Woman loses $92,500 worth of cash and jewellery in investment scam, man arrested

A 51-year-old man has been arrested after allegedly cheated a woman of more than $92,500 worth of cash and jewellery in an investment scam.

The police said they received a report about the case from the victim on Thursday (Mar 19).

Through ground enquiries and with the aid of the images from CCTV, officers from Bedok Police Division established the man's identity and arrested him on Mar 20.

The man is believed to be involved in two other similar cases of cheating islandwide.

Cash amounting to more than $13,500 was seized and police investigations are ongoing.

The man will be charged in court on Mar 21.

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

Members of the public are advised to adopt the following measures to avoid falling prey to scams:

  • Be cautious of the promise of high returns. Investments with high returns usually come with high risks. Always check with a licensed financial advisor before engaging in any investment.

  • Do not provide your name, identification number, passport details, contact details, bank account or credit card details to someone unfamiliar.

  • Be careful when dealing with unregulated entities. Dealing with unregulated entities mean you have little recourse if things go wrong. If the entity is based outside of Singapore, check with the respective overseas authority if the entity is regulated.

  • Before making any commitment to an investment, always Ask, Check and Confirm.

Members of the public can call the anti-scam helpline at 1800-722-6688 or go to www.scamalert.sg for more information about scams.

Anyone with information on such scams may call the 0olice hotline at 1800-255 0000 or submit information online at www.police.gov.sg/iwitness.

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