According to the Police media release, a 19-year-old man was arrested after the police investigated a series of cases that involved “overseas investment”
The Police received several reports between 3rd May and 30 May this year and within one month, the perpetrator managed to scammed victims a total amount of over SGD$50,000
The Police said that the scammer will first befriend unknowing victim’s on social media and dating apps before introducing the victims to a “lobang” which claims to yield high returns by investing with him.
Details of the investment revealed that he would introduce victims with cryptocurrency investment and promise high returns. The victims then transferred the man via bank transfer. Only to realise that they are unable to withdraw their investments later.
Through investigations, officers from Bedok Police Division established the identity of the man who had allegedly received the monies. He is believed to be involved in at least 12 cases of overseas investment scams amounting to $53,173.
Preliminary investigations revealed that the man had relinquished the control of his newly opened account to an unknown overseas scammer after being paid $1,000.
The man will be charged in court on 25 August 2021 with assisting another to retain benefits from criminal conduct under the Section 44(5)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
The offence carries a jail term of up to 10 years, a fine of up to S$500,000, or both.