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A man was charged in court on Jan 24 with cheating after getting $4 million from investors by guaranteeing a 40 per cent return on investment.
Between Jan 1 and 22, the police received several reports alleging that the man failed to honour his agreements which purportedly had a guaranteed return on investment.
Police officers from Bedok Police Division established the identity of the 23-year-old man and arrested him on Jan 22.
A mobile phone and a notebook were seized as case exhibits.
Preliminary investigations revealed that the man was believed to be running Ponzi-Like schemes and enticed investors with a guaranteed 40 per cent return.
Since 2020, the man had allegedly taken investment funds amounting to about $4 million from more than 40 people and subsequently misappropriated the funds as he was unable to honour his obligations.
Further investigations also revealed that the man does not have a licence to carry out investment schemes which is a regulated activity.
The offence of cheating carries an imprisonment term of up to 10 years and a fine.
You are advised to exercise caution when dealing with investment opportunities. Before committing to an investment, always Ask, Check and Confirm.