Ramp-and-dump suspect extradited to Hong Kong after Singapore arrest

The suspect will face a securities fraud charge.

Ramp-and-dump scheme core suspect Chan Sin Ying was surrendered to Hong Kong following her arrest in Singapore, Hong Kong’s Securities and Futures Commission (SFC) reported.

The SFC has charged Chan with the offence of conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under section 300 of the Securities and Futures Ordinance (SFO) and sections 159A and 159C of the Crimes Ordinance (Note 1).

An offence committed under section 300 of the SFO may result in a fine of $1.67m (HK$10m) and imprisonment for up to 10 years upon conviction.

Chan was suspected of having conspired with Stevens Yip Chi Fai, Lau Ka Wing, So Lung Ying, and other persons in an alleged ramp-and-dump scheme involving the shares of Wan Cheng Metal Packaging Company Limited. Yip, Lau, and So were previously charged with the same offence as Chan and the proceedings against them are ongoing.

Chan left Hong Kong one day after the SFC conducted a search operation at her residence on 9 November 2022 and has become uncontactable since then. Upon the application by the SFC, a magistrate issued an arrest warrant against her. She was also named in the Red Notice of the International Criminal Police Organization (INTERPOL).

Investigations discovered that Chan was in Singapore and the Singapore Police Force arrested her on 18 July where she was remanded in custody by a court in Singapore and was surrendered to Hong Kong authorities on 3 October.

No plea was taken at the court hearing on 4 October and Chan’s bail application was rejected by the court and she was ordered to be remanded in custody.

The case was adjourned to 10 October for bail review and 8 November for the application of case transfer to the District Court.