SINGAPORE – A serial investment scammer cheated four people of more than $1 million between 2018 and 2020.

Chew Mui Lang’s victims suffered losses totalling some $694,000, after she returned more than $335,000 to them.

The 59-year-old Malaysian was sentenced to five years and 10 months’ jail on Feb 27 after she pleaded guilty to four charges, including two counts of cheating involving more than $886,000.

Six other charges, including those linked to the remaining amount, were considered during sentencing.

Deputy Public Prosecutor Ng Jun Kai said that around 2011, Chew started operating a firm that provided beauty services.

The business did not do well about six years later, and she turned to an unlicensed moneylender, known only as Lucas, for an undisclosed amount of loans.

Lucas later asked Chew if she wanted to be part of his “moneylending investment” known as King’s Credit.

Chew was told that she would be paid her principal investment sum and a 10 per cent profit over a 10-week period.

DPP Ng said: “Out of greed for the fast cash, the accused began approaching customers and friends to invest monies (in the) company.”

In 2017, Chew approached an acquaintance and asked if she was interested to invest in what she called Credit King.

Chew claimed that Lucas was her cousin and he was the firm’s co-owner.

Among other things, Chew promised the woman that she would receive the principal sum plus profit on a weekly basis, for a period of 10 weeks.

The victim then agreed to invest in Credit King.

However, Chew had no intention of using the woman’s money for investments. Instead, she wanted to use it to repay her creditors.

Over more than 30 occasions between Jan 2 and Dec 24, 2018, the victim handed more than $742,000 to Chew.

Within the same period, Chew gave her nearly $245,000 in total as purported returns.

The DPP said: “In fact, these sums were derived from monies obtained from other investors who handed monies to the accused to conduct investments for them or from unlicensed moneylenders whom she had taken loans from.”

By using a similar method, Chew duped a second woman of nearly $144,000 over at least five occasions between Oct 10 and Nov 8, 2018.

Chew then gave her around $6,300 as purported returns.

Both victims made police reports after they failed to receive the full amount of their investments

Chew herself was duped by Lucas.

She invested $100,000 with him around 2018, after borrowing money from her customers and friends.

He became uncontactable soon after.

On Sept 24, 2020, a police officer recorded a statement from Chew, who claimed that Lucas was her cousin from Malaysia.

She also told the officer that Lucas was employed as a clerk in a moneylending firm called King’s Credit but resigned in 2017.

The police conducted their checks but could not find any firm with such a name.

According to court documents, there was a company called Credit King, but it had never employed Lucas.

Chew finally admitted in January 2021 that she had given false information to the authorities in 2020.