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SINGAPORE — They were apparently sweet-talked into joining his forex trading courses.

After forking out thousands of dollars each, they felt they did not learn much from the instructor, Mr Nicholas Seah Hua Sheng, 34.

To make things worse, they chalked up losses from trading.

More than 15 people — who have lost over S$500,000 in course fees and trading losses in total — have lodged more than 10 police reports so far against Mr Seah, who denied their claims and maintained the complainants merely want to get their money back.

Among those who have filed a police report is Jane (not her real name), a woman in her late 20s whom Mr Seah allegedly dated and took a nude video of.

Jane told TODAY they met through dating app Paktor in 2014.

She said she told Mr Seah that she had never had a boyfriend before, and the latter asked if she was willing to give it a try.

At that point, there was no mention of his forex trading courses, said Jane.

On one occasion, which Jane said was “due to pressure of (his praises) and persuasion”, she let him take a nude video of her.

“I was lost and confused, and went along with it,” she said.

The relationship went cold for a while until 2016, when Mr Seah rekindled contact with her. He told her he had been “falsely accused of molest”, and that his mother had cancer.

He then pitched the forex course to her. She said Mr Seah claimed he was “capable of making a lot of money through forex” and convinced her to join him.

Jane forked out S$3,000 for an entry-level course, before forking out another S$2,000 a few months later for an expert-level course. She claimed that she was “pressured into his demands”, despite not being fully trained to trade.

“I was (also) fearful… that he would threaten me with the naked photos,” said the woman, who has chalked up some S$15,000 in trading losses.

TODAY understands that there are also more pictures and videos of Jane taken by Mr Seah, who declined to comment on this issue when asked.

The police, in response to TODAY’s queries, confirmed that reports have been lodged, and that investigations are ongoing for both Jane’s complaints of the naked videos and the complaints against Mr Seah’s forex classes.

The complainants, who met the media about two weeks ago, filed the police reports this month. They alleged that Mr Seah promised them the opportunity to make big bucks through forex trading and the opportunity for free follow-up coaching, among other things.

But after receiving payment for the one-day course, which ranged from S$2,000 to S$4,888, he allegedly became “abusive, manipulative (and) aggressive”.

Not only did he breeze through the course syllabus, he spent “most of the time scolding us, and claiming he was framed (for molestation) and wronged”, said a property agent in her 40s who only wanted to be known as Ms Ng.

He also apparently scolded them when asking them to trade on their own.

The small-group courses were conducted at Mr Seah’s home in Ang Mo Kio and, later, at Jalan Chempaka Kuning, said the complainants.

Contacted on Wednesday (Sept 12), Mr Seah acknowledged his “teaching style” and said it was his personality.

“This is a business… (you) must be real, (you) must be strict,” he said, adding that he also praised his students and took them out for meals.

According to the complainants, who have informally banded together, Mr Seah would convince people to join his classes by promising them the opportunity to earn lots of money, while painting a sad picture of his life.

According to some of them, Mr Seah claimed his mother was stricken with cancer and that he needed money. To others, he brought up a past criminal conviction for molestation — for which Mr Seah confirmed he was jailed.

He would approach potential attendees via social media, word of mouth or dating applications.

Mr Seah said he learnt of the “plot” against him about a week ago when the police contacted him regarding the reports made.

“(The complainants) are just angry...they want to get their money back,” he added.

“This is too much... they learnt something, they didn’t like it, now they make noise,” Mr Seah said in Mandarin. He also claimed that he had been on the receiving end of threats and prank calls.

TODAY has reached out to Mr Seah’s lawyers for comments.