The Police have arrested a 29-year-old man for his suspected involvement in a series of investment scam.
In late September 2016, Police received several reports on cases of Ponzi Schemes. The suspect is believed to have forged company staff pass to mislead the victims into believing that he is a trader and offered false lucrative trading investment offers to lure the victims. The victims after transferring their monies did not receive the promised returns. Upon receipt of the reports, officers from Ang Mo Kio Division conducted investigations and arrested the suspect on 27 September 2016.
The suspect will be charged in Court on 29 Sep 2016 with the offence of Cheating, which carries an imprisonment for a term which may extend to 10 years and a fine.
The Police would like to remind members of the public to be wary of such Ponzi Schemes. If you are considering any type of investment:
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Be cautious of promise of high returns. Investments with high returns usually come with high risks. Always check with a licensed financial advisor before engaging in any investment.
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Do not provide your name, identification number, passport details, contact details, bank account or credit card details to someone whom you do not know well.
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Be careful when dealing with unregulated entities. If the entity is based outside of Singapore, check with the respective overseas authority if the entity is regulated.
SINGAPORE POLICE FORCE
28 September 2016 @ 8:15 PM