Singapore: The Industrial Affairs Division is investigating two firms for alleged fraud in a nickel funding scheme, mentioned the police late on Friday (Feb 19).
A person, who’s a director at each firms, has additionally been arrested.
Envy Asset Administration and Envy World Buying and selling are suspected of misusing funds raised to supposedly finance commodity buying and selling actions in nickel.
“The investors were promised varying returns, depending on the scheme they joined. Investigations arose due to the suspicion that investor monies were misused,” mentioned the police.
Police say they arrested the 34-year-old man for suspected dishonest.
One of many firms, Envy Asset Administration, has been listed on the Investor Alert Listing on the Financial of Singapore (MAS) web site since Mar 19, 2020.
The record, in line with MAS, exhibits “unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS”.
The corporate’s web site, as of Saturday, is beneath development.
INVESTORS ADVISED TO LODGE REPORT
The police has suggested anybody who has invested with Envy Asset Administration or Envy World Buying and selling to lodge a police report on-line, or in individual at a police centre or police publish.
“To assist us in our review of your police report, you should state clearly: The name and contact details of the Envy Asset Management or Envy Global Trading staff you dealt with (and) the date and amount of your investment as well as any withdrawals,” mentioned the police.
These lodging a report also needs to connect copies of paperwork comparable to funding agreements, financial institution statements, receipts and financial institution switch varieties.