Get tough on investment scammers

A person holding a mobile phone and handing out money in Singapore dollars. ST PHOTO: MUGILAN RAJASEGERAN

Investment scams are perpetuated because many victims stay silent in the hope of being repaid, even waiting in vain for years (Police warn against scammers targeting former investors of failed gold investment companies, ST Online, July 19).

Until we demonstrate that the punishment matches the crime, we will never eliminate these types of scams that are designed intentionally as business failures.

More than a year ago, I wrote a Forum letter about what appeared to be a sales pitch for a dubious investment scheme (Everyone's duty to raise alarm about scams, ST Online, Jan 10, 2018).

The marketing agent and her associates who made that pitch, promising 100 per cent capital protection insurance by Lloyd's of London, have not only defaulted on those US investments but also on their Brazilian and German investments.

All three of their "carefully researched" investment partners failed.

Lee Seong Wee

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A version of this article appeared in the print edition of The Straits Times on July 24, 2019, with the headline Get tough on investment scammers. Subscribe