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Stock-buying scam syndicate under investigation by Singapore, Hong Kong authorities

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SINGAPORE: A cross-border syndicate suspected of running 'pump-and-dump' scams on stocks listed on the Hong Kong Stock Exchange has become the target of a joint investigation by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force (SPF).

SINGAPORE: A cross-border syndicate suspected of running"pump-and-dump" scams on stocks listed on the Hong Kong Stock Exchange has become the target of a joint investigation by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force .

The investigation is being coordinated with the Hong Kong Securities and Futures Commission and Hong Kong Police Force, which launched investigations in the city on the same day, said SPF and MAS. A pump-and-dump scam involves artificially pumping up the price of a company's shares by buying them up and spreading false good news about the company on social media and messaging applications.

"The victims are left holding stocks with plummeted value and end up suffering substantial losses while syndicate members profit from the scam," said authorities.

 

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