S'pore man, 38, charged for allegedly running Ponzi-like schemes, receiving more than S$8.15 million from 24 victims

The police have arrested a 38-year-old man for his suspected involvement in a series of cheating cases.

Between Dec. 9, 2019 and Dec. 31, 2021, the police received multiple reports alleging that the man, Alvin Koo Jing You, failed to honour an agreement that purportedly guaranteed a return on investment.

Guaranteed return on investments

According to a police press release, preliminary investigations revealed that Koo was believed to have run Ponzi-like schemes and enticed victims to invest through him with guaranteed returns on investments.

Since 2021, the man has purportedly cheated more than 24 victims of an accumulated invested sum amounting to more than S$8.15 million.

First group of 12 victims

Charge sheets seen by Mothership indicated that Koo was allegedly involved in deceiving 12 victims into believing that he was selling investment products offered by iFast Financial Pte Ltd.

Four of the 12 individuals from this group were allegedly induced to transfer more than S$1 million each, with sums ranging from S$1.08 million to S$1.68 million.

Second group of 12 victims

Charge sheets also showed Koo allegedly deceived another 12 persons into believing that he would be making day trades on shares on their behalf, a fact which he knew to be false.

This group of victims allegedly transferred S$213,000 in total.

Koo allegedly misappropriated the funds as he was unable to honour his obligations.

Forged letter of demand

He also allegedly forged a letter of demand from a law firm, which was addressed to a bank, to request the release of funds from his bank account.

The police press release also said that he purportedly showed the letter to the victims to convince them that actions were being taken to make payments to them.

The charge sheets alleged that Koo had made the false document with intent to commit fraud between September 2021 and February 2022.

Did not have licence to carry out investment schemes

Further investigations also revealed that the man did not have a licence to carry out investment schemes, which is a business of fund management and a regulated activity.

Koo was charged in court on Jun. 26 with four offences of cheating, forgery, and carrying on a business without a capital markets services licence.

The offence of cheating carries an imprisonment term of up to 10 years and a fine.

The offence of forgery carries an imprisonment for a term of up to four years, or with a fine, or both.

The offence of carrying on a business without a capital markets services licence shall be liable on conviction to imprisonment for a term not exceeding three years, a fine not exceeding S$150,000, or both.

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