Singapore chat-group investment scams cost victims S$3.6 million
What's new: Police logged at least 48 cases since May, with some victims handing cash or gold to people posing as company staff.
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. In the scheme, fake social media ads drew people into WhatsApp groups where scammers posed as mentors and other members shared supposed trading gains. Victims were then told to open accounts on bogus websites or apps, including ones distributed through Apple App Store or Google Play Store, and send money to designated bank accounts. In some cases, they also handed over cash or gold to impostors claiming to work for the investment firm. Victims typically discovered the fraud only after they could not withdraw profits or the scammers disappeared.