56-year-old woman arrested for foreign currency exchange scam

A 56-year-old woman was arrested for involvement in two separate cheating cases involving the exchange of foreign currencies.
A 56-year-old woman was arrested for involvement in two separate cheating cases involving the exchange of foreign currencies.PHOTO: ST FILE

SINGAPORE - A 56-year-old woman who advertised exceptionally good exchange rates for foreign currency only to hand over just a fraction of the money, was on Wednesday (Jan 25) arrested.

The woman was involved in two separate cheating cases involving the exchange of foreign currencies, the police said in a news release on Wednesday (Jan 25).

In both cases, she asked the victims to transfer money to her bank account.

She then met them and passed them a fraction of the agreed amount of foreign currency, promising that she would give them the remaining money later.

She would then stop communicating with the victims.

Police officers from the Tanglin Division identified the suspect after extensive ground enquiries and follow-up investigations.

They arrested her along Scotts Road on Wednesday.

She will be charged with the offence of cheating, which carries a fine and a maximum jail term of 10 years.