A 65-year-old Singaporean woman lost approximately SGD1 million or RM3.27 million in a scam after being told that she could earn SGD300 million or RM928.31 million in return. She had earlier been introduced to an alleged “overseas property investment scheme” by a relative living overseas and made multiple overseas bank accounts in hopes of getting the promised profit.
As reported by The Straits Times, the woman was contacted by a 58-year-old man who was in on the scam in which she was told that the scheme purportedly involved investments in computer assets and real estate. According to the Singapore Police Force (SPF), preliminary investigations revealed that the man had instructed the woman to make multiple transfers totalling approximately SGD1 million to several overseas bank accounts between June and November this year.
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However, the woman never received her promised profits and made a police report on 3 November 2022 after the man asked her for more “investment funds”. The man had since been identified by the SPF and was arrested on Wednesday (21 December 2022) for his suspected involvement in the scam.
Preliminary investigations on the man revealed that he is also believed to be involved in other similar property investment scams in Singapore. The suspect is set to be charged in court with cheating and may face up to 10 years imprisonment and a fine if convicted.
So, what do you guys think of the whole situation? Share your thoughts with us in the comments!
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