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Man arrested after victim loses more than S$74,000 in investment scam

Man arrested after victim loses more than S$74,000 in investment scam

A woman using a phone and looking at a computer. (Photo: Marcus Mark Ramos)

SINGAPORE: A 55-year-old man has been arrested after a woman was allegedly cheated of more than S$74,000 in an investment scam, the police said on Wednesday (Sep 16).

The police said they received a report from the victim on Aug 14, who said she was instructed by a man she befriended online to register an account with an online investment platform.

As instructed by the online friend, the woman transferred more than S$74,000 between Aug 5 and Aug 6 to a specified bank account.

READ: Police investigating 261 people after scam victims cheated of more than S$3 million

After the transfers were made, the woman discovered that her account had been blocked and she was unable to access the online investment platform or recover the funds she had transferred. 

Through investigations, Bedok Police Division officers identified the man involved and arrested him on Sep 14.

Preliminary investigations revealed that the man is the owner of the bank account the woman was told to transfer the money to.

He is also suspected to be involved in at least six similar cases, where victims reported losses amounting to more than S$197,000.

Investigations against the man are ongoing.

If found guilty of cheating, the man faces up to 10 years’ jail and a fine. He also faces up to 10 years in jail, a fine of up to S$500,000, or both, if found guilty of money laundering.

READ: Banking-related phishing scams spike more than 2,500% in first half of 2020

"The police take a serious view against any person who may be involved in scams and frauds, and perpetrators will be dealt with in accordance to the law," they said in a news release.

"To avoid being an accomplice to crimes, members of the public should always reject requests by others to use your bank account or mobile lines as you will be held accountable if these accounts are linked to illegal transactions," they added.

For more information on scams, members of the public can visit the Scam Alert website or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the police hotline at 1800-255 0000 or submit information online.

Source: CNA/zl


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