A 44-year-old man in Singapore has been charged in court on Aug. 22, 2019 for his involvement in an alleged fraudulent investment scheme totalling S$3.56 million.

Muhamad Aidith Abdul Latiff, the former director of a corporate training services company, allegedly cheated 29 people.

Aidith was from CAL Academy.

His victims were duped into handing over money from about S$1,000 to more than S$1.5 million each.

These cheating incidents took place between February and August 2016.

The scheme promised investors a 97 percent return on their investments.

Between April 2015 and August 2016, the Singapore police received several reports from victims.

The man's offences include 29 counts of cheating.

Transporting cash

Aidith is also accused of breaking the law by transporting cash in and out of Singapore.

He allegedly smuggled cash of between S$30,000 and S$50,000 through the Woodlands and Tuas checkpoints between June 2015 and March 2016.

The allowed limit is S$20,000.

He is facing 26 counts of failing to declare cross-border movement of cash.

Not represented

If convicted of cheating, he can be jailed for up to 10 years and fined for each charge.

Aidith was unrepresented.

He told the court he intends to engage a lawyer.

He is now out on S$80,000 bail and will return to court on Sept. 12.

Police advice

Police have advised the public to use resources such as the Financial Institutions Directory to confirm the credentials of both the company and its representatives.

Members of the public are advised to be cautious when dealing with financial investments.

This includes avoiding investments that promise high returns, “guaranteed profits” and quick gains, especially when there are claims that it involves little or no risk.

The public should also be careful when dealing with unregulated entities or persons.

Dealing with unregulated entities or persons will forgo the protection given under the Monetary Authority of Singapore regulations.

Ask, Check and Confirm

o Ask

Ask as many questions as you need to fully understand the investment opportunity. If the company is unable to, or avoids answering any of your questions, be wary.

o Check

Check on the company, its owners, directors and management members to assess if the opportunity is genuine

o Confirm

Confirm the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website