Man arrested after allegedly cheating victims of over $50,000 through fake investments
Sign up now: Get ST's newsletters delivered to your inbox
Follow topic:
SINGAPORE - A 34-year-old man was arrested on March 11 for allegedly duping victims of more than $50,000 through fake investment opportunities.
He was nabbed after the victims filed police reports in November 2024, said the police in a statement on March 12.
Victims had transferred money to him, believing he would use it to buy items such as SIM cards, mobile phones, televisions and furniture for them, as investments.
The suspect had promised his “clients” that they would be reimbursed with high returns.
The victims initially believed the investments to be genuine after receiving the promised sums from the man, the police said.
They found out they had been cheated only when the man stopped delivering profit after they had made multiple transfers.
Officers from Bedok Police Division identified the suspect through follow-up investigations.
Preliminary findings showed that he is believed to be behind at least three cases of cheating.
He is expected to be charged with cheating on March 13.
If found guilty, he may be jailed for up to 10 years and fined.
