The Police have arrested a 45-year-old woman for her suspected involvement in a case of investment scam.
On 23 June 2018, the victim reported to the Police that he was cheated by a woman to invest $7,200 in a cleaning business and that he would receive a substantial payout every month. Officers from Tanglin Police Division conducted ground enquiries and arrested the woman on the same day.
The woman will be charged in court on 25 June 2018 for cheating, under section 420 of the Penal Code (Chapter 22). If convicted, she 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:
- 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 name, identification number, passport details, contact details, bank account or credit card details to someone unfamiliar.
- 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.
- Before any commitment to an investment, always Ask, Check and Confirm.
For more information on scams, members of the public can 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
24 June 2018 @ 6:15 PM