The Police have arrested a 39-year-old man for his suspected involvement in a case of investment scam.
On 30 Jan 2023, the Police received a report where a victim had paid a total of $400,000 on two occasions to the man. The victim was purportedly led to believe that the man would help her invest in low-risk local bank issued bonds, but instead the man had allegedly used the money for speculative investment. The victim subsequently lost the bulk of the $400,000 she had invested through the man.
Through investigations, officers from Bedok Police Division arrested the man on 1 March 2023.
Police investigations are ongoing. The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to 10 years and a fine.
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.
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
02 March 2023 @ 6:46 PM