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Trading consultancy under CAD probe for possible licensing breaches, defrauding investors, Banking News & Top Stories

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SINGAPORE (THE BUSINESS TIMES) – The Commercial Affairs Department (CAD) is investigating Ju Sheng International Consultancy Services for possible breaches of licensing requirements under the Securities and Futures Act, and whether investors have been defrauded.

The company provides consultancy services for derivative trading. Two investment schemes that the company offered to members of the public involved providing leveraged foreign exchange trading services.

Leveraged foreign exchange trading is regulated by the Monetary Authority of Singapore and can only be conducted by those with a capital markets services licence, unless they are exempted. The company is not exempted and does not hold the requisite licence, the police said in a press statement on Friday.

According to the police, the company had already defaulted on payments to some investors when the CAD started investigations.

The CAD had arrested the company’s 49-year-old director last Friday to assist in the probe.

The police advises anyone who has invested monies with the company to lodge a police report at the nearest Neighbourhood Police Centre, and to bring along a copy of the documents that provide information on transactions with the company.

These can include agreements signed, and documents on payments made to and received from the company, such as bank statements, receipts and bank transfer forms.



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