Skip to main content

Advertisement

Advertisement

Singapore

Police warn of scammers impersonating GIC representatives on Telegram with investment offers

Police warn of scammers impersonating GIC representatives on Telegram with investment offers

Screenshots of Telegram group chats impersonating the Government of Singapore Investment Corporation (GIC). (Images: Singapore Police Force)

SINGAPORE: Scammers have been impersonating representatives of Singapore's sovereign wealth fund GIC to offer lucrative investment packages on Telegram, the police warned on Thursday (Apr 28).

Victims would receive a Telegram invite to join a group chat called "Government of Singapore Investment Corporation". 

"To reinforce the ruse, scammers would utilise the GIC logo and claim to be 'investors' who have successfully withdrawn the profits made from their investment packages," the police said in a news release. 

Victims who were keen to invest in the packages were directed to provide their personal particulars and bank account number to sign up. They would then be asked to transfer money into bank accounts provided by the scammers. 

The police said the victims would only realise that they have been scammed when they did not receive the expected returns or were unable to withdraw their investments. 

"GIC does not provide investment services to the public. Members of the public are advised not to react, reply, click on any links or open any attachments from anyone or any organisation claiming to be from GIC, or affiliated with GIC," said the police. 

The latest police advisory comes amid a spate of cases involving various types of scams.

The Singapore Police Force is advising members of the public to always be aware of the signs of scams, which include investment products with attractive high yields, unexpected friend requests online, urgent requests for fund transfers, payment in shopping credits or gift cards and requests for one-time passwords.

"Adopt a mindset of healthy scepticism," the police said on Thursday. "More often than not, if it’s too good to be true, it probably is." 

The police also advised people to seek advice from their family and friends before making any transactions online, as well as safeguard their personal details and passwords.

Those who suspect that they have been scammed can lodge a report online or at the nearest Neighbourhood Police Centre or Neighbourhood Police Post. 

GIC STATEMENT

In a separate media release, GIC said it manages Singapore's foreign reserves and does not provide any investment services to the public. 

"Please be forewarned that any attempt to solicit investments from any member of the public using GIC’s name and/or brand is a fraud or scam." 

GIC added it reserves all rights to pursue legal action and remedies against any person, entity, or company that infringes on its trademarks or impersonates the corporation.

Members of the public who receive any such information or messages from any organisation or person claiming to be from GIC or is affiliated with them should not react, reply, click on any links or open any attachments.

"GIC is not responsible for any transactions which occur as a result of any such fraud or scam," it said.

More information can be found at https://www.gic.com.sg/caution-against-fraud-and-scams/

Source: CNA/lk(gs)

Advertisement

Also worth reading

Advertisement