The offence is punishable with a fine not exceeding $15,000 or imprisonment for a term not exceeding seven years, or both. The Police added that investigations are ongoing.
SINGAPORE — The Police said yesterday that Sim Kwok Sng Dominic was arrested by the Commercial Affairs Department . The 45-year-old Singaporean who was under investigation by the Commercial Affairs Department , left Singapore and returned on 13 February 2023. He was arrested by the CAD on arrival.
The wine industry has always been a lucrative investment option for many individuals looking to diversify their portfolios. However, in the years 2008, 2009, and 2010, Singapore witnessed a major wine investment scandal that shook the entire industry. The scandal involved the sale of fake wines to investors, which resulted in significant financial losses for many individuals.
The scandal was first brought to light in 2008 when investors started to realize that the wines they had purchased were not genuine. Many investors who had invested large sums of money in these wines found that their investments had lost value, and some had lost their entire investments. As the scandal began to unravel, more and more investors came forward, and the total amount of losses reached millions of dollars.
The impact of the wine investment scandal was significant, not only for investors but also for the wine industry as a whole. Many investors lost trust in the wine investment market, and the reputation of the industry was tarnished. The scandal also led to a decline in wine sales in Singapore, as investors became more cautious about investing in wines.
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