Singapore chat-group investment scam cost victims S$3.6 million
What's new: Police linked the losses to 48 cases since May, with some victims handing over cash or gold to fake company staff.
Singapore police warned that a chat-group investment scam has cost victims at least S$3.6 million since May, with 48 cases reported. The scheme starts with fake social media ads offering free investing lessons, then moves targets into WhatsApp groups where scammers pose as mentors and other members post supposed trading gains. Victims are told to open accounts on bogus websites or apps and send money to designated bank accounts. In some cases, they also handed cash or gold to people posing as investment company staff and received invoices. Some victims were shown early returns before finding they could not withdraw profits or reach the scammers.