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The Commercial Affairs Department is currently investigating the business activities of a group of companies collectively referred to as Evergreen Group Holdings for alleged fraud. Evergreen Group Holdings includes Evergreen Grp Holdings Pte Ltd, Evergreen GH Pte Ltd, formerly known as Evergreen Assets Management (Singapore) Pte Ltd, Everventures Pte Ltd and other companies.  

Various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10%. Investigations arose due to the suspicion that investor monies were misused. In addition, these promissory notes may have been issued in contravention of the Securities and Futures Act.

Two 37-year-old men, who are part of Evergreen Group Holdings’ management, have been arrested in connection with this investigation on 1 August 2024.  One has been charged in court on 3 August 2024 with the offence of falsification of accounts under Section 477A of the Penal Code, which carries an imprisonment term of up to 10 years, a fine, or both. 

Police investigations are ongoing.