The Police have arrested a 54-year-old man for his suspected involvement in a series of cheating offences related to a purported investment and the use of several forged documents and counterfeit seals purportedly issued by the Subordinate Courts of Singapore (now known as the State Courts), the Supreme Court and the Insolvency and Public Trustee Office of Singapore.
Between the period 2011 and 2013, the man is alleged to have cheated the victim of amounts totalling S$3,949,989 by inducing the victim into believing that he would make substantial gain from the “investment” and, in other instances, would receive a huge payout after paying the penalties and charges imposed by the authorities.
The man will be charged in court on 31 Aug 2017. A total of 221 charges for cheating, forgery and possession of counterfeit seals to commit forgery will be tendered against him. If convicted, he may be punished with imprisonment for a term which may extend up to 10 years and shall also be liable to a fine, for each of the charges.
Members of the public are advised to adopt the following measures to minimise the likelihood of being a victim of scams:
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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.
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Do not provide name, identification number, passport details, contact details, bank account or credit card details to someone unfamiliar.
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Be careful when dealing with unregulated entities. Dealing with unregulated entities mean you have little recourse if things go wrong. If the entity is based outside of Singapore, check with the respective overseas authority if the entity is regulated.
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Before any commitment to an investment, always Ask, Check and Confirm.
For more information on scams, members of the public call the anti-scam helpline at 1800-722-6688 or go to www.scamalert.sg. Anyone with information on such scams may call the Police hotline at 1800-255 0000 or submit information online at www.police.gov.sg/iwitness.
SINGAPORE POLICE FORCE
30 August 2017 @ 3:54 PM