Man arrested for investment scams worth more than S$600,000

Man arrested for investment scams worth more than S$600,000

handcuffs file photo
(File photo: Reuters)

SINGAPORE: A 29-year-old man has been arrested for his suspected involvement in a series of investment scams involving more than S$600,000, the police said on Tuesday (Mar 6).

Preliminary investigations reveal that the suspect is believed to be involved in more than 40 cases, the police said.

Between Feb 27 and Mar 4, several victims reported that they had responded to an online advertisement by the suspect claiming that they could double their investment within three months.

After payments were made by the victims via bank transfers, however, the suspect would become uncontactable.

The suspect was arrested on Monday.

The man will be charged on Wednesday. If convicted, he may be jailed more than 10 years and fined.

Source: CNA/aj

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