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 investing groups 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 promising free lessons on investing. At least 48 cases have been reported. The scam starts with fake social media ads, then moves targets into WhatsApp groups where fraudsters pose as mentors and other members post supposed trading gains. Victims are directed to open accounts on fraudulent websites or apps, then send money to designated 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 disappeared.