Man scammed ex-colleagues by offering 50% investment returns: Victims lost over $36,500

A 37-year-old man was arrested on Monday (Mar 6) for a series of investment scams in which victims lost more than $36,500.

The police said that between December 5, 2022, and February 17, 2023, they received several reports of investment scams where the victims were purportedly offered a 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 realised that they were scammed when they failed to receive any of their monies back," police added.

Through follow-up investigations, officers from Bedok Police Division established the man's identity and arrested him.

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 islandwide.

Police investigations against the man are ongoing.

If found guilty of cheating, the man faces a jail term of up to 10 years and a fine.

The police said they take a serious view against anyone 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.