SINGAPORE: The Singapore Police Force said on Monday (Feb 17) that its Commercial Affairs Department is investigating an investment scheme involving Pareto SG Pte Ltd, Pareto International Holdings Limited and Veritas Global Exchange.
They are investigating for possible breaches and offences under the Penal Code as well as the Securities and Futures Act, police said.
Since 2019, Pareto SG marketed an investment opportunity involving the trading of Contract For Difference (CFD) for foreign exchange.
Investors opened online trading accounts with an overseas broker, Veritas Global Exchange.
They then transferred monies to an overseas bank account belonging to Pareto International.
A 34-year-old director of Pareto International was charged in Court on Feb 15 for cheating one person who had invested into the CFD trading opportunity marketed by Pareto SG, police said.
It added that the 39-year-old director of Pareto SG was also arrested for the same offence in relation to the investigation.
Investigation into the scheme is ongoing.
PARETO INVESTORS SHOULD LODGE POLICE REPORT
Anyone who has invested through Pareto SG is advised to lodge a police report online, police said.
“To assist us in our review of your complaint, you should state the name and contact details of the Pareto SG staff you have dealt with. In addition, you should clearly state the date and amount of your investment as well as any withdrawals.”
“You should also upload a copy of the documents made to and received for the investment,” police added.
Alternatively, investors may lodge a police report in person, police said, adding that they should bring with a copy of the documents when they come to make a report.