A Shocking Scheme: The Rise and Fall of Ong Kai Min

In a stunning revelation from Singapore, a company director named Ong Kai Min has admitted to orchestrating an elaborate AI-powered investment scam that duped unsuspecting investors out of a staggering US$4.6 million!

At 42 years old, Ong managed the Singapore Index Trading Institute (SITI) and was found guilty of cheating eight investors, which included seven individuals and a company, out of US$537,000 (S$691,000). The total deceived amount escalated to more than $3.96 million!

The Deceptive Pitch: Lies Behind the AI Trading Claims

Ong aggressively marketed what he claimed were sophisticated AI programs, assuring investors that these systems would perform automated trades on their behalf. Promising unrealistic monthly returns ranging from 2% to 10% and boasting a consistent minimum of 3%, he painted a picture of guaranteed profits.

In stark contrast to his claims, no actual trading activity ever occurred. Instead, Ong simply pocketed the investors' funds for personal expenses and operational costs of his companies.

Manipulating Trust: The Role of C7 Traders

To lure in the victims, Ong conducted elaborate seminars and directed potential investors to open accounts on a platform known as C7 Traders. He misrepresented C7 Traders as an independent brokerage, despite being its owner.

In reality, all funds were funneled into Bookhero and SITI, leading investors to believe their money was safely being managed and traded.

The Illusion of Success: Fake Profits and Withdrawal Requests

Victims were led to believe they could easily track their investments through a mobile app called MetaTrader 4, where their account balances appeared inflated with pretended profits. Sadly, no genuine trading was ever performed.

Caught in the Act: The Investigators Strike

Following numerous complaints, the Commercial Affairs Department finally intervened, and by January 2025, Ong faced charges. With sentencing set for September 19, he could face up to 10 years in prison for each count of cheating and hefty fines.

The Aftermath: A Cautionary Tale for Investors

The saga of Ong Kai Min serves as a crucial reminder: Always conduct thorough research and remain skeptical of too-good-to-be-true investment opportunities. The world of finance can be treacherous, especially when mixed with the allure of technology. Don’t fall prey to fraudsters!