The Police have arrested a 55-year-old man for his suspected involvement in a case of investment scam.
On 14 August 2020, the Police received a report from a victim who was introduced by a man she befriended online to register an account with an online investment platform. As instructed by the online friend, the victim made bank transfers amounting to more than S$74,000 between 5 and 6 August 2020 to a specified bank account. After the transfers were made, she discovered her account was blocked and she was unable to access the online investment platform or recover the funds she had transferred.
Through investigations, officers from Bedok Police Division established the identity of the 55-year-old man and arrested him on 14 September 2020.
Preliminary investigations revealed that the 55-year-old man is the owner of the specified bank account and he is suspected to be involved in at least six similar cases where victims reported losses amounting to more than $197,000.
Investigations against the man is ongoing.
The offence of cheating under Section 420 of the Penal Code is punishable with an imprisonment term that may extend to 10 years, and a fine. The offence of money laundering, punishable under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, carries a jail term of up to 10 years and/or a fine of up to S$500,000.
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 to 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.
Source: Singapore Police Force