The worst kept secret is finally out. Police have now finally started investigations against oBike Singapore for allegedly misappropriating money from their Singapore operations. It has also emerged from this investigations that about $10m was transferred fromt the Singapore operations to their Hong Kong operations just before they shut down their Singapore operations.
This police investigation was finally revealed by Law Minister K Shanmugam when he was asked in Parliament by the Worker's Party NCMP Dennis Tan.
Question was, why did it take so long for the Police investigations to be made public, when the offence was in June this year. It was very obvious to the public that something wrong was ongoing when oBike shuttered its operations here suddenly, owing their Singapore users about $8.9m.
