SINGAPORE — Investors in Singapore chasing quick AI-powered trading profits lost big after a company director admitted to cheating them out of US$537,000 (RM2.27 million) — and potentially millions more.

Singapore national daily The Straits Times reported that Ong Kai Min, 42, from Singapore Index Trading Institute (SITI), pleaded guilty today to eight counts of cheating involving seven people and one company. 

The frauds he admitted to accounted for US$537,000 and over S$2.7 million, with more charges pending.

According to the facts of the case, Ong pitched investors on AI programmes that supposedly executed automated trades on their behalf, promising returns of 2 to 10 per cent a month. In reality, no trading ever took place.

“None of the investors’ funds were ever forwarded to C7TVL to fund investors’ trades,” Deputy Public Prosecutor Jordon Li reportedly told the court. 

“The accused owned both C7TVL and SITI.”

Ong ran multiple firms, including SITI, Bookhero, OKM Holdings, and C7 Traders Vanuatu (C7TVL), the last incorporated in Vanuatu. While SITI offered trading courses, C7TVL ran an online trading platform called C7 Traders.

Investors were told to deposit funds into Bookhero or SITI accounts to fund trades on C7 Traders. Mobile apps like MetaTrader 4 showed fake account balances and profitable trades — but it was all smoke and mirrors.

Ong used the money for personal expenses and company costs, paying out only a fraction — more than S$283,000 — to satisfy withdrawal requests.

Between March 2021 and June 2022, the Commercial Affairs Department received 30 reports linked to SITI and C7TVL. 

Ong was charged in January 2025, with sentencing set for September 19. 

Under Singapore law, each cheating charge carries up to 10 years in jail and fines.