Senior Samtrade FX Executives Charged with Fraud in Singapore

Senior Samtrade FX Executives Charged in Singapore Trading and Money Laundering Case

Singapore’s financial sector has been shaken by a major enforcement action after three senior executives of online trading platform Samtrade FX were formally charged with fraud and money laundering. The Singapore Police Force confirmed that the accused were charged in court on December 17, 2025, following a prolonged investigation into alleged market manipulation and investor deception.

Those charged include Goh Nai De, Chief Executive Officer; Goh Li Xing, Chief Technology Officer; and Yue Jingyuan Alfred Yue, who served as Head of Dealing and Strategy at Samtrade FX. Authorities said the case centres on the misuse of a popular “copy trading” feature offered to retail investors.

Samtrade FX allows clients to trade contracts for difference across foreign exchange, indices, commodities and cryptocurrencies. A key attraction was its copy trading model, which enabled users to automatically replicate trades executed by selected accounts promoted as highly profitable.

According to investigators, the majority of client copy trades were linked to 11 accounts known as “Ultimate Trader” accounts, all allegedly controlled by Alfred Yue. These accounts were showcased as consistently successful, drawing large volumes of client funds.

Police allege that between January and December 2021, the three executives acted in concert to manipulate trading conditions linked to these accounts. Alfred Yue is accused of fraudulently adjusting bid-ask spreads, making copied trades appear profitable while concealing the artificial nature of the pricing.

Investigators said this manipulation created an illusion of trading success, misleading clients into believing they were copying genuine market trades executed under standard conditions. Retail investors, police noted, were unaware that the data underlying the trades had been deliberately altered.

As a result of the alleged scheme, substantial sums were reportedly derived from client deposits. Authorities stated that Alfred Yue allegedly received about S$8.7 million, while Goh Nai De and Goh Li Xing allegedly received approximately S$4.8 million and S$650,000 respectively. These amounts are said to have originated from funds deposited by clients who followed the manipulated trading accounts.

The accused face charges under Singapore’s Securities and Futures Act for fraudulent practices, as well as under the Corruption, Drug Trafficking and Other Serious Crimes Act for money laundering. Convictions could attract lengthy prison terms and significant financial penalties.

The case has reignited scrutiny of copy trading models and platform-level governance, even in tightly regulated markets. Financial experts note that complex trading products become especially risky when internal controls, independent oversight and transaction-level transparency break down.

Strong compliance frameworks, independent reviews and controls similar to those emphasised in professional auditing services in india are often critical in detecting manipulation early and safeguarding investor interests in increasingly technology-driven financial markets.

The Singapore Police Force said investigations are ongoing and reiterated its warning to investors to exercise caution, verify regulatory disclosures and remain sceptical of platforms promising consistently high returns.