CNA938 Rewind - When an app promises riches: Spotting shell investment scams
Since last October, about 20 cases of investment scams involving shell investment applications have been reported. Total losses have come up to around $1.7 million. In light of this, the Police have alerted members of the public to the abuse of shell investment applications, used to peddle fraudulent investment products. Daniel Martin finds out more from Melvin Tan, Management Committee Member, Securities Investors Association Singapore. He's also Co-Founder and Chief Investment Officer of 8VANTEDGE, a fund management company.