HYIP Update: Status of police investigation of GINS

The Singapore Police has published an update of their investigation of the GINSystem scam. More details in the Closed HYIP: GINSystem thread in the PMT Forum.

Question 3: What is the status of the investigation?
Answer: Police has prosecuted a director of Ginsystem Inc in the Subordinate Courts in Singapore for offences of cheating and an offence of consenting to Ginsystem Inc holding itself out to be carrying on business in fund management without a capital markets service licence.

On 28 September 2005 , the accused pleaded guilty to the charge on consenting to Ginsystem Inc holding itself out to be carrying on business in fund management without the requisite licence. He was fined S$50,000 (in default 5 months’ imprisonment) on 13 December 2005 . Accused paid the fine.

The case on 10 of the cheating charges was heard in the Subordinate Courts in Singapore from 28 September 2005 to 14 October 2005 and from 4 November 2005 to 7 November 2005.

The Subordinate Courts in Singapore had convicted the accused on 10 counts of cheating and sentenced him to a total of 18 months’ imprisonment on 15 December 2005 . He appealed against conviction and was released on bail pending his appeal. There were still 59 counts of cheating charges outstanding against him.

On 3 March 2006, a pre-trial conference was held at the Subordinate Courts in Singapore for the accused to answer to the outstanding 59 cheating charges. However, the accused failed to appear in Court and a Warrant has been issued for his arrest.On 2 May 2006 , the appeal on the conviction for the 10 counts of cheating charges against the accused was heard in the High Court in Singapore. The appeal was dismissed.

Full FAQ in the Closed HYIP: GINSystem thread.