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Man Arrested For Cheating In Relation To An Investment Scam

by August 15, 2019 General

The Police have arrested a 34-year-old man for his suspected involvement in an investment scam.

On 4 January 2018, the Police received a report from a victim who was purportedly cheated by a scammer who promised high returns on overseas investment projects. Between 2016 and 2017, the victim invested and handed over S$524,000 to the scammer 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 14 August 2019. Preliminary investigations revealed that the man is believed to be involved in another cheating case amounting to at least S$1.02 million.

The man will be charged in court on 16 August 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.

Source: Singapore Police Force