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Ng's alleged scam reportedly ensnared some 300 victims; [16] if convicted, Ng would have had executed the largest investment fraud in the history of Singapore. [9] As a result of the fraud allegations, Ng's restaurant Cicada closed, and Nishikane and Sake Labo were put up for sale by liquidators. [5] He was declared bankrupt in 2022. [17]
Enacted on 17 June 1960, the Prevention of Corruption Act (PCA) is the primary anti-corruption law in Singapore. The following are provided for under the PCA: [7] Powers for the CPIB to investigate bribery in all forms, both monetary and non-monetary in nature, and in both the public and private sectors;
It is the biggest money laundering case in Singapore, and among the biggest in the world, [2] involving assets worth 3 billion Singapore dollars. [ 3 ] Initially, only 1 billion Singapore dollars worth of assets was either seized, frozen or issued prohibition of disposal orders although the value of assets involved would later balloon to 3 ...
The Republic of Singapore is generally perceived as one of the least corrupt countries in the world. Cases are mostly handled by the Singapore Corrupt Practices Investigation Bureau (CPIB), a government agency in Singapore that investigates and prosecutes corruption in the public and private sectors. [1]
Alamy By Sarah Morgan The theft of customer data at Morgan Stanley (MS) earlier this month is just one more in a long list of reasons for investors to make sure they know and trust the people ...
Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) Serbia: National Bank of Serbia ; Securities Commission (SEC) Seychelles: Central Bank of Seychelles ; Financial Services Authority (FSA Seychelles) Singapore
Investment Fraud Scam 2011-2021 Low Mood Chay $1.39 million Unknown Cheated several acquaintances through fake investment schemes that touted high dividends. [47] Relationship Scam 2016-2021 Joselyn Kwek Sok Koon, (conspirator: Lai Sze Yin) $880,000 10 Cheated various people through ruses and deceits including the promise of romantic relationships.
Data from Statista also revealed that seniors specifically reported more than $1.2 billion in losses solely from investment scams. This is a significant surge from the $98 million disclosed in ...