Bay Put Hai, a Singapore citizen, was charged under Section 3(1) of the Futures Industry Act 1993 for operating a futures market which was neither a futures market of an exchange company nor an exempt futures market.

The offence was committed between 2 July 2001 and 7 March 2002 at Reinn Holdings Sdn Bhd, Level 6 Menara Genesis, 33 Jalan Sultan Ismail, Kuala Lumpur.

The SC had raided the company on 7 March 2002 after receiving complaints from several individuals who had lost their investments placed with Reinn Holdings Sdn Bhd.

The offence is punishable under Section 3(2) of the same Act, which carries a maximum fine of RM1 million or 10 years imprisonment or both.

The Court granted Bay Put Hai bail at RM300,000 with a local surety who is his wife, a Malaysian holding permanent resident status in Singapore. In addition, Bay Put Hai is required to report to the Johor Bahru Police Headquarters once a month.

Acting on a warrant of arrest issued in Kuala Lumpur, the SC worked closely with its international counterparts to arrest Bay Put Hai in Singapore.