SINGAPORE (Nov 24): Singapore authorities have arrested a number of individuals who were being investigated over the 2013 penny stock crash and raided their homes.

Among them was John Soh Chee Wen, who was described by the Public Prosecutor as the "mastermind" in January when arguing there was a case against him.

Others who were arrested included Goh Hin Calm, former independent director at Annica Holdings and ITE Electric, according to The Business Times.

Soh’s lawyer Tan Chee Meng told The Straits Times that the 57-year-old will be charged on Friday for his role in what has been dubbed the “largest securities fraud investigation in Singapore’s history”.

The investigation focuses on the sudden collapse of shares of Attilan Group - then known as Asiasons Capital - Blumont Group and LionGold Corp back in Oct 4, 2013, which wiped off some $8 billion in market value in its aftermath. Investigations into Soh and several individuals, including a few with links to Innopac Holdings, Magnus Energy Group and ISR Capital, started in 2014.

The Public Prosecutor is alleging that Soh was responsible for the trades in Asiasons, Blumont and LionGold through a number of trading accounts. Soh was also alleged to have been involved in false trading, market rigging, as well as fraud or deception of others.

Another 25 trading representatives were also said to have assisted or participated in false trading, market rigging and or fraud.

Soh’s passport was subsequently impounded in 2014. In January, the court denied Soh's application to set bail terms to visit his ailing mother in Malaysia.

Shares in Attilan and Blumont closed 0.1 cent lower at 0.6 cents and 0.4 cents respectively, while ISR Capital’s shares fell 15.8 cents to close at 12.7 cents. Shares in LionGold and Innopac were unchanged at 0.2 cents, while Magnus’ shares were unchanged at 0.1 cents on Thursday.