250,000$ investment scam
According to the Singapore Police Force, a teenager has been arrested for his alleged involvement in a series of cheating offenses.
Victims instructed to deposit funds into specific bank accounts
Between May and August 2020, multiple police reports were made regarding an alleged investment scam which were related to several bank accounts. According to the Police’s news release, the victims has purportedly lost more than 250,000SGD(almost 140k USD).
The victims befriended strangers online who had introduced investment schemes to them on online trading platforms. The victims were given instructions on which bank accounts to deposit money into for them to commence the investment venture on the online trading platform. However, after depositing their money into the bank accounts, the victims realised that the investment monies were lost, or that they were unable to make any withdrawals from the online trading platforms.
Alleged Culprits Arrested
Through the series of investigations made by the officers from Woodlands Police Division, the identity of the teenager who was suspected to be the account holder of the several bank accounts was determined. The alleged culprit was arrested on July 21, 2021. Investigations has revealed that the teenager had allegedly created the bank accounts and sold them fully knowing that the bank account would be used for conducting illegal activities.
Charged In Court
Furthermore, quoting the SPF press release, “The teenager will be charged in court on 23 July 2021 for 3 counts of assisting another to retain benefits from criminal conduct under Section 44(1)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). The offence carries a fine not exceeding $500,000, or a jail term of up to 10 years, or both.”
How To Report Scams
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam hotline at 1800-722-6688. Anyone with information related to such scams may call the Police hotline at 1800-255-0000, or submit information online at www.police.gov.sg/iwitness.