Singapore chat-group investment scams cost victims S$3.6 million

Victims in Singapore have lost at least S$3.6 million since May in investment scams tied to chat groups that promised free lessons on investing, police warned on Thursday. At least 48 cases have been reported. The scheme starts with fake social media ads, then moves targets into WhatsApp groups where scammers pose as mentors and other members post supposed trading gains. Victims are directed to open accounts on fraudulent websites or download bogus apps from the Apple App Store or Google Play Store, then send money to designated bank accounts. In some cases, they also handed over cash or gold to people posing as company staff. Police said some victims received early returns before finding they could not withdraw profits.