The Police have arrested a 42-year-old man for his suspected involvement in a series of investment scams.
On 30 October 2019, Police received a report from a victim who was purportedly cheated by a man and his accomplices who promised high returns on overseas investment projects. Between April 2017 and May 2019, the victim invested and handed over RMB $2 million to the man who became uncontactable when being asked for the returns.
Through follow up investigations, officers from Central Police Division established the identity of the man and subsequently arrested him on 19 November 2019. Preliminary investigations revealed that the man is believed to be involved in at least nine cases of similar nature amounting to more than RMB $10.5 million. Investigations against the other accomplices are ongoing.
The man will be charged in court on 21 November 2019 with cheating under Section 420 of the Penal Code, Chapter 224 which is punishable with an imprisonment term which may extend to 10 years, and shall also be liable to a fine.
SINGAPORE POLICE FORCE
20 November 2019 @ 10:10 PM