A former director of a corporate training services company, Muhamad Aidith Abdul Latiff, was taken to court yesterday (22 Aug) after he allegedly cheated 29 people of more than $3 million – reported The Straits Times.
Aged 44, Aidith who was from CAL Academy, is said to have duped each alleged victim into handing over sums that ranged from about $1,000 to more than $1.5 million in a scheme that promised investors a 97% return on their investments.
The Singaporean allegedly cheated them between February and August 2016.
Not only that, he is accused of unlawfully transporting cash in and out of Singapore. The report stated: “Between June 2015 and March 2016, Aidith is said to have repeatedly smuggled through the Woodlands and Tuas checkpoints cash of between $30,000 and $50,000, exceeding the allowed limit of $20,000.”
“He was charged yesterday with 29 counts of cheating and 26 counts of failing to declare cross-border movement of cash,” it continued.
According to the report, police officers received several reports from people who were allegedly cheated by a man who promoted the investment scheme between April 2015 and August 2016.
As per the report, Aidith, who was unrepresented, told the court yesterday that he intends to engage a lawyer. He is now out on bail of $80,000 and will be back in court on 12 September. If convicted of cheating, he can be jailed for up to 10 years and fined for each charge.
Workshop Title - Financial Learning Session 1 Take action today!
Nulla consectetur mauris vulputate, semper odio eu, euismod massa. Nulla nec laoreet diam, at facilisis nisi. Vivamus at nibh eu justo interdum congue. Etiam feugiat.