Woman transfers $1m after being promised profits of $300m in alleged scam
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Preliminary investigations revealed that the man had instructed the woman to make the multiple transfers totalling about $1 million to several overseas bank accounts.
PHOTO: ST FILE
SINGAPORE - A woman made transfers totalling about $1 million to multiple overseas bank accounts after being told she could earn $300 million.
The 65-year-old had been introduced to an overseas property investment scheme by a relative living overseas, the police said on Thursday.
The scheme purportedly involved investments in real estate and computer assets.
After being introduced to the scheme by her relative, the victim was later contacted by a 58-year-old man who was allegedly in on the scam.
Preliminary investigations revealed that between June and November, the man instructed the woman to make the multiple transfers totalling about $1 million to several overseas bank accounts.
But the woman did not receive her promised profits, and a police report was made on Nov 3 after the man asked for more investment funds.
The police established the identity of the man and arrested him on Wednesday for his suspected involvement in the scam.
They added that preliminary investigations revealed he is believed to be involved in other similar property investment scams.
He is expected to be charged on Friday with cheating.
In a statement, the police said they take a serious view of those involved in scams, and that perpetrators will be dealt with in accordance with the law.
Those convicted of cheating may be jailed for up to 10 years and fined.
Those with information on such crimes can call the police hotline on 1800-255-0000 or submit it at www.police.gov.sg/iwitness.
All information will be kept strictly confidential, said the police.
For more information on scams, the public can call the Anti-Scam Hotline on 1800-722-6688 or visit www.scamalert.sg
