SINGAPORE – Well-known economist Tan Khee Giap has warned of an investment scam after a woman lost more than $20,000 following the instructions of a fraudster impersonating him.
The chairman of the Singapore National Committee for Pacific Economic Cooperation told The Straits Times on Sunday that he found out about the scam in February.
That was when Dr Tan, 65, was contacted by people after they registered with an investment group purportedly helmed by him.
“I feel sorry for those who were deceived,” said Dr Tan, who filed a police report in the same month.
“I’m upset because these people who were cheated said they have been my fans for years through my public speaking engagements or media and television appearances.”
At least one woman fell prey to the scam, Chinese-language daily Lianhe Zaobao reported on Sunday.
The 52-year-old victim, who wanted to be known only as Ms Wen, said she came across an Instagram account supposedly owned by Dr Tan in early April.
The account had a link to a WhatsApp group chat in which “Dr Tan” would give investment tips on gold, futures and foreign currencies.
Ms Wen, a clerk, said there were more than 20 people in the WhatsApp group, and that only “Dr Tan” and his “assistants” could send messages.
The scammers would instruct members to go to a website that they claimed was an online investment platform.
Ms Wen said she invested nearly $25,000 over three weeks and made a profit of about US$18,600 (S$24,800). But when she tried to withdraw part of the funds, she was rejected by the system.
When she requested the return of her initial investment, she was told that she had to pay a “handling fee” of 10 per cent, or $2,477.
After she transferred the money and did not get replies to her messages, she reported the matter to the police.
Dr Tan, who advises other victims to do the same, said: “I do not conduct private investment chat groups.
“My public speaking engagements, lectures and classes are usually advertised, and participants are always solicited through official organisers which clearly state their company name.”
Dr Tan, who was previously also an associate professor at the Lee Kuan Yew School of Public Policy, hopes the public will “stay alert about investment opportunities that claim to make abnormal profits or returns in a short period”.
The police received 682 reports of investment scams from January to March 2023, with victims losing a total of at least $40.8 million.
In the same period in 2022, the police received 784 such reports involving at least $59.6 million.
Victims would typically receive messages on social media platforms such as Facebook, WeChat and Line from scammers claiming to be employees of banks or financial companies.
The fraudsters would ask them for their NRIC or passport numbers in order to fill in an investment form. They would also instruct victims to transfer money to banks in Hong Kong or mainland China, and pay “hefty administrative and security fees and taxes” in order to receive the profits and returns.
Other victims have received calls claiming to be from the “Hong Kong Monetary Authority” or “Hong Kong Overseas Control Centre”, asking them to pay a deposit before profits can be released, the police said. In other cases, victims have been asked by an online friend to invest in cryptocurrencies.
The police advise the public to download the ScamShield app, and adopt security features including enabling two-factor authentication for their bank, social media and Singpass accounts. Limits on Internet banking transactions such as those via PayNow should also be set.
Members of the public should check with official sources and a licensed financial adviser before making any investments.
“Do not be enticed by the initial positive gains. Do your own due diligence before you invest large sums of money. Please note that when dealing with unregulated entities, you will have little recourse if things go wrong.”
