SINGAPORE (Nov 25): Singapore authorities on Thursday morning arrested a number of individuals who were being investigated over the 2013 penny stock crash and raided their homes.

Among them was John Soh Chee Wen, who has been described as the alleged "mastermind" of the crash.

The Commercial Affairs Department (CAD) has informed his lawyers at Wong Partnership that he will be charged on Friday.

Others arrested included Goh Hin Calm, interim CEO at IPCO International, according to a company filing on Nov 24.

On Oct 4, 2013 collapse of share prices of Attilan Group - then known as Asiasons Capital - Blumont Group and LionGold Corp after a big run-up, wiping off some $8 billion in market value in its aftermath.

Soh and several individuals, including those with links to Innopac Holdings, Magnus Energy Group, Annica Holdings, ITE Electric and ISR Capital, were first called up for questioning in 2014.

(See also: Brokerages put trading restrictions on ISR Capital)

(See also: ISR Capital queried by SGX for fourth time in six months after stock falls 55%)

The Public Prosecutor is alleging that Soh was responsible for the trades in Asiasons, Blumont and LionGold through a number of trading accounts. Soh was also alleged to have been involved in false trading, market rigging, as well as fraud or deception of others.

Another 25 trading representatives were also said to have assisted or participated in false trading, market rigging and or fraud.

Soh’s passport was subsequently impounded in 2014. In January, the court denied Soh's application to set bail terms to visit his ailing mother in Malaysia.

Shares in Attilan and Blumont closed 0.1 cent lower at 0.6 cents and 0.4 cents respectively, while ISR Capital’s shares fell 15.8 cents to close at 12.7 cents. Shares in LionGold and Innopac were unchanged at 0.2 cents, while Magnus’ shares were unchanged at 0.1 cents on Thursday.