According to the Singapore Police Force’s media release, a 37 year old man was arrested after the Police suspected that he was involved in a series of investment scams.
It is believed that he was involved in at least seven scams which resulted in more than $36,500 lost.
Here is the Police media release
The Police have arrested a 37-year-old man for his suspected involvement in a series of investment scams.
Between 5 December 2022 and 17 February 2023, the Police received several reports of investment scams where the victims were purportedly offered an investment deal which would provide a 50% return on their investment.
The victims, who were formerly the colleagues of the man, had made monetary transfers to his account via PayNow. The victims realized that they were scammed when they failed to receive any of their monies back.
Through follow-up investigations, officers from Bedok Police Division established the identity of the 37-year-old man and arrested him on 6 March 2023.
Preliminary investigations revealed that the man is believed to be involved in at least seven other cases of investment scams, amounting to more than $36,500 lost island-wide.
Police investigations against the man are ongoing. The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to 10 years and a fine.
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 with the law.
For more information on scams, members of the public can visit scamalert.sg 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 at www.police.gov.sg/iwitness.
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
07 March 2023 @ 11:04 AM