Singapore: The Commercial Affairs Department is investigating two companies for alleged fraud in a nickel investment scheme, said the police late on Friday (Feb 19).
A man, who is a director at both companies, has also been arrested.
Envy Asset Management and Envy Global Trading are suspected of misusing funds raised to supposedly finance 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.
Police say they arrested the 34-year-old man for suspected cheating.
One of the companies, Envy Asset Management, has been listed on the Investor Alert List on the Monetary of Singapore (MAS) website since Mar 19, 2020.
The list, according to MAS, shows “unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS”.
The company’s website, as of Saturday, is under construction.
INVESTORS ADVISED TO LODGE REPORT
The police has advised anyone who has invested with Envy Asset Management or Envy Global Trading to lodge a police report online, or in person at a police centre or police post.
“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.
Those lodging a report should also attach copies of documents such as investment agreements, bank statements, receipts and bank transfer forms.