Singapore, HongKong establish joint operation versus cross-border pump-and-dump syndicate

The syndicate is in contravention of the Securities and Futures Act.

A joint news release from Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) revealed a joint operation with Hong Kong targeting a cross-border syndicate. 

The syndicate, suspected of operating a pump-and-dump scam on stocks listed on the Hong Kong Stock Exchange, is in contravention of the Securities and Futures Act. Involved in the operations are the SPF, MAS, Hong Kong Securities and Futures Commission, and the Hong Kong Police Force.

As a result of the operation, a Singapore-based suspect was arrested, along with around $4.4m. This is suspected to be proceeds from the pump-and-dump scheme.

Both MAS and CAD continue to receive reports of victims falling victim to pump-and-dump scams involving overseas stocks.