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Man jailed for cheating victims of S$132,000, unlicensed forex trading

Man jailed for cheating victims of S$132,000, unlicensed forex trading

File photo of a gavel. (Photo: Jeremy Long)

SINGAPORE: A man has been jailed for cheating two victims of S$132,000 and conducting foreign exchange trading without a licence, said the police on Friday (Jun 19).

Ahmadnawar Abd Karim was on Thursday sentenced to 26 months' jail, said the police in a news release.

The 46-year-old had carried on a business in fund management - a regulated activity - without the requisite licence from the Monetary Authority of Singapore (MAS).

Between 2015 and 2017, Ahmadnawar offered a scheme where he would trade in leveraged foreign exchange on behalf of investors.

He promised the investors returns of up to 1 per cent a day, but instead made losses on the forex trades, said the police.

"In an attempt to recover his losses and pay earlier investors, he defrauded two subsequent investors of more than S$132,000 over multiple occasions," said the police.

Ahmadnawar had told the two victims he would use their money solely for their investments, which was not true, added the police. No restitution has been made to them.

Ahmadnawar was convicted of six counts of cheating and one count of carrying on a business in a regulated activity without a capital markets services licence. Nine other similar cheating charges were taken into consideration for sentencing.

Police advised the public of the following:

  • Avoid investments that promise high returns, “guaranteed profits” and quick gains, especially when there are claims that it involves little or no risk.
  • Be careful when dealing with unregulated entities or persons. If you choose to deal with unregulated entities or persons, you will forgo the protection available under MAS’ regulations.
  • Before committing to an investment, ask as many questions as you need to fully understand the scheme; check on the company, its owners, directors and management members; and confirm the company's and representatives' credentials using resources such as the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS website.
Source: CNA/jt


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