Police investigating investment scam that could have duped around 165 people!

Police investigating investment scam that could have duped around 165 people!

SG Gazette·2018-03-05 14:19

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A series of Facebook posts by someone claiming he could double an investor’s money in just three months has been found to be a scam after a victim made a police report on Friday (2 Mar).

The 21-year-old sales assistant, who only wanted to be known as Tan, said she had transferred $2,000 to a man who claimed to be an investment consultant on 31 Oct last year.

More than four months have passed since then, resulting in her making the report.

A friend had introduced the “investment opportunity” to her.

Tan had approached the man for payment after three months passed in January, but he said it would be delayed as he had been hospitalised for kidney stones.

He then told her he had a transfer limit of $50,000 and could only a handful of investors at a time.

She later found out it was a scam after she saw comments from other victims asking for their money back.

Earlier in the week, she was added to a Whatsapp chat group of around 10 victims. There are now 165 people in the chat.

“The total amount we could have put in could be $1 million,” she said. Each victim had entrusted him with money in varying amounts up to $100,000.

The man said he would be in South Korea for work on 7 Feb, and a later post stated that his mobile phone line was down and that needed more time to return the money.

His recent post said that would be back in Singapore on Monday.

The police have confirmed that a report was lodged and that investigations are ongoing.

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