Five Men Charged in Bogus Investment Scheme Case

SINGAPORE - Five men said to have been involved in bogus investment schemes promising quick returns were charged between April 12 and April 15.

Muniruddin, sole director of Bill’s Finanze Corporation and former shareholder in Smartfunding , faces two charges for his involvement in the fraudulent schemes for consenting to BFC making offers of securities without the required prospectus. The last two men, Osman Mohamed Zin, 61, and Muhammed Nasir Salamun, 59, were both charged with failure to use reasonable diligence in the discharge of their duties.

BFC promised investors returns of 45 per cent for investments over six months, and 104 per cent for investments over a 12-month period. Between May and September 2019, some of the men had used another company, Smartfunding , to offer a scheme that would allow investors to invest in two local firms.Osman purportedly misappropriated $367,973 meant for investments into two companies sometime in May 2019, and then misappropriated another $804,464 in June 2019.Police investigating 339 suspects in scam cases where victims lost over $10m

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5 men charged over bogus investment schemes that duped 47One of the men charged had allegedly misappropriated over a million dollars.
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Three Men Charged in Money Laundering Scam Linked to Job and Investment ScamsThree men have been charged separately in court for their suspected involvement in money laundering activities related to job and investment scams. The men allegedly responded to online advertisements offering them money in exchange for sharing their personal banking credentials, which were then used to launder proceeds from various scams.
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