Singapore chat-group investment scam cost victims S$3.6 million
What's new: Police logged at least 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 across at least 48 reported cases. 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 directed to bogus investment websites or apps and told to transfer money to specified bank accounts. In some cases, they also handed cash or gold to people posing as company staff and received invoices. Victims typically discovered the fraud only after they could not withdraw profits or the scammers stopped responding.