On Monday (27 June), the police issued a public statement, stating that a man has been arrested for allegedly forging PayNow screenshots and swindling a money changer into exchanging foreign currency exceeding more than $13,000 with him.
Apparently, the police received a report from a money changer on 23 June, who said that he had been defrauded by a 29-year-old man twice between 21 and 22 June, and that the culprit had made away with more than $13,000 in foreign currency.
It is suspected that the man used fake PayNow transfer images to trick his victim into believing that he had already transferred the money into the money exchanger’s business bank account.
It was not until the next day where the victim realised that he hadn’t received any money from the man.
Ah, you have to love the new banking rules where you will always receive notifications for transactions, regardless of the amount.
Arrested Within Three Hours
After the Jurong Police Station launched an investigation, they managed to determine the identity of the culprit.
Within three hours of receiving the report, the man was arrested, and roughly $1,500 worth in foreign exchange value was recovered.
The police are still investigating.
Once the man has been found guilty of fraud, he may face a jail sentence of up to 10 years and a fine.
The police expressed that they are strictly against fraudulent behaviour, and will deal with conmen in accordance with the law.
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Members of the public can call the police at 1800-255-0000 or provide tips on scams to the local authorities online.
For more information on fraud prevention, you can either check out the scam alert website or call the hotline 1800-722-6688.
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