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.