55-Year-Old Man Charged For Alleged Involvement in Investment Scam

By
Zhi Hao
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Amidst these tumultuous times, cash-strapped individuals would naturally look for additional sources of income. And considering the whole cryptocurrency hype, it’s little wonder why they would turn to investment schemes – opportunities which seem to promise endless profits in return for an abundance of faith.

But here’s the thing. The road of investment is one that is filled with thorns…

And I’m not just talking about the attached risks of being an investor.

55-Year-Old Man Charged For Alleged Involvement in Investment Scam

According to TODAYonline, a 55-year-old man who allegedly participated in an investment scam is due to be charged on Monday (Feb 22).

Apparently, he had helped another male to “retain benefits via criminal conduct”.

According to the news report, the police first received the news on 14 August 2020 via a report: a woman claimed that an online friend had asked her to sign up on an online investment site.

The man then ordered her to transfer more than S$74,000 on Aug 5 and Aug 6 to a designated bank account.

Once the transfers went through, however, the woman realised that her account had been blocked. She also failed to access the investment site, and was unable to retrieve the amount she had transferred.

Meanwhile, the man became elusive and uncontactable.

Or in other words, he disappeared into thin air.

… But Not For Long

Thankfully, officers from the Bedok Police Division managed to ascertain the suspect’s identity, and put an end to his disappearing act on 14 September.

Apparently, the 55-year-old man was involved in money laundering as well, having lent two bank accounts in a bid to retain “benefits from criminal conduct on behalf of another individual”.

In total, those three bank accounts are reported to have received more than S$700,000.

The suspect is set to be charged on Monday. If found guilty, he may be imprisoned for up to 10 years, fined up to S$500,000, or both.

“The police take a serious view against any person who may be involved in scams and frauds, and perpetrators will be dealt with in accordance with the law.

“To avoid being an accomplice to crimes, members of the public should always reject requests by others to use your bank account or mobile lines as you will be held accountable if these accounts are linked to illegal transactions,” said the police.

Meanwhile, you can visit ScamAlert or dial the Anti-Scam Hotline at 1800 722 6688 for more scam-related information.

Alternatively, those with information can reach out to the police at 1800 255 0000 or submit information online.

Scams on the Rise

Notwithstanding the pandemic, the scamming industry has miraculously stayed strong on its feet, with actual increased activity throughout these tumultuous times.

5,425 scam cases were reported from January to April 2020, with at least S$60.4 million exploited.

And of these, 394 belonged to Covid-19 related scams, which reportedly cheated at least S$1.4 million.

To add on, scam cases of every type imaginable have occurred since then, what with the likes of staycations, bak kwa and even Ho Ching herself roped in as baits to fulfil a certain sadistic, money-driven desire.

And considering how repeat victims seem to be more than a normality…

One can’t help but shudder at how dark these times truly are, stretching from the disastrous consequences of the pandemic to the ill-intentioned desires of man-made scams.

As such, please do stay sharp and alert, and if you know anyone who has to contend with such malicious intent…

Please do lend a helping hand.

Feature Image: Shutterstock.com / Tendo

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Zhi Hao
Email: [email protected]