4-1-2025 (SINGAPORE) Two Malaysian nationals have been handed substantial prison terms for orchestrating a massive investment fraud that defrauded over 2,000 Singaporean investors of S$13.7 million through an elaborate foreign exchange trading scheme.
The mastermind, Leong Koon Wah, 51, received a sentence of 10 years and six months imprisonment, alongside a hefty penalty of S$3,658,600. His accomplice, Ng Kuan Chuan, 38, was sentenced to seven years and six months behind bars with a S$300,000 fine.
District Judge Soh Tze Bian, following an extensive 88-day trial, found that the duo had operated Singliworld, a company that lured investors with promises of monthly returns as high as 13 per cent through their fraudulent Singliforex scheme.
The court heard that the scheme, which operated between March 2014 and May 2015, collected more than US$21 million from investors globally. Leong, who served as Singliworld’s managing director, personally amassed approximately US$3.1 million despite investing merely US$1,000. He further enriched himself by operating multiple accounts under his wife’s name, accumulating an additional US$3.4 million.
The fraudulent operation involved two purported “foreign exchange brokerages” – Triumph Global and Union Markets – through which investors were told their funds would be traded by professional dealers. However, investigations revealed that no actual trading took place, and neither company possessed the requisite licences for forex trading.
Notably, investors were prevented from accessing their trading accounts and were restricted from choosing alternative forex brokerages. The scheme was structured as a pyramid-selling operation, with Leong positioning himself at the apex and implementing a multi-level marketing system to incentivise recruitment of new investors.
In his December 2024 judgment, Judge Soh highlighted the scheme’s numerous fraudulent characteristics, noting how it “preyed on investors’ trust through deliberate misrepresentations, manipulation of outcomes, and unsustainable financial practices.”
Should Leong fail to pay his penalty, he faces an additional 18 months’ imprisonment. Similarly, Ng will serve an extra six months if unable to pay his fine. Both men have been granted bail of S$300,000 each, with Leong scheduled to commence his sentence on 31st January. Ng has indicated his intention to appeal both conviction and sentence.
