Yes, I found the relevant section/clause of the CPF Act on Offences relating to investments, see extracts below:
A. CPF Act
Offences relating to investments
58A.—(1) No person shall, directly or indirectly, in connection with the making of any investment under any scheme in accordance with any regulations made under section 77(1)(n) or the sale or disposal of any such investment —
(a) employ any device, scheme or artifice to defraud; or
(a) employ any device, scheme or artifice to defraud; or
(b) engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.
(2) Any person who Contravenes Subsection (1) shall be guilty of an offence.
B. By a layman's interpretation of the above clause in the CPF Act, the "CPF Special Account Hack" should be classified as “an act which is likely to operate as a deception”, to deceive CPFB to transfer $160k from OA instead of SA to RA, so the member can continue to enjoy 4% interest on a higher SA balance of $160k instead of $40k!
C. I repeat the details of the CPF Special Account Hack (first posted here) below:
"Are You Ready at 55?"
We use this example to explain the steps you should take to Retire Rich:
RA (FRS) to be created at 55 = $181k
Your SA Balance = $200k
Your OA Balance = $150k
1. Invest $160k of SA using CPFIS/SA into safe Unit Trust Fund about 2 weeks before 55thbirthday.
3. Sell your $160k Unit Trust Fund. Monies will be returned back to SA as per CPFIS/SA policy/rules.
Bingo! You can Retire Rich with SA ($160k) = continue to earn 4% pa interest (compounded) = funds you can withdraw anytime. You can easily earn $6400 interest per year!
D. So any person who contravenes subsection (1) shall be guilty of an offence!
