The Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) announced on Feb 1 that they have launched a joint investigation on Jan 12 into companies under CoAssets (CoAssets Group Companies) for possible offences under the Penal Code (Cap. 224) and the Securities and Futures Act (SFA) (Cap. 289).

Chapter 224 of the Penal Code looks into the “wrongful gain” or “wrongful loss” of property, or the act of causing wrongful gain.

Chapter 289 of the SFA looks into regulation of activities and institutions in the securities and derivatives industry. This includes leveraged foreign exchange trading of financial benchmarks and of clearing facilities.

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