Police, MAS investigate online trading platform Samtrade FX; 3 men arrested
A screengrab of the Samtrade FX website on Jan 3, 2021.
An online trading platform, Samtrade FX, is being investigated by the authorities and three men, aged between 31 and 36, have been arrested in connection with the probe.
"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," said the police and the Monetary Authority of Singapore (MAS) on Monday (Jan 3).
The Commercial Affairs Department and MAS launched a joint investigation on Dec 28, looking into Samtrade FX and its related Singapore entities, Samtrade FX LLP and Samtrade FX (SG).
The online platform is run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines.
Samtrade FX Limited and its related entities are not licensed by MAS and have been placed on MAS' Investors Alert List since July 2021, said the authorities.
