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On 10 July 2026, a 47-year-old man, Nazarisham Bin Mohamed Isa (“Nazarisham”), was charged in court in relation to his suspected involvement in fraudulent investment schemes offered by MTN Consultants and Building Management Pte Ltd (“MTN Consultants”) and Naza Holdings Pte Ltd (“Naza Holdings”)

Nazarisham, the director of both companies at the material time, faces the following charges:

1. One count of being a knowing party to MTN Consultants carrying on a business for a fraudulent purpose under Section 340(5) of the Companies Act (Cap 50, 2006 Rev Ed) (“CA”) for the period between April 2017 and June 2020; 
   
   
2. One count for the same act of being a knowing party to MTN Consultants carrying on a business for a fraudulent purpose under Section 238 of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”) between July 2020 and October 2020;
   
   
3. Four counts of using as genuine three documents under Section 471 of the Penal Code (Cap 224, 2008 Rev Ed) (“PC”) which he had reason to believe were forged; and
   
   
4. 102 counts of consenting to MTN Consultants and Naza Holdings making offers of securities without prospectus or profile statement under Section 240(1) read with Section 331(1) of the Securities and Futures Act (Cap 289, 2006 Rev Ed) (“SFA”).

Between April 2017 and October 2020, MTN Consultants entered into 319 “Private Placement Agreements” with investors amounting to a total investment value of $50.62 million. These Agreements promised monthly “Profits” to investors and full repayment of “Investment Amount” at the end of each placement tenure. It is believed that the company did not operate any profit-generating business and had no sustainable means to honour its obligations under these Agreements.

Some of these “Private Placement Agreements” also form the subject of the Section 240(1) SFA charges, as they appear to constitute offers of securities by MTN Consultation or Naza Holdings that were not made in or accompanied by a prospectus or profile statement as required under the SFA. 

Preliminary investigations also revealed that Nazarisham had presented three documents to two individuals in 2019 as proof that he had the ability to repay investors who had entered into the “Private Placement Agreements” with MTN Consultants despite having reason to believe that they were forged. 

If convicted, Nazarisham faces:

• Up to seven years’ imprisonment, a fine of up to $15,000, or both, for each charge under Section 340(5) of the CA or Section 238 of the IRDA;
  
  
• Up to four years’ imprisonment, a fine, or both, for each charge under Section 471 of the PC; and
  
  
• Up to two years’ imprisonment, a fine of up to $150,000, or both, for each charge under Section 240(1) read with Section 331(1) of the SFA.