firm was struck off in 2023.
The business office at Ubi Techpark is currently registered to Amtop Holding and Universal Mall. Amtop Holding was created in 2018, and Universal Mall was registered in 2017.

Mr Wong Yet Loong (in blue shirt and mask), also known as Lionel Wong, speaking to investors at an office at Ubi Techpark on Aug 23. ST PHOTO: GAVIN FOO
Amtop Holding is a holding company, while Universal Mall is involved in software development and wholesale trade.
Mr Wong was at the Ubi Techpark office on Aug 23 and spoke to investors, who referred to him as “boss”.
Business records show he is not among the appointment holders of Amtop Holding and Universal Mall.
However, he shares the same residential address with Ms Lim Ai Lan, director of Universal Mall, and Ms Wong Ji Hui Joyvina, director of Amtop Holding.
Mr Wong and the staff at Ubi Techpark told investors that their investment was handled by Estonian-registered company, MaxiTrading Invest OU, where Ms Wong is the owner.
A check by ST on Aug 26 found MaxiTrading Invest OU was in liquidation. It was deleted from the Estonian business register on Sept 15.
MAS said MaxiTrading Invest OU, Amtop Holding and Universal Mall are not licensed or authorised by the regulator to provide financial services in Singapore.

US links​

USFIA Singapore was linked to USFIA Inc in Los Angeles. US citizen Steve Chen, founder of USFIA Inc, was a director and shareholder of USFIA Singapore.
The US Securities and Exchange Commission (SEC) described USFIA Inc as a pyramid scheme and took Chen to court in 2015.
They said he made false and misleading representations, including claims that the firm owned several large amber mines in the Dominican Republic and Argentina.
Chen pleaded guilty to federal criminal charges that he had falsely promised profits to more than 70,000 investors worldwide, and was sentenced to 10 years’ jail in January 2021.
Investigators in the US found a money trail from USFIA Singapore to Chen.
A report in June 2024 found that Chen had raised about US$197 million from investors. A large portion of the money was used to fund his lavish lifestyle.
Mr Wong has repeatedly distanced himself from USFIA Inc, and continued to do so on Aug 23.
He told ST that there were “a lot of problems” in the US, and there were things that “could not be done” in Singapore, without elaborating.
Mr Wong is no stranger to angry investors. In September 2015, a man used a chopper and a knife to threaten him.
The man wanted the $450,000 his wife had invested with USFIA Singapore returned. Court documents then described it as a multi-level marketing company.
The man’s wife got her money back but he was sentenced to three weeks’ jail for criminal intimidation in November 2016.
In an e-mail reply to ST’s queries about the company’s investment plans, its beneficial owners and history, MaxiTrading Invest OU said it has handed the matter over to its lawyers and the police.
It added: “We reserve all legal rights in this matter. Thank you for your understanding.”

Civil case​

Commercial lawyer Daniel Soo said firms that do not intend to invest in what they promise could be committing fraud.
“If (investors) were misled into believing that this transaction would likely result in them making a profit, and if these representations were found to be false, then they would have a remedy by way of a civil claim for fraud,” added Mr Soo, head of Selvam’s insolvency and restructuring practice.
Even if companies are struck off, investors could file suits against their directors for personal liability in some cases, he said.
He added that if the scheme offered members a commission from introducing new members but no other income, it would be a multi-level marketing or pyramid scheme, which is illegal in Singapore.
Silvester Legal managing director Walter Silvester said investors should ask company directors to put their claims about investment schemes in writing so they have documentary evidence of such promises.
He said there is a difference between fraud and a failed business venture.
“It could very well be that (the director) actually had this whole idea and genuinely wanted to get this amber and (cryptocurrency) thing going, and it just didn’t work out,” he added.
If this case was deemed to be a failed business venture, he said, it is unlikely that investors can get back their money.
MAS said investors should do their checks before dealing with any entity offering financial products and services. They can do this via its Financial Institutions Directory, its investor alert list, and its register of representatives.
Said a spokesperson: “They should ask for details about the entity, including its track record and background of the people running the operation before making any investment decision.”
He added that investors are strongly encouraged to deal only with people who are regulated by MAS, as those who deal with unregulated entities will not have the protection that come with the authority’s regulations.

 

[LITTLEREDDOT]

Phish head curry: Woman loses $33k to malware scam, but Money Lock protected rest of savings​

This is the first such reported case of Money Lock effectively thwarting scammers, said OCBC. PHOTO: LIANHE ZAOBAO

David Sun
Crime Correspondent

Oct 13, 2024

SINGAPORE - She knew all about the latest scam trends and had been warning her friends not to fall for them.
But Kelly, not her real name, a retiree in her mid-60s, loves fish head curry. So when she saw an advertisement for the dish on Facebook, she clicked on it to place an order.
This allowed scammers to hijack her phone and siphon about $33,000 from her bank accounts.
Fortunately, the rest of her savings with OCBC Bank had been protected by the money lock feature, which allows users to lock up a specified portion of their funds. That money can be withdrawn only in person at a branch or an ATM.
This is the first such reported case of the money lock effectively thwarting scammers, said OCBC.
Kelly said she saw the ad on Facebook on the morning of Sept 5.
“I’ve always been telling others not to fall for scams on Facebook, where I’ve seen a lot of these kinds of ads for food,” she said. “But when I saw fish head curry, I let my guard down.”

The ad led her to WhatsApp, where a man told her about the different portions and prices of fish head curry that was supposedly available.
He even told Kelly the cook was purportedly from an eatery in Defu. But to place an order, she would have to download an app.
This was actually malware disguised as a delivery service.

It was initially blocked by her phone’s settings. But Kelly let him talk her through disabling the security settings using her biometrics to install the app.
This gave the scammers full control over her phone.

Over the next few hours, her phone screen repeatedly blacked out. When she asked the man if it was because of the app, he said it was just updating and there was nothing to worry about.
He added that her order was confirmed and the fish head curry would be delivered on Sept 7.
By then, the scammers had transferred about $33,000 out of her bank accounts.
They also saved a number listed as “Police Station” in her contacts list.
The next day, on Sept 6, she received a call from “Police Station” claiming she was involved in a case. The man on the line tried to convince her that they were legitimate by reciting her bank account details to her.
Her son, who was beside her, immediately took her phone and stopped the call.
She admitted she had downloaded the app and later realised the money was gone.
Her son helped her to clean her phone and filed a police report.
The police had issued an advisory about such malware scams involving Facebook ads of food items in September.
A few days later, five people linked to such scams were arrested.

Kelly, not her real name, a retiree in her mid-60s, loves fish head curry. So when she saw an advertisement for the dish on Facebook, she clicked on it to place an order. PHOTO: MAKANSUTRA
Kelly said she was upset about losing her money but was thankful that most of her savings were safe because of OCBC’s money lock.
She had put more than $110,000 in money lock in January and June, preventing the scammers from stealing it.
OCBC, DBS Bank and UOB rolled out the feature in November 2023. Maybank, Standard Chartered, Citibank and HSBC followed in June.
As at July 31, more than 114,000 people have used the money lock function, with over $9 billion of savings set aside.
OCBC said that as at September, more than 70,000 OCBC accounts with more than $8 billion have been locked.
Mr Beaver Chua, head of anti-fraud at OCBC’s group financial crime compliance, said the bank traced Kelly’s money to a digital bank account. Future transactions to it have been blocked.
Mr Chua said: “We continue to encourage all customers to adopt money lock to protect themselves from scams.”
More than $2.7 billion here has been lost to scams since 2019, with victims losing a record of over $385.6 million in the first half of 2024.
Kelly said: “I think banks should make all their customers use money lock. It may be a bit troublesome for some because they have to physically go to an ATM or bank, but at least their money will be safe.”
She added that while the incident has made her more wary of shopping online, it has not dampened her love for fish head curry.
“I really like fish head curry. I still suggest going to eat it whenever there’s a celebration,” she said.
Inspector Kalai Mahran, a senior investigation officer with the police’s Anti-Scam Command who handled Kelly’s case, said scammers frequently change their tactics.
He said: “We urge everyone to stay informed about the latest scam tactics, to be sceptical of unsolicited contacts and to report any suspicious activities promptly.”

 

[LITTLEREDDOT]

Woman nearly lost $200k to scam after clicking on pop-up alert to call ‘Microsoft Hotline’​

A technical support scam was foiled by the Singapore police and the Hong Kong Police Force’s Anti-Deception Coordination Centre. PHOTO ILLUSTRATION: LIANHE ZAOBAO

Elaine Lee

Oct 14, 2024

SINGAPORE – A 73-year-old woman was almost conned of close to $200,000 by scammers while she was surfing the web on her computer.
The technical support scam was foiled by the Singapore police and the Hong Kong Police Force’s Anti-Deception Coordination Centre, and they successfully recovered more than $197,000, the police said on Oct 14.
Investigations revealed that on Sept 24, an unknown “pop-up” notification had appeared on the victim’s computer, and it directed her to contact a number that masqueraded as “Microsoft Hotline”.
Upon calling, she was informed that her bank accounts had been compromised and was later redirected to a scammer impersonating an SPF, or Singapore Police Force, “cybercrime department officer”.
The scammer instructed the woman to access her bank accounts while using a screen-sharing application, which the scammer falsely claimed would help to detect possible scams on her accounts.
The move enabled the scammer to gain control of the victim’s bank accounts and led to the illicit transfer of funds out of her bank account to an account based in Hong Kong.
The victim grew suspicious after she was instructed to log in to her bank accounts. She quickly ended the call with the scammer and alerted the police the same day and the banks about her encounter.

Upon receiving the report, the Singapore police traced the funds to a Hong Kong-based bank account and alerted their Hong Kong counterparts to recover the monies.
The police advised the public to turn off their computers immediately to limit any further activities that the scammers can perform if they suspect they have fallen prey to scams.
For more information on scams, the public can visit scamshield.gov.sg or call the anti-scam hotline at 1799.
Those with information about such scams can contact the police on 1800-255-0000 or submit information online at www.police.gov.sg/i-witness.

 

[LITTLEREDDOT]

Singaporean engineer loses more than $500k to investment scam, say Johor police​

The 64-year-old realised he had been scammed when he could not withdraw the profits shown in the investment app. PHOTO: ST FILE

Oct 19, 2024

JOHOR BAHRU - A 64-year-old Singaporean engineer has reportedly lost RM1.9 million (S$580,000) to an online investment scam.
Johor police chief M. Kumar revealed that the police were alerted to this case after receiving a report from the victim on Oct 17.
The victim saw an investment advertisement on Facebook while in Singapore in December 2023 and clicked on the link for more information.
He was then added to a WhatsApp group related to investments, where he received a briefing on the investment process.
He was told he needed only to provide the initial capital, while the company would manage the investment, promising returns of 5 per cent to 12 per cent on the invested amount.
Commissioner Kumar said the victim was lured by the potential profits and followed the scammer’s instructions to download an app for registration purposes. In addition, the app was supposedly used to monitor his investment’s status and gains.
Between February and March 2024, he made online payments amounting to RM1,948,000 to a designated bank account in Malaysia. He realised he had been scammed when he could not withdraw the profits shown in the app.

​

Additionally, he was asked to make further payments, including taxes, to recover his invested capital, while efforts to contact the scammer failed.
Commissioner Kumar reminded the public to be cautious of online investment schemes offering high returns.
“They should verify the legitimacy of companies or investments with relevant bodies such as the Securities Commission and Bank Negara Malaysia,” he said.
“We also encourage the public to use the online Semak Mule service to check the status of phone numbers or bank accounts for records of fraudulent activity.” THE STAR/ASIA NEWS NETWORK

 

[LITTLEREDDOT]

14 years’ jail for Thai woman in $32m luxury goods scam​

Pansuk Siriwipa and her Singaporean husband, Pi Jiapeng, made headlines in 2022 as the couple involved in a $32 million luxury goods scam. PHOTO: ST FILE

Nadine Chua

Oct 29, 2024

SINGAPORE – A Thai woman who masterminded a scheme to cheat almost 200 victims in a luxury goods scam was sentenced to 14 years’ jail on Oct 29.
Pansuk Siriwipa, 30, who joined court proceedings via video link, looked down and nodded when the judge read out the sentence.
On Oct 21, Pansuk pleaded guilty to 30 charges, including for cheating, fraudulent trading and money laundering.
She had collected payments for luxury bags and watches amounting to more than $25 million, despite knowing these orders could not be fulfilled.
She faced a total of 180 charges, with the remaining 150 charges taken into consideration during sentencing.
Pansuk and her Singaporean husband, Pi Jiapeng, 29, made headlines in 2022 as the couple involved in the $32 million luxury goods scam.
Between May and August that year, 187 police reports were filed against their companies, Tradenation and Tradeluxury, for not fulfilling orders even though payments had been made in full.

In sentencing, District Judge Christopher Goh said he found the sentence appropriate and “not crushing”, as it accurately reflects Pansuk’s criminality in this whole scheme.
He said: “There is no escaping the fact that the amount of money involved is huge, amounting to almost $26 million.
“Although there is some degree of overlap between the fraudulent trading charges and the cheating charges... I have only considered the amount in the fraudulent trading charges.”

He noted that even though Pansuk’s and Pi’s companies were operating at a loss, they racked up significant expenditures funded by customer payments – including a house worth more than $2.3 million in Bangkok, which she purchased in her mother’s name.
Pi faces nine charges. His case is pending.
Pansuk and Pi married in September 2020. In May 2021, they started Tradenation to sell luxury watches.
Less than a year later, Pansuk started Tradeluxury to sell luxury bags.
Even when the companies faced financial issues, she continued accepting orders and payments from customers.

Instead of fulfilling orders, Pansuk used the money for personal expenses, such as a $58,000 private jet flight with Pi and their friends, and bought a Chevrolet Corvette registered in Pi’s name.
Pi already owned three other cars then – a Toyota Alphard, a McLaren Coupe and a Porsche Macan.
Pansuk’s transfer of more than $176,000 from her bank account to a car retailer as down payment for the Chevrolet Corvette was traced to money from Tradenation customers and was related to one of her money laundering charges.
Pansuk also used $120,000 of customers’ funds to renovate Tradenation’s retail store in Tanjong Pagar.
When the businesses began, Pansuk sourced luxury goods from Thailand and sold them at prices around 10 per cent to 20 per cent lower than other resellers while still maintaining profits.
But by late 2021 and early 2022, she had trouble sourcing the goods overseas. Both companies began operating at significant losses as they were sourcing their goods locally at a higher price.
Deputy Public Prosecutor David Koh said that by the end of March 2022, the companies had cumulative liabilities of more than $9.3 million in unfulfilled orders, while their assets were worth only around $350,000.
Despite this, Pansuk continued accepting orders for luxury goods.
From March to June 2022, the total amount of payments collected was almost $24.8 million for Tradenation and nearly $947,000 for Tradeluxury, for orders which were eventually unfulfilled.

DPP Koh said the two companies had become a Ponzi scheme, ensnaring more victims in hopes of making payments or deliveries to existing customers.
On one occasion in May 2022, a customer consigned a Rolex to Tradenation to sell for $105,000.
In a consignment arrangement, owners hand over their items for sale, and the shop takes a cut of the proceeds. If no transaction takes place within a stipulated time, the products are returned to the owner.
But Pansuk sold the Rolex for $72,000 and gave some of the money to Pi to pay off his credit card bills and car loans.
DPP Koh sought a jail term of between 14 and 15 years, arguing that despite the companies’ dire financial situation, Pansuk continued to draw a monthly salary of $10,000 and paid Pi a salary ranging from $40,000 to $52,000 monthly.
Her lawyers, Mr Johannes Hadi and Ms Sophia Ng, argued for a jail term ranging from 12 years and eight months to 13 years and seven months.
They said their client is remorseful, and plans to reunite with her family and care for her elderly grandmother.
During investigations, Pansuk and Pi fled from Singapore to Malaysia in a lorry’s container compartment on July 4, 2022.
The two Malaysians who helped them escape were each sentenced to a year’s jail in September 2022.

 

[k1976]

Big Bank Chiefs Don’t See Two More Fed Cuts This Year​

• Finance, tech executives and government officials gather in Riyadh
• FII reflects efforts by Saudi Arabia to diversify economy from oil
• Citigroup, Goldman, BlackRock executives attending, AI a key topic
• Speakers so far focusing on outlook for US rates, economy
• Comes ahead of US election and as war continues in the Middle East

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[k1976]

 

[LITTLEREDDOT]

Former No Signboard Holdings CEO fined S$420,000 for false trading​

Under pressure from shareholders due to No Signboard Holdings' declining share price, Lim Yong Sim made false trades in 2018 and 2019.

The signboard of No Signboard Holdings' restaurant in Geylang. (File photo: Facebook/No Signboard Seafood Geylang)

Rachel Lim​

01 Nov 2024 08:32PM

SINGAPORE: The former executive chairman and CEO of restaurant operator No Signboard Holdings was fined S$420,000 (US$317,000) on Friday (Nov 1) for price rigging offences.
Lim Yong Sim pleaded guilty to three charges of false trading, said the Singapore Police Force (SPF) in a news release on Friday.
In June 2018, Lim purchased 4,331,200 No Signboard shares using the trading account of Gugong Pte Ltd. This was to falsely push up No Signboard’s share price.
“Lim was then the director and majority shareholder of Gugong, which was in turn a majority shareholder of No Signboard Holdings,” said SPF.
The police added that at the material time, Lim was under pressure from shareholders due to No Signboard’s declining share price.
The false trades lifted No Signboard’s share price by 27 per cent, from S$0.154 to S$0.196, against the backdrop of a decline of 1.69 per cent in the Straits Times Index during the same period.
The restaurant operator’s share price fell again afterwards, following the announcement of its 2018 financial year results. No Signboard's share price fell to S$0.137 after the results announced on Nov 29 revealed that it had registered a loss.
A day after the announcement, Lim began trading in No Signboard shares again.
Between Nov 30, 2018, and Jan 11, 2019, he bought 3,535,100 shares using Gugong's trading account. These trades were aimed at cushioning the fall of the restaurant operator’s share price.
“Lim’s trades supported No Signboard share price at around S$0.140 between Nov 30 and Dec 21, 2018, and at around S$0.130 between Jan 3 and Jan 11, 2019,” said SPF.
He also used No Signboard’s corporate share buyback account for “similar manipulative trades” on Jan 31, 2019, added the police.
Lim purchased 1,068,700 No Signboard shares the day before the release of the restaurant operator’s financial results for the first quarter of the 2019 financial year. The restaurant operator had again recorded a loss.
Lim's trades were to “cushion the selling pressure that would likely follow from the imminent announcement”, said SPF.
The purchases were made above the price limit of No Signboard Holding’s share buyback mandate and raised its share price by 15.7 per cent over the previous day’s close.
“This far exceeded the movement in the STI, which rose only 0.50 per cent that day,” said the police.
Lim was arrested in April 2019 due to suspicions that he had breached sections under the Securities and Futures Act. He was charged in July last year for price rigging offences.
After his charging, No Signboard Holdings announced that Lim was suspended from all his executive duties.

 

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Former cop gets over 8 years’ jail for helping global scam syndicate launder $10.3m, files appeal​

Andrew Wong

Nov 06, 2024

SINGAPORE - Enticed by a reward of $1 million, a former police officer helped a foreign scam syndicate use Singapore as a conduit to facilitate proceeds of its crime by funnelling the money through a shell company he had set up in 2018.
He would then withdraw the money from the corporate account of the company, which purportedly made ice cream, and fly to locations such as Macau and Sydney to deliver the money to the mastermind of the syndicate.
After about $10.3 million in criminal proceeds was wired to the account, he withdrew the entire sum within seven days with the intention of delivering it to a man known as “Augereau”, the court heard.
Thye Wee Boon, 43, successfully delivered some $4 million in cash to the syndicate before he was caught and arrested by the Commercial Affairs Department (CAD) in 2021.
The remainder of the proceeds has since been recovered.
The Singaporean, who is represented by lawyers Adrian Wee and Lynette Chang of Lighthouse Law, claimed trial when he was charged in February 2021.
On Nov 6, Thye was sentenced to eight years and eight months’ jail after he was found guilty and convicted on nine charges.

Five of the charges were over transferring benefits of criminal conduct, two were over acquiring benefits from criminal conduct, and another two were over failing to report movement of cash. Eight similar charges were taken into consideration during sentencing.
Thye, who had faced 19 charges initially, was acquitted of two counts of transferring benefits of criminal conduct.
He lodged an appeal immediately after his sentencing and is out on a $150,000 bail.

The prosecution stated in its submissions that Thye had served as a police officer for six years from 2002 to 2008. He was a uniformed officer at a ground unit in the Singapore Police Force for three years before spending the next three years with the Traffic Police.

The scam​

Investigations revealed that a French pharmaceutical company fell victim to a business e-mail impersonation scam by the syndicate in March 2020.
The firm transferred more than $10 million for what itbelieved was a shipment of surgical masks and hand sanitisers at the peak of the Covid-19 pandemic.
The syndicate used the corporate bank account that Thye had set up to receive the money.

Checks on the Singapore business registry show Thye remains a business director in three firms, including Cream Palette, which is described by the prosecution as the shell company he used to facilitate the offences.
The pharmaceutical firm realised it had been duped when it was unable to contact the supposed supplier after it wired the money to Cream Palette’s bank account.
The prosecution said Thye admitted to buying a luxury Porsche vehicle worth $154,200 using the criminal proceeds.
Deputy Public Prosecutor Kevin Yong argued in his sentencing submissions that Thye had committed these offences at a time when people were desperate for masks and hand sanitisers, and that the syndicate had used people’s fear of the virus to carry out the fraud.
While delivering the $4 million to the syndicate, Thye attempted to cover his tracks by exchanging a series of text messages with Augereau to give the impression that he was returning money that Augereau had mistakenly transferred to him.

‘Chance meeting’​

During the trial, Thye claimed to have met Augereau by chance when he was in Seoul for a business and holiday trip in 2019.
He said he had loaned the Frenchman 100,000 Korean won, or around $116 in 2020, for a taxi ride as Augereau had lost his wallet.
He added that they happened to be staying at the same hotel and exchanged phone numbers. Thye said he made a business proposal to Augereau to start a Taiwan food court in Singapore.

The Frenchman agreed to be an investor in the joint venture, which explained how Thye had received the $10 million. Thye said that after he had received the money, he sent a know-your-client (KYC) form to Augereau, but the Frenchman decided he did not want to continue the partnership as he did not want to fill in the form.
In response, the prosecution said in its submissions that the explanation about the KYC questionnaire was a “lame and farcical attempt” to avoid liability for money laundering.
This was especially so since Thye told CAD officers after his arrest that he had found Augereau to be suspicious, and that the Frenchman had transferred him the $10 million despite the lack of a formal agreement for the joint venture.
In closing, DPP Yong said Thye’s defence was often illogical, incoherent and lacking in supporting evidence.
Thye had not spent any of the monies received towards his purported Taiwanese food court. Instead, the money either went back to Augereau or was spent on Thye’s personal expenses, the DPP added.
He was also unable to back his claims of having multiple interactions with the Frenchman, as he could not provide anything in relation to the identity of Augereau and did not even know the full name or company of the man he was purportedly entering into a joint venture with.
DPP Yong added that Thye was also unable to produce his business proposal on the food court, despite claiming to have prepared a detailed proposal for Augereau.
He also could not consistently explain an agreed payment of $1 million to him from Augereau for the purported joint venture.
During investigations, Thye initially said Augereau had agreed to pay him $1 million as a finder’s fee for proposing the joint venture, but later said it was a withdrawal penalty after the Frenchman pulled out of the deal.
He then said the $1 million was for work done on the joint venture, before claiming it was for work done and loss of business opportunity.
The prosecution said the justifications did not make sense as Thye had not done any work on the joint venture.
DPP Yong noted that the only reasonable explanation was that Thye had demanded the $1 million as he knew he was taking a risk in helping to launder the proceeds of criminal activity for the syndicate.

 

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Over $12,000 lost to scammers claiming to be from SP Group​

Believing that they were on SP Group’s actual website, victims keyed in their personal information and credit or debit card details. PHOTO: ST FILE

Rhea Yasmine

Nov 07, 2024


SINGAPORE – If you have received e-mails or text messages from utility operator SP Group about outstanding or overpaid bills, be careful.
The police said there has been an increase in scams where conmen send e-mails or text messages purportedly from the company, with at least seven such cases reported since Oct 1.
Losses totalled at least $12,000, said the police on Nov 7.
Victims had received a text message or an e-mail claiming to be from SP Group telling them that they either had been overcharged or had outstanding utility bills.
They were then asked to click on a link in order to pay their bill or request a refund for the overcharge.
A line in one of the e-mails read: “Important: This link is valid for 24 hours only. Please act now”.
While the hyperlink text looked legitimate, it took users to a malicious website impersonating SP Group.

Believing that they were on SP Group’s actual website, victims keyed in their personal information and credit or debit card details.
They only later realised that they had been conned after discovering unauthorised transactions, which in some cases were made in foreign currencies.
When receiving unsolicited e-emails requesting payment or personal information, people should look out for tactics urging the receiver to act quickly, as well as suspicious links that do not match the hyperlink text, said the police.
Members of the public should also ensure that the sender’s e-mail address matches that of the company from which the e-mails claim to be sent.

A screengrab of an e-mail impersonating SP Group. PHOTO: SINGAPORE POLICE FORCE
For more information on scams, members of the public can visit www.scamshield.gov.sg or call the ScamShield Helpline on 1799.
Those with information about such scams can contact the police on 1800-255-0000 or submit information online at www.police.gov.sg/i-witness.
Scam victims in Singapore lost $651.8 million in 2023, with 46,563 scam cases reported – a 46.8 per cent rise from the 31,728 cases in 2022.
The number of cases reported in 2023 is the highest since the police started tracking them in 2016.