SINGAPORE: An online trading platform, Samtrade FX, is under investigation by authorities and three men, aged 31 to 36, have been arrested in connection with the investigation.
“There are reasons to suspect that irregular business activities have been carried out on the platform and investigations are underway into these activities,” said police and the Monetary Authority of Singapore (MAS) in a press release issued Monday, January 3.
The Singapore Police Department of Commercial Affairs and MAS launched a joint investigation on December 28 into Samtrade FX and its related Singaporean entities, Samtrade FX LLP and Samtrade FX (SG).
The online platform is operated by Samtrade FX Limited, a company registered in Saint Vincent and the Grenadines.
Samtrade FX Limited and its related entities are being investigated for potential breaches under Section 82 of the Securities and Futures Act 2001, which prohibits any person from carrying on business in the course of a business. regulated unlicensed capital markets services.
Samtrade FX Limited and its related entities are not licensed by MAS and have been placed on MAS’s investor alert list since July 2021, authorities said.
The Investor Alert List provides a list of unregulated individuals who may have been wrongly perceived to be licensed or regulated by MAS.
Members of the public can check if an entity has a valid license by checking Directory of MAS financial institutions.
Police and MAS have also advised people to take the following precautions before committing to an investment:
- Ask as many questions as necessary to fully understand the investment opportunity.
- Check on the business, its owners, directors and officers to assess whether the investment opportunity is real.
- Confirm the company and representative credentials on the the MAS website.