Singapore chat-group investment scams cost victims S$3.6 million
What's new: Police linked at least 48 cases since May to fake WhatsApp “mentors” and bogus apps or websites.
Singapore police warned that victims have lost at least S$3.6 million since May in investment scams run through chat groups posing as free investing classes. At least 48 cases have been reported. In the scheme, scammers used fake social media ads to recruit people into WhatsApp groups, where supposed mentors offered tips, bonuses and screenshots of trading gains. Victims were then directed to open accounts on fraudulent websites or apps, including ones downloaded through the Apple App Store or Google Play Store, and transfer money to designated bank accounts. In some cases, victims also handed over cash or gold to people posing as company staff. Losses surfaced when withdrawals failed or the scammers vanished.