People who have already lost money through the Fun Coffee investment scheme could now face a second attempt to take their money.
The Singapore Police Force (SPF) warned on 27 August that scammers have been approaching Fun Coffee victims while claiming they can help recover their lost funds.
The scammers may claim to represent Fun Coffee itself or say they work for a third-party fund recovery service.
They then contact victims online and ask them to transfer money, supposedly to cover things such as a deposit, tax payment or fee before the lost funds can be returned.
According to police, victims have made these payments but subsequently failed to receive the money they were promised.
Don’t Pay More Money to Get Your Money Back
The key warning is straightforward: be suspicious when anyone asks you to make another payment before supposedly helping you recover money from an investment or scam.
SPF advised the public to independently check whether any fund recovery company and its representatives are legitimate, particularly if they claim to be acting for Fun Coffee.
Those who encounter such services or believe they have been scammed should report the matter to police. Anyone whose bank account or payment details may have been compromised should also contact their bank immediately.
Police also recommended using the ScamShield app, turning on two-factor authentication for Apple IDs and cryptocurrency accounts, and setting transaction limits where available.
Fun Coffee Is Already Under Police Investigation
The latest warning comes less than three weeks after SPF announced an investigation into the Fun Coffee platform, which police said was purportedly based in Vietnam.
A 49-year-old woman was arrested in Singapore on 6 August in connection with the investigation.
Preliminary investigations indicated that she had promoted the Fun Coffee investment scheme and recruited other people to participate, according to police. She was arrested for an offence under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.
Police said users of the scheme had to install the Fun Coffee app and transfer Tether, or USDT, into cryptocurrency wallet addresses supplied through the application.
Different investment plans offered what police described as unrealistically high returns, while participants could also earn additional commissions by recruiting more people.
Singapore participants subsequently became unable to withdraw their money from the app.
The Straits Times reported on 8 August that one Singapore victim said she had invested about S$400,000 and had been unable to recover the money.
The case has also affected investors outside Singapore. Hong Kong police said on 14 August that they had received more than 270 Fun Coffee-related reports involving losses exceeding HK$113 million.
What to Do If Someone Offers to Recover Your Funds
Police said people should be cautious about individuals, websites or online services claiming they can retrieve money lost through scams or investments.
Anyone with information can contact the Police Hotline at 1800-255-0000 or submit information through the SPF’s i-Witness service. Those who require urgent police assistance should call 999.
Scam information and assistance are also available through ScamShield, including its 1799 helpline.
