SINGAPORE - A 45-year-old woman was arrested on Saturday (June 23) for her suspected involvement in an investment scam.
The police said in a statement on Sunday that a victim had filed a report on Saturday that he was cheated by a woman, who had asked him to invest $7,200 in a cleaning business.
The victim was told that he would receive a substantial payout each month.
Officers from the Tanglin Police Division conducted ground inquiries and arrested the woman on Saturday.
If convicted of cheating, the woman may be punished with a maximum jail term of 10 years and a fine.
The police also advised the public to take the following precautionary measures to guard against scams:
- Be cautious of promise of high returns. Investments with high returns usually come with high risks. Always check with a licensed financial adviser 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.
For more information on scams, the public can call the anti-scam helpline on 1800-722-6688 or visit www.scamalert.sg
Anyone with information on such scams may call the police hotline on 1800-255-0000 or submit information online at www.police.gov.sg/iwitness