Director of Nickel Investment Scheme in S’pore Arrested; Investors Advised to Lodge Report

It appears that fraud is prevalent everywhere, whether it’s love, your parents’ claims that cookies will cause intense diarrhoea if overconsumed or as the following piece indicates:

A supposed nickel investment scheme that’s, as you may have surmised, seemingly just a big fat lie. 

Director of Nickel Investment Scheme in S’pore Arrested; Investors Advised to Lodge Report

According to CNA, the police has revealed that the Commercial Affairs Department is currently investigating two companies for purported fraud.

Apparently, Envy Asset Management and Envy Global Trading are under suspicion of mishandling funds – which were supposedly gathered to support commodity trading activities in nickel.

“The investors were promised varying returns, depending on the scheme they joined. Investigations arose due to the suspicion that investor monies were misused,” said the police.

A 34-year-old man, who is reportedly the director at both companies, has since been arrested for alleged cheating.

According to the report, Envy Asset Management has been lurking on the Investor Alert List on the Monetary of Singapore (MAS) website since 19 March 2020.

The list showcases “unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.”

Police Report

Anyone who has invested with either affiliated company is advised to file a police report – either via online or in person.

“To assist us in our review of your police report, you should state clearly: The name and contact details of the Envy Asset Management or Envy Global Trading staff you dealt with (and) the date and amount of your investment as well as any withdrawals,” said the police.

Copies of important documents, such as investment agreements, bank statements, receipts and bank transfer forms, should also be attached with the police report.

Scams

Notwithstanding the pandemic, the scamming industry has miraculously stayed strong on its feet, with actual increased activity throughout these tumultuous times.

5,425 scam cases were reported from January to April 2020, with at least S$60.4 million exploited.

And of these, 394 belonged to Covid-19 related scams, which reportedly cheated at least S$1.4 million.

To add on, scam cases of every type imaginable have occurred since then, what with the likes of staycations, bak kwa and even Ho Ching herself roped in as tropes to fulfil a certain sadistic, money-driven desire.

And considering how repeat victims seem to be more than a normality…

One can’t help but shudder at how dark these times truly are, stretching from the disastrous consequences of the pandemic to the ill-intentioned desires of manmade scams.

Featured Image: Sebastian Janicki / Shutterstock.com