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Joint Singapore-Hong Kong action against "pump and dump" syndicate

The Edge Singapore
The Edge Singapore 12/16/2021 05:49 PM GMT+08  • 3 min read
Joint Singapore-Hong Kong action against "pump and dump" syndicate
Ten people were arrested, including a Singaporean
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Singapore and Hong Kong authorities have joined hands to take on a syndicate suspected of operating so-called “pump-and-dump” scams on stocks listed on the Hong Kong Stock Exchange.

The authorities involved are the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force on one hand, and their counterparts, the Hong Kong Securities and Futures Commission and the Hong Kong Police Force.

According to the SFC, 10 people – including individuals believed to be the key members of the syndicate and their associates and some senior executives of Hong Kong listed companies – were arrested yesterday during searches of 33 premises in Hong Kong and Singapore by more than 190 officers of the SFC, the Hong Kong Police, the MAS and the Singapore Police.

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