Source : Shutterstock.

The Singapore Police Force (SPF) announced that a 29-year-old man has been arrested for his suspected involvement in a series of investment scam.

The Police said that it received several reports on cases of Ponzi Schemes in late September 2016. The suspect is believed to have forged company staff pass to mislead the victims into believing that he is a trader and offered false lucrative trading investment offers to lure the victims. The victims says that after transferring their monies, they do not receive the promised returns.

Ponzi Scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.

Officers from Ang Mo Kio Division conducted investigations and arrested the suspect on 27 September 2016 upon receipt of the reports.

The suspect will be charged in Court on 29 Sep 2016 with the offence of Cheating, which carries an imprisonment for a term which may extend to 10 years and a fine.

The Police reminds members of the public to be wary of such Ponzi Schemes if they are considering any type of investment:

  • Be cautious of promise of high returns. Investments with high returns usually come with high risks. Always check with a licensed financial advisor before engaging in any investment.
  • Do not provide names, identification numbers, passport details, contact details, bank account or credit card details to someone whom they do not know well.
  • Be careful when dealing with unregulated entities. If the entity is based outside of Singapore, check with the respective overseas authority if the entity is regulated.
Notify of
Inline Feedbacks
View all comments
You May Also Like

S'pore Policy Journal's Yong Han Poh is disappointed over Zaobao article claiming migrant workers are to be blamed for their own hygiene problems

The Editor-in-Chief of Singapore Policy Journal Yong Han Poh took to her…


马来西亚反贪污委员会证实逮捕前首相夫人罗斯玛。她在今早到反贪会录供,料在明日会被控上庭。 反贪会发言人和罗斯玛律师吉旦,都证实她被捕的消息。预料她将在反洗黑钱法令(AMLA)下,被打倒吉隆坡地庭被提控。 今日是罗斯玛第三度到反贪会总部录供。早前,她分别在6月5日和9月26日前往录口供。 有消息指,罗斯玛可能面对超过20项刑事控状。反贪会怀疑她涉及洗黑钱、挪用SRC国际公司资金,来购买100万令吉的抗老美容品。 全国副警察总长丹斯里诺拉西也表示,将在近期传召罗斯玛,针对一马公司案调查,同时希望罗斯玛协助指认,从纳吉位于柏威年公寓住处搜出的金饰品。 警方在5月16日,从纳吉6个住处供搜出超过10亿令吉的各类财物。另有黎巴嫩著名珠宝商世皇贸易SAL公司(Global Royalty Trading SAL),起诉罗斯玛,指后者向该公司借了44件珠宝试戴,仍未付款。