A 32-year-old former financial planning consultant allegedly duped seven people into believing that an endowment plan he was offering would give guaranteed returns of between 10 per cent and 20 per cent.
However, Daniel Ross Harland is said to have altered some documents to cheat his victims, who transferred between $5,000 and $80,000 each into his account. The Singapore permanent resident was yesterday charged with cheating his victims of $185,000 in total.
Harland is accused of using PRUinvestor Guaranteed Plus policy documents from insurance company Prudential for his ruse.
His LinkedIn account has him claiming that he worked at Prudential between November 2016 and July last year.
Harland is accused of committing the offences between 2017 and last year.
In a statement on Monday, the police said that officers received a report last August that a financial consultant had altered documents to deceive people into believing that the guaranteed returns were higher.
Police added: "The victims then transferred money into the... man's account, believing the returns would be higher, which was not true."
Court documents showed that two of his alleged victims believed they would receive a guaranteed return of 20 per cent. The others believed they were to receive a guaranteed return of 10 per cent.
Harland, who was arrested last Wednesday by officers from Central Police Division, is now out on bail of $15,000 and will be back in court on Sept 24.
If convicted of cheating, he can be jailed for up to 10 years and fined for each charge.