In a stunning development, Ong Kai Min, a 42-year-old company director associated with several investment firms, has been charged with cheating in Singapore. He allegedly misled investors through his AI trading platforms, leading to significant financial losses for many.

Ong was at the helm of multiple companies, including the Singapore Index Trading Institute, Bookhero, OKM Holdings, and C7 Traders Vanuatu Limited. These firms were purportedly involved in AI trading schemes that promised to conduct lucrative trades on behalf of their investors via a platform called C7 Traders.

Between May 2019 and March 2021, Singapore Index Trading Institute claimed to employ advanced artificial intelligence to generate trading profits. However, authorities allege that these promises were nothing more than a façade to entice investors. According to the accusations, Ong deceptively induced them to invest approximately US$500,000 along with SGD3.9 million (equivalent to about US$2.86 million), under the pretense that their funds would be used for trading operations at the offshore brokerage C7.

The situation escalated when C7 suddenly announced its closure in early March 2021, leaving investors in shock. In a desperate attempt to cover his tracks, Ong allegedly instructed an employee to erase critical records, including emails and digital documents, as well as to reformat computers linked to his business operations. This obstruction of justice act occurred just before investors were informed of the catastrophic changes to C7.

Ong faces a total of 23 charges related to cheating, including charges under Section 124(4) of the Criminal Procedure Code. He has also been charged with one count of obstructing justice. Currently, he has posted bail amounting to S$200,000, and his case is set to continue with the next hearing scheduled for February 4.

With the rise of AI in trading, this case raises pressing questions about the regulation and oversight of investment schemes that utilize technology. Investors are urged to be vigilant and thoroughly investigate any financial opportunities presented to them, as the line between genuine innovation and fraudulent schemes continues to blur.

Stay tuned for updates on this developing story as it unfolds!