BIGGEST FRAUD CASES IN SINGAPORE

Singapore has had several notable fraud cases over the years. Here are some of the biggest fraud cases in Singapore's history:

Nick Leeson and Barings Bank (1995): Nick Leeson was a trader at Barings Bank's Singapore office who made unauthorized speculative trades on the Japanese stock market. Leeson's trades resulted in losses of over US$1.4 billion, which caused the collapse of Barings Bank. Leeson was arrested in Germany and extradited to Singapore, where he was sentenced to six and a half years in prison.

Juthamas Siriwan and Bangkok Film Festival (2009): Juthamas Siriwan, a former governor of the Tourism Authority of Thailand, was accused of accepting bribes from the organizers of the Bangkok International Film Festival in exchange for awarding them the festival's rights. The case was investigated by the Corrupt Practices Investigation Bureau (CPIB) of Singapore, as some of the transactions had taken place in the city-state. Siriwan was eventually convicted of corruption and money laundering and sentenced to 50 years in prison.

John Soh and Quah Su-Ling and Blumont Group, LionGold Corp, and Asiasons Capital (2013): John Soh and Quah Su-Ling were charged with orchestrating a massive stock market manipulation scheme that resulted in losses of over S$8 billion for investors. Soh and Quah allegedly used a network of nominees to inflate the prices of three penny stocks, Blumont Group, LionGold Corp, and Asiasons Capital, before dumping their shares and causing their values to collapse. The case is still ongoing, but Soh and Quah have been denied bail and remain in custody.

Ng Yu Zhi and Envy Global Trading (2020): Ng Yu Zhi was the founder and director of Envy Global Trading, a commodities trading company that allegedly defrauded investors of more than S$1 billion. Ng and his associates allegedly convinced investors to put money into a trading scheme that promised high returns, but then diverted the funds for personal use. Ng was found dead in his cell in April 2021 while awaiting trial.

These are just a few examples of major fraud cases that have occurred in Singapore. The Singaporean authorities have a reputation for being tough on white-collar crime and have taken steps to strengthen their enforcement capabilities in recent years.