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SINGAPORE – A 55-year-old man was arrested for allegedly convincing a woman to transfer more than $ 74,000 in a scam involving an online investment platform.
He allegedly scammed at least six victims, including the woman, out of more than $ 197,000 through such schemes.
Police said in a statement on Wednesday (September 16) that they had received a report from a woman on August 14. A man she became friends with online introduced her to the online investment platform.
The man then instructed him to transfer more than $ 74,000 to a specific bank account on August 5-6.
After the transfers were made, the woman discovered that her account was locked and she was unable to access the online investment platform or retrieve the funds she had transferred.
Officers from the Bedok Police Division established the identity of the 55-year-old man and arrested him on Monday.
Preliminary investigations revealed that the man is the owner of the specified bank account.
Under Section 420 of the Penal Code, a person convicted of cheating can be jailed for up to 10 years and fined.
Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, a person convicted of money laundering can be imprisoned for up to 10 years or fined up to $ 500,000, or both.
In another case, police said Wednesday that they had arrested a 25-year-old woman for her alleged involvement in a series of e-commerce scams.
Police received a report on August 1 from a victim who was allegedly misled by a seller who had advertised a portable air conditioning unit on Carousell, an online marketplace platform.
The seller became uncontactable after the victim transferred $ 210 as payment.
Officers from the Bedok Police Division arrested the woman on Wednesday.
The preliminary investigation found that the woman was allegedly involved in at least four other cases of e-commerce scams, police said.
Police have warned members of the public not to be impulsive when shopping online and to avoid making advance payments or deposits, but to use purchase platforms or agreements that release payment to the seller only upon receipt of the item.
Alternatively, arrange to meet with the seller and pay cash on delivery only.
For more information on scams, members of the public can visit scamalert.sg or call the Scam Hotline at 1 800-722-6688.
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