Man loses $1.4m in overseas inheritance scam

It seemed too good a deal to pass up. He just had to agree to add his name to an inheritance policy, and he stood to inherit more than US$9 million (S$12.4 million).

Steve (not his real name) could not believe his luck when the offer was made to him in June by a Britain-based "solicitor" who faxed him a letter asking for his cooperation.

Little did the senior manager, who is in his 50s, expect to lose around US$1 million (S$1.4 million) in the two months the man led him on in futile attempts to get the inheritance.

Steve's case involved the highest amount from an inheritance scam since last year, the police said.

In the first half of this year, 14 cases reported to the police involved false inheritance schemes.

Speaking to the media on Tuesday in an interview the police arranged to highlight the prevalence of scams, Steve said he had spoken to the solicitor almost daily, over the phone and through e-mail.

Steve was told by the man he had the same surname as a client who died with no known next of kin. By listing Steve as the next of kin, Steve could inherit the dead man's assets and the lawyer would take a cut of the sum.

He was assured that little effort was required on his part, Steve said. But the lawyer soon asked Steve to pay US$7,400, as "tax" for the inheritance. "The lawyer said 'don't worry, I'll pay half', so I felt he was very sincere," Steve added.

The demand for money did not stop there, and the lawyer started asking for bigger sums, each time with a different reason. At one point, Steve even transferred US$150,000 to the man.

Employees at his bank found the transactions fishy and tried to investigate the matter, but the fraudster found out and said another company was threatening them with a lawsuit because of the investigations, said Steve.

He complied with the lawyer's request to send money to appease the alleged company.

He eventually realised the inheritance scheme was a ruse when the lawyer sent him a form that was identical to one he had sent Steve previously, even though it was supposed to be for a new transaction.

Steve made a police report on July 30 and stopped responding to the lawyer. But, he has resigned himself to not ever getting the money back. "It'll be great if I can... but if not, what can I do? I'm at the mercy of the scammers."