The offence of cheating carries a jail term of up to 10 years and a fine. - The Straits Times/ANN
SINGAPORE, March 7 (The Straits Times/ANN): A 37-year-old man was arrested on Monday for his suspected involvement in a series of investment scams that saw his former colleagues cheated of their money.
He allegedly offered them investment deals promising a 50 per cent return, and is believed to be involved in at least seven other cases of investment scams, which led to victims losing more than $36,500.
The police said on Tuesday that the man’s victims would transfer money into his account using PayNow, believing they had been presented with a legitimate investment opportunity.
However, they would later realise they had been scammed, when they did not receive any of the money back.
The police said they had established the identity of the man following investigations into several reports of investment scams they received between Dec 5, 2022, and Feb 17, 2023.
Investigations are ongoing.
The offence of cheating carries a jail term of up to 10 years and a fine.
The police said they take a serious view against those involved in scams or frauds, promising that perpetrators would be dealt with in accordance with the law.
Scam cases in Singapore have been on the rise, with scammers having discovered a lucrative moneymaker.
In 2022, there were 31,728 reported scam cases, with losses amounting to a total of $660.7 million. In comparison, there were nearly 24,000 reported cases in 2021, when victims lost $632 million to scammers.
Anyone with information on such crimes or in doubt can call the police hotline on 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.
Visit www.scamalert.sg or call the Anti-Scam Hotline on 1800-722-6688 for more information on scams. - The Straits Times/ANN
