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Man jailed for cheating victims of $4.6m in fake Al-powered scheme
The Straits Times
|September 20, 2025
A man who offered a fraudulent artificial intelligence-powered investment scheme was sentenced to seven years and nine months' jail on Sept 19 after he cheated multiple victims of over $4.6 million in total.
Ong Kai Min, 42, had earlier pleaded guilty to eight counts of cheating involving eight investors — seven people and a company.
The eight charges involved more than $3.39 million, an amount which includes US$537,000 (S$689,000).
Sixteen other charges, including those linked to the remaining amount of money, were considered during Ong’s sentencing.
At the time of the offences, which took place between May 2019 and March 2021, the Singaporean was a director of a private firm called Singapore Index Trading Institute (SITI).
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