Three arrested in joint Singapore police and MAS probe over Caribbean online platform

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Three arrested in joint Singapore police and MAS probe over Caribbean online platform

Singapore Police Force made three arrests after launching a joint investigation with the Monetary Authority of Singapore (MAS) into St Vincent and the Grenadines registered online trading platform, Samtrade FX run by Samtrade FX Limited.

In a statement on 3 January,  the MAS said the investigation started on 28 December 2021 and included the company's related Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.

Samtrade FX Limited and its related entities were not licensed by MAS and have been on MAS' Investor Alert List since July 2021.

Samtrade FX Limited and its related entities are currently being investigated for potential offences under Section 82 of the Securities and Futures Act 2001, which prohibits any person from carrying on a business in any regulated activity without a capital markets services licence.

There is reason to suspect that irregular trading activities have been carried out on the platform and investigations are being carried out on these activities, the regulator said. 

Three men, aged between 31 and 36, were arrested in connection with the investigation.