Man arrested for allegedly cheating victims of at least $282,000 in investment scams

SINGAPORE - A 49-year-old man has been arrested for his suspected involvement in a series of investment scams in which victims were cheated of at least $282,000, the police said in a statement on Wednesday (Oct 23).

Between June and October this year, the police received several reports from victims purportedly cheated by a scammer who promised returns for their investments in a business venture or the sale of a business franchise.

The victims were directed to pay amounts ranging from $6,000 to $48,000 for their investments.

However, the scammer was unable to provide the promised returns.

Officers from the Ang Mo Kio Police Division arrested the suspect on Tuesday.

The man is expected to be charged in court on Thursday with cheating. He can be fined and jailed for up to 10 years.