Regarding financial matters, Wah, also known as Hermes Leong, has been mandated to pay $3.6 million. Chuan is willing to pay $300,000.

Wah faces an extra 18 months in jail if he doesn’t make the payment. Chuan faces an extra six months if he is unable to make the payment.

In 2018, Wah, Chuan, and four associates were taken into custody. The crooks were prosecuted by Singaporean police in connection with Singliworld, a currency scam that defrauded investors out of up to 13% every month.

In March 2022, Wah and Chuan’s trial got underway. It’s unclear what the other four accomplices are up to.

Wah was the creator of SingliWorld as well as Triumph Global, which subsequently changed its name to TFX Global and Triumph FX. Chuan has ties to Triumph Global and SingliWorld.

We also covered TriumphFX’s regulatory actions in Canada, Australia, Singapore, Malaysia, and Indonesia.

TriumphFX went bankrupt in late 2022 after weeks of failing to settle investor withdrawals.

Singapore and Malaysia accounted for the bulk of SingliWorld and TriumphFX victims.

According to the Singapore court, the combined losses for SingliWorld and TriumphFX came to $13.7 million, which was verified out of the $21 million that customers were asked to pay.