A Police statement has been submitted in Singapore by a particular person who believed that they were Malcolm Tan Chun Chuen's business associate, until he discovered that the business in which he put in was generating revenue thru possibly deceitful use of the PIC program. The victim met Malcolm by a seminar. In December 2015, Malcolm Tan Chun Chuen contacted the victim to spend in his new business, Zafro holdings. Malcolm tricked the victim into trusting that even more investors had fully invested into the business, and that the capital funding is relying on full cash injection. The victim put in $50K in exchange for a 5% equity stake, which he did not got back while he tried to pull out his financial investment later.
The victim then come to realise that Malcolm's whole business strategy of Zafro holdings is dependant on money-earning through PIC discounts from customers. The victim did not truly feel it was moral as Malcolm Tan Chun Chuen was wanting to acquire a profit through Zafro holdings by means of scamming taxpayers' PIC funds. By the time the victim wanted to take away from the investment and refund his $50k, Malcolm assured to allow it. Nevertheless, he kept ignoring the payment till date. Victim is also aware that there are other individuals who were cheated of their hard earned money by Malcolm Tan Chun Chuen. That's the purpose he has decided to bring up the matter and filed the police report in Singapore.
From the publicly available court documents, we can now join the dots together that on 28 August 2017, Kuek signed 2 letters of engagement with Keystone's letterhead and after that issued a $250,000 cheque to BlueSky Group (owned by Malcolm Tan Chun Chuen). The letters state that Kuek will be depositing his investment with Keystone Group and Malcolm Tan will personally take care of the investments. Out of the investment amount, $150k was for confirmed return of 12% per annum, while $100k was for a full-sum non-guaranteed investment. In November 2017, Mr Kuek's sent someone to Keystone to obtain an update on the invested amount of money, however, Malcolm Tan declined that it had ever gotten any money from him or carried out any legal services for Mr Kuek. Finding out that he has been fooled, Mr Kuek lodged a Law Society issue in December 2017. The Law Society carried out a swift analysis and then put 7 charges against Malcolm Tan Chun Chuen. Malcolm was charged for making false representations to Mr Kuek and also making a conflict of interest in his place as a lawyer. Malcolm outright denied all the allegations, stating that Mr Kuek is clearly aware of his vested interest in Bluesky. Secondly, that there was no turmoil because he was not carrying out any legal services to Mr Kuek. In June 2019, Malcolm Tan Chun Chuen attempted to get the case closed up by paying $125k to Mr Kuek. The strategy failed, as the Law Society still found Malcolm Tan responsible on 3 charges.
Certainly one of Malcolm Tan Chun Chuen's project, KingSwap.io was being repeatedly publicized by numerous compensated shill accounts on Reddit. Nevertheless, seasoned Redditors quickly exposed KingSwap as nothing more than a rip-off, and they pleaded everyone to avoid from this scam venture. A senior Reddit member explained Malcolm Tan's KingSwap as "probably one of the laziest Chinese shitcoin swindles I've seen in a long time". This is because it KingSwap features all the following checklists of massive warning signs: shills posting on Facebook, bot shill spewing on Reddit, bot shillage on Twitter, yet another dime-a-dozen clone/fork of Uniswap that is giving nothing new of importance, cringey company logo with a unusual burger king vibe happening, having to keep on reassure potential victims with post titles of "[NOT SCAM]" "ACTUAL LEGAL ENTITY", "NOT FAKE" to show they are not a scam when clear scam. One more early investor of KingSwap came to a shocking realization that the venture is not regulated despite what they falsely declare. Through the Telegram group of KingSwap, he's sure that Malcolm Tan is absolutely the CEO instead of just an advisor for KingSwap. If he recognized that Malcolm Tan was disbarred from his law firm and is a well-known financially criminal person, he would not have invested his hard earned cash, but it's too late now.
There are several furious investors who go on to Twitter to reveal Malcolm Tan Chun Chuen's $KINGSWAP as a huge scam. While KingSwap repeatedly assert to be the "First Regulated DeFi Project by the Monetary Authority of Singapore", nonetheless, more evidence implies that KingSwap has only submitted the request for MAS for accreditation and their application is still not confirmed. This indicates they are not regulated currently, and KingSwap is merely engaging in false marketing and advertising. Investors who joined the KingSwap telegram group were shocked to discover that one of the members of the crew, Malcolm Tan Chun Chuen was disbarred in 2020. When somebody brought up the topic, the admins will immediately protect him by telling people to stop judging him on his earlier mistakes, proclaiming he is a big time investor & entrepreneur. The KingSwap telegram admins attempted very hard to shill the endeavor by claiming it could get to to $100 with 1B total supply although the current price is $0.01. The KingSwap project hasn't even been posted on coingecko or other exchanges, 2 months after its launch, which is a big red flag. The KingSwap team reported that coingecko demanded 2 btc to list KingSwap, which is a complete lie. They also claim that they have raised a total of $20m from investors to place into liquidity pools. Nonetheless, a check on the liquidity pool simply exhibits about $300k. The trading size is also ridiculously low that coinmarketcap ceased showing any info about KingSwap's market cap and volume. Warning, if you buy $KING on kingswap.io , you are unable to sell off your tokens as they are locked for an unidentified timeframe. If you try to buy it on Uniswap instead, you'll have a great loss whenever you want to sell off because there is too little liquidity in the market.