MAS Pushes a Ten-year Ban on FX Fraudster

The Monetary Authority of Singapore (MAS) recently announced that it has issued a 10-year ban against 47-year-old Ahmadnawar Bin Abd Karim, effective 6 May 2021. The prohibition order follows his conviction for cheating and carrying on a business in fund management, a regulated activity under the Securities and Futures Act(SFA), without licence from MAS.

According to the official press release, Mr Ahmadnawar is prohibited from performing any regulated activity under the Securities and Futures Act. He is also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA. 

Back to 18 June 2020, Mr Ahmadnawar was sentenced to 26 months' jail for conducting regulated activities without a licence and cheating. More specifically, between 2015 and 2017, Mr Ahmadnawar solicited investments from at least 32 individuals. He offered an investment scheme to investors, where he would trade in leveraged foreign exchange on their behalf. He promised them returns of up to 1% per day. Mr Ahmadnawar cheated two investors of a total amount of $132,810. He induced them to transfer monies to him for investments but used some of the monies to repay other investors and for his own personal expenses.