A 76-year-old Singaporean man lost S$55,500 to a scammer posing as “Ms Li” on TikTok.
The man, who declined to be named, still believes the scammer is a real person despite losing most of his retirement savings.
The victim was first contacted by “Ms Li” on 21 April 2025. According to Shin Min Daily News, he agreed to chat with her because she was Chinese and “looked nice”.
The man acknowledged he was aware of rampant scams and had supposedly been vigilant. However, he let his guard down when “Ms Li” expressed interest in “doing business” and promised to help him turn a profit.
TikTok Business Scam Led to Massive Financial Loss
The conversation moved to WhatsApp on 29 April 2025. “Ms Li” introduced the elderly man to TikTok Shop, an e-commerce feature of the social media app.
She instructed him to download a “business version” of TikTok by clicking on an unverified link. After registering an account, he was told he needed to invest money on the platform to “do business” by putting products on shelves.
On 1 May 2025, “Ms Li” asked the man to download a virtual currency wallet app. He tried twice before successfully registering.
The scammer then requested photos of the front and back of his bank card. She guided him through pairing the card with the virtual currency wallet app, claiming the account would be used for cash withdrawals for business operations.
The man could initially withdraw thousands of dollars in cash. This convinced him that the scheme was legitimate, leading him to transfer S$55,500 into the account.
The victim realised he had been cheated when he could no longer withdraw the money. The funds represented most of his retirement savings.
Victim Hides Financial Ruin from Wife While Children Provide Support
The loss caused the man to lose his appetite and suffer sleepless nights. Part of the S$55,500 he lost included S$10,000 that he had borrowed from a friend.
After struggling with the situation, he told his three children about the scam. However, he has not informed his wife about their financial predicament.
“I’m worried that my wife would be worried and sad if she knew the truth,” he said. The couple were relying on the savings for their retirement.
His children are now raising money for their living expenses while hiding the truth from their mother. They have agreed to provide him about S$1,000 in monthly living expenses without her knowledge.
The man filed a police report on 6 June 2025. He hopes police can conduct an in-depth investigation into the case.
Despite losing his life savings, the elderly man continues to believe “Ms Li” is a real person. He remains in contact with her and has even had video chats with her.
He noted that she changed her number to a Hong Kong number, so he believes that she is in Hong Kong. The man insisted her photos did not look AI-generated.
When told that scammers might use another person’s photos, he maintained this was impossible. He claimed “Ms Li” could send him real-time photos even when travelling abroad.
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