SINGAPORE, Aug. 27 -- Investors in Singapore chasing quick AI-powered trading profits lost big after a company director admitted to cheating them out of US$537,000 (RM2.27 million) - and potentially millions more.

Singapore national daily The Straits Times reported that Ong Kai Min, 42, from Singapore Index Trading Institute (SITI), pleaded guilty today to eight counts of cheating involving seven people and one company.

The frauds he admitted to accounted for US$537,000 and over S$2.7 million, with more charges pending.

According to the facts of the case, Ong pitched investors on AI programmes that supposedly executed automated trades on their behalf, promising returns of 2 to 10 per cent a month. In reality, no trading ever took place...