Singapore: A company director charged with cheating on Tuesday ( Jan 7 ) was charged in court with the operation’s AI trading investment schemes.
Ong Kai Min, 42 was the chairman of Singapore Index Trading Institute, Bookhero, OKM Holdings and C7 Merchants Vanuatu Limited,  , the police said in a media release on Tuesday.
Singapore Index Trading Institute provided AI buying techniques between May 2019 and March 2021, claiming to do so through its AI, which allegedly executed deals into financial instruments on behalf of investors using the C7 Traders system.
C7 was a Vanuatu-registered object that apparently operated an offshore trading named C7 Merchants, read the news launch.
The cheating allegations claim that Ong defrauded investors by convincing them that their investments would be later transferred to C7 for trading and that he had fraudulently induced them to transfer more than US$ 500, 000 and SGD3.9 million ( US$ 2.86 million ) to Singapore Index Trading Institute and/or Bookhero.
He is also alleged to have obstructed justice by “instructing an individual to remove information, including messages and files, and to rebuild computers” belonging to Singapore Index Trading Institute, OKM Holdings and C7 in early March 2021, authorities said.
This occurred shortly before “investors learned of C7’s dramatic closing and default.”
Ong was charged with 23 counts of cheating under Section 420 of the Criminal Procedure Code, including 19 counts of lying combined under Section 124( 4 ).
He was even accused of obstructing justice under the Penal Code’s Part 204A.
Ong’s S$ 200, 000 loan has been extended, and he is scheduled for a Feb. 4 hear.