Torque Trading exit-scam relies on inaction by Singapore police
A Singapore Police Force report is doing the rounds, suggesting Torque Trading is preemptively hoping to undermine victim complaints.
The Police Report is designated NP299, which as I understand is a general report.
The report number is A/20210214/7007, filed at Central Division HQ, Cantonment Complex, Singapore.
The filer is Bernard Ong Hock Fong, CEO of Torque Trading and Director of Snap Innovations.
The date the report was filed is February 14th. Ong’s personal details and the “location of incident” have been redacted.
As alleged in the report, Ong has reported
unauthorised crypto-trading activites and dishonest conduct by the former Chief Technology Officer of Torque Group (offences committed in Vietnam against BVI and Vietnamese operating entites and their international customer base by a Singaporean citizen).
The statement provided by Ong reveals the true intent of the filing (which I’ll address later).
We are filing this report on behalf of Torque Group Holdings Ltd. (British Virgin Island Company No. 2024611).
Torque Group has engaged the services of Torque Technologies Co. Ltd (Vietnam Company Registration No. 0316214218) to develop IT services for Torque Group.
Neither company is domiciled, registered or present in Singapore. Neither company has business operations in Singapore.
This is of course bullshit, seeing as Ong and friends literally ran Torque Trading from within Singapore itself.
The offences against these companies (and by implication, against funds belonging to international customers of these companies) did not occur in Singapore, but rather in Vietnam.
However, the suspected individual is a Singapore citizen ordinarily resident [sic] in Vietnam.
The suspected individual is the former CTO of Torque Technologies, a Mr. Wu Zhongyi (alias Zee Wu).
Wu’s Singapore National Registration identity number and passport number are redacted.
We are filing this police report with the Singapore Police Force as the suspected individual has gone missing and might surface in this country of citizenship or might travel on a passport issued by his country of citizenship.
The report goes onto detail previously allegations made in Torque Trading’s “bad trades” exit-scam.
Authorities in south-east Asia are notorious for not doing anything if MLM related crime leads offshore.
Here we have Torque Trading setting up Singapore Police with breadcrumbs that lead to the BVI and Vietnam.
They know Singapore Police are unlikely to follow either thread, largely owing to jurisdictional issues.
So why bother a filing a police report then?
The idea is that any victim complaints will lead back to this complaint, Singapore Police will see Vietnam and BVI, shrug and file the complaint into the “too hard” basket.
Days will drag into weeks, weeks into months… and that’ll be that.
Wu Zhongyi will never be heard from again, it’s all part of the plan.
Should an officer at Singapore Police Force actually investigate, or better yet someone at MAS, they’d soon realize Torque Trading pretending to be an offshore Ponzi is smoke and mirrors.
Through its Directors Snap Innovations has ties to multiple MLM Ponzi schemes. This isn’t their first rodeo.
COVID-19 has altered the exit-scam playbook slightly, but the end result is the same.
You can take your 90% loss with a smile, wait around for endless excuses and get nothing back, or file your own complaint with MAS and Singapore Police.
Top Torque Trading investors who got in early, scammed what they could from recruits and the system, have already moved on.
Take Shohan Bowala, a primary Torque Trading Ponzi promoter with a sizable downline.
Having stolen however much he stole from Torque Trading victims, Bowala is already touting “something” new to scam people with.
The only people defending Torque Trading at this point are gullible first-timers, and/or those who invested far more than they’re comfortable losing.
Your money is gone. You know this ends…
Update 16th February 2022 – The Snap Innovations scammers behind Torque Trading have returned with RoboFi, a non-MLM crypto Ponzi.
So apparently MAS don’t even bother to put them on the alert list.
Their counsel is awesome – S B Seker.
People are linking this SuperNova website to Bernard Ong and Torque Trading.
Not sure what this is based on. Post proof if you have it (the Supernova website domain alone is not proof).
I googled for the legal counsel name mentioned by Star in above comment. Seems that this sekeer guy used to work at the Monetary Authority of Singapore?
Correct me if I’m wrong, but ponzis are illegal in singapore right? There are cases every now and then in Singapore where people go jail for MLM and Ponzi, one of the most famous being James Phang of Sunshine Empire.
If that’s the case, why is this ex-MAS legal counsel guy still working for torque?
I don’t get it!! There’s no many puzzling questions. Maybe MAS can clarify???? Confusing!!!
@OZ
You can buy the company information from ACRA.gov.sg
Then you will see that Supernova Reserve Holdings Pte Ltd with its new fancy address at 103 Penang Road #09-07 Visioncrest Singapore 238467
And its owners being Bernard Ong & Low Ting Hui
If you’re making the claim then presumably you already have this information?
Also stop changing your comment alias.
Yes. The information is out already.
There are MANY leaders in Torque who have been in since the very beginning who’s money was in their ‘trading wallet’ who Torque was trading with.
Pointing fingers at Sho or any other leaders saying they pulled out months ago is basically not correct.
Many leaders were 100% with Torque and had their funds in there. So they basically have their crypto locked up like everyone else.
What happened with Torque losing 90% is still to be seen. Waiting on concrete proof.
There are 1000’s of pages of trades. Also negotiations happening. Nobody has all the answers including Oz.
So uh, where is it then?
@Jimmy
Oh to be a naive first-time Ponzi sap.
Ponzi math is Ponzi math. When the music stops admins and serial scammers like Shohan Bowala who got in early have most of the money invested.
You’re beyond gullible if you think Bowala and the rest of the promoter ringleaders haven’t withdrawn far more than they initially invested.
What happened is Ponzi go boom. Your concrete proof is not being able to withdraw.
Which are meaningless. Sorry for your loss.
@oz
How do we attached their information here? Can you provide your email or telegram?
Contact button is on the top right of every page.
Alternatively you can upload the information as an image to Imgur or an equivalent.
@midwest
Yes he worked for MAS. And knows all the loopholes. And yes it’s illegal. But illegal until the victims proved. Hiding behind the lawyer is a good move.
SB Sekker has no affiliation with Torque.
He works for Davos. I reached out to them and they say he has nothing to do with this scam.
Seriously, isn’t there anyone organising a group action?
What you’ll find in MLM Ponzi schemes is plenty of people asking this question but nobody actually filing anything.
Trouble is the type of people attracted to MLM Ponzi schemes thought they were buying into “click a button” riches.
Initiating legal action isn’t “click a button”. Asking over and over again why anyone isn’t doing something is though.
I have filed a police report against Bernard Ong.
I have also engaged Wong Partnership to start legal action against him, Ting, Andrew Sim,and all the employees, as well as David Soh who was a Ponzi pimp bragging of the $100m he had made from scratch.
If you’re in Singapore, lost more than $100k, and wish to participate, join this group
(Ozedit: link removed)
@Dennis
If something is filed then feel free to provide the complaint and I’ll cover it.
BehindMLM is not for organizing recovery efforts.
(Ozedit: see #16 above)
@Dennis
His name and Ting were co-signed for the 11th Feb 21 Torque community update though…
There are now 3 known lawsuits against Torque. There is also escalation with the Police now in Singapore.
The police think there is at least a potential charge of negligence but also the possibility of fraud.
They will pay the victim’s funds 100% back, that’s Bernard Ong’s promise, we just need to be patient and give them time, because that is the negligence of the Team Torque.
if they don’t pay the victim’s money back, they will definitely be prosecuted legally and the victim in Singapore is based on circular 4 BW is the highest number of victims.
There’s no point sugar coating it at this point; you’re a gullible moron.
Sorry for your loss.
I heard the repayments are being handled by Santa Clause, but due to issues with his reindeer he had to outsource logistics to Unicorns and Gnomes, thus the delays. #believeinbernardsgnomes
So, that’s it right? No justice whatsoever.
Unfortunately yes. Singaporean authorities don’t care because the majority of victims aren’t in Singapore.
Prevention is better than cure.
Singapore’s authorities to date have done nothing about Torque Trading.
Liqudators have filed a lawsuit but the only coverage of the lawsuit is behind The Straits Times’ paywall:
straitstimes.com/business/property/singaporean-founder-of-crypto-trading-platform-torque-sued-by-liquidators
I have no idea how to independently obtain legal documents from Singapore (guessing there’s no free access), so can’t report any further unless someone has access to the full The Straits Times coverage.