The Police have arrested a 19-year-old man for his suspected involvement in a series of investment scams.
Between 3 and 30 May 2021, the Police received several reports of investment scams. The scammer had befriended the victims through social networking and dating applications before introducing them to investment opportunities for cryptocurrencies. The victims were allegedly deceived to invest money in these purported investment opportunities by making bank transfers. The victims only realized that they were scammed when they were unable to withdraw their money invested from their purported investment accounts.
Through investigations, officers from Bedok Police Division established the identity of the man who had allegedly received the monies. He is believed to be involved in at least 12 cases of overseas investment scams amounting to $53,173.
Preliminary investigations revealed that the man had relinquished the control of his newly opened account to an unknown overseas scammer after being paid $1,000.
The man will be charged in court on 25 August 2021 with assisting another to retain benefits from criminal conduct under the Section 44(5)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. The offence carries a jail term of up to 10 years, a fine of up to S$500,000, or both.
The Police take a serious view against any person who may be involved in scams and frauds, and perpetrators will be dealt with in accordance with the law. To avoid being an accomplice to crimes, members of the public should always reject requests by others to use your bank account or mobile lines as you will be held accountable if these accounts are linked to illegal transactions.
For more information on scams, members of the public can visit scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police hotline at 1800-255 0000 or submit information online at www.police.gov.sg/iwitness.
SINGAPORE POLICE FORCE
24 August 2021 @ 9:10 PM