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,” bogus apps and demands for cash or gold.
Singapore police warned that victims have lost at least S$3.6 million in investment scams tied to chat groups since May, with at least 48 cases reported. The scheme starts with fake social media ads offering free investing lessons. People who respond are added to WhatsApp groups where fraudsters pose as mentors, offer advice or bonuses, and use posts showing supposed trading gains to build trust. Victims are then directed to open accounts on fraudulent websites or apps downloaded through the Apple App Store or Google Play Store, before sending money to designated bank accounts. In some cases, scammers collected cash or gold in person and issued invoices. Victims typically discovered the fraud only after they could not withdraw profits or the scammers disappeared.