Table of Contents
Introduction:
In October 2020, the investment business Torque Trading Systems (Torque), located in Singapore, made news when its Chief Financial Officer (CFO), Ng Yu Zhi, vanished along with $2.3 billion of the company’s cash. Torque has been the focus of a police investigation.
The event had a ripple effect across the Bitcoin market, and officials wasted no time in beginning their investigation into the subject. Nevertheless, in an unexpected turn of events, the Singaporean police said that they had no intentions to pursue the case any further, and the responsibility for the failure of the firm was placed on Ng Yu Zhi. In the following paragraphs, we will go into the case of Torque Trading, including its history, the investigation, and the most current developments.
The history of Torque Trading Systems
The history of Torque Trading Systems Returns on investments ranged from 0.15% to 0.45% each day throughout the many investment plans that were made available by the firm. These plans included trading in cryptocurrencies, foreign exchange, and commodities. Torque immediately became well-known among investors in cryptocurrencies, and the number of users who signed up for the service increased at an exponential rate.
The Disappearance of Ng Yu Zhi:
The event became public knowledge after customers of the firm complained that they were unable to access their investment accounts. Torque made a statement claiming that Ng Yu Zhi was “unreachable” and that they were looking into the incident.
Investigation:
The authorities had reason to think that Ng Yu Zhi had left the country, so they requested a red alert be issued for his capture via Interpol. Over the course of the inquiry, it was discovered that the corporation in question had moved money to a number of front companies and offshore accounts, making it impossible to follow the money’s original path. In addition to that, the authorities detained four persons with ties to the investigation, one of them was the founder of the firm, Bernard Ong.
Recent Events:
According to the statements made by the police, Ng Yu Zhi was the only person involved in the scheme, and he was the one who fabricated investment reports in order to trick the customers of the firm. The investigation by the police also uncovered the fact that Ng Yu Zhi had used the money from the firm to pay for his own personal costs, such as the purchase of real estate and expensive automobiles. Nevertheless, Ng Yu Zhi has not been located, and the corporation has not been able to get back its $2.3 billion in missing cash as of yet.
Analysis
The unexpected demise of Torque Trading Systems has led to a number of issues regarding the regulation of bitcoin investing organizations. Although the Singaporean authorities have been quick to point the finger of blame at Ng Yu Zhi for the failure of the firm, there are still questions over the inadequacy of the regulatory control of such businesses. The fact that Ng Yu Zhi was able to move such a substantial quantity of money to offshore accounts without being discovered is evidence that there is a lack of regulatory oversight.
Conclusion
The situation involving Torque Trading should serve as a lesson in financial responsibility for anyone interested in investing in the bitcoin sector. While there is potential for significant profits, investors should be aware that the market is also vulnerable to scams and fraud. The failure of Torque Trading Systems has brought to light the necessity for more stringent regulation and control of investment businesses that are active in the cryptocurrency industry. This tragedy has also brought to light the need of doing a thorough research and performing one’s due diligence before participating in any cryptocurrency scam.
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