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A 43-year-old Singaporean man was cheated out of S$77,000 after a 57-year-old Taiwanese woman offered him an investment scheme which would yield USD$6,500,000 (S$9,000,000); a whopping 140-fold return in two months.
The accused was sentenced to 14 months in prison on Tuesday (Jul 4), reports Lianhe Wanbao.
Court documents revealed that the two had gotten to know one another through a mutual friend in 2012.
The victim was told that the accused was a bank manager, although in reality, she was unemployed.
The accused then claimed to have been given the opportunity to take part in a coordinated investment plan between Standard Chartered and The Hongkong and Shanghai Banking Corporation (HSBC).
She described the yield as ‘very attractive’ and told the victim that it was a scheme which ‘used money to generate more money’.
Here’s the catch though.
She needed another S$64,000 in her bank account before the ‘scheme’ could take effect.
The accused promised the victim that he would obtain USD6,500,000 (S$9,000,000) in two months if he invested the initial S$64,000.
She also handed the victim many doctored documents, to prove the legitimacy of her claims.
After a few more meetings, the man agreed to invest the sum, and on May 31, 2012, handed the accused S$64,000 in cash when the two met up at Roxy Square.
About half a year later, the accused handed over another S$13,000 to the victim.
So the next time you come across a deal that sounds too good to be true, just remember that it usually is.