SINGAPORE: A person has been jailed for dishonest two victims of S$132,000 and conducting international trade buying and selling with no licence, mentioned the police on Friday (Jun 19).
Ahmadnawar Abd Karim was on Thursday sentenced to 26 months’ jail, mentioned the police in a information launch.
The 46-year-old had carried on a enterprise in fund administration – a regulated exercise – with out the requisite licence from the Financial Authority of Singapore (MAS).
Between 2015 and 2017, Ahmadnawar provided a scheme the place he would commerce in leveraged international trade on behalf of traders.
He promised the traders returns of as much as 1 per cent a day, however as a substitute made losses on the foreign exchange trades, mentioned the police.
“In an try to recuperate his losses and pay earlier traders, he defrauded two subsequent traders of greater than S$132,000 over a number of events,” mentioned the police.
Ahmadnawar had informed the 2 victims he would use their cash solely for his or her investments, which was not true, added the police. No restitution has been made to them.
Ahmadnawar was convicted of six counts of dishonest and one depend of carrying on a enterprise in a regulated exercise with no capital markets providers licence. 9 different related dishonest prices have been considered for sentencing.
Police suggested the general public of the next:
- Keep away from investments that promise excessive returns, “assured earnings” and fast good points, particularly when there are claims that it entails little or no danger.
- Watch out when coping with unregulated entities or individuals. Should you select to take care of unregulated entities or individuals, you’ll forgo the safety accessible below MAS’ laws.
- Earlier than committing to an funding, ask as many questions as you want to totally perceive the scheme; examine on the corporate, its homeowners, administrators and administration members; and make sure the corporate’s and representatives’ credentials utilizing sources such because the Monetary Establishments Listing, Register of Representatives and Investor Alert Checklist on the MAS web site.