Police warn public of scammers claiming to be from GIC offering 'lucrative' investment deals

SINGAPORE — The police have warned the public of an investment scam where fraudsters impersonate representatives of Singapore’s sovereign wealth fund GIC and offer "lucrative" investment deals.

In an advisory on Thursday (April 28), the police said that victims typically receive an invitation to join a chat group on the mobile messaging platform Telegram called the “Government of Singapore Investment Corporation”.

The scammers operating the chat group would not only claim to be from GIC, but that they also had lucrative investment packages on offer, the police said, noting that GIC does not offer investment services to the public.

“To reinforce the ruse, scammers would utilise the GIC logo and claim to be investors who have successfully withdrawn the profits made from their investment packages.” 

Victims keen to invest in these packages are then directed to provide their personal particulars and bank account number to sign up for the packages.

After that, the victims would be asked to transfer money into bank accounts provided by the scammers.

Victims typically realise that they have been scammed only when they do not receive the expected returns or were unable to withdraw their investments.

The police did not provide the number of victims taken in by this ruse or the total amount lost. TODAY understands that it is not a significant number for now.

“Members of the public are advised not to react, reply, click on any links or open any attachments from anyone or any organisation claiming to be from GIC, or affiliated with GIC,” the police said.

The police also set out various signs to look out for in order to avoid getting scammed.

These include investment products offering attractive high yields, unexpected friend requests online, urgent requests for funds transfers, payment in shopping credits or gift cards and one-time password (OTP) requests.

“Adopt a mindset of healthy scepticism. More often than not, if it’s too good to be true, it probably is,” the police said.

They added that scammers often “leverage the vulnerability in human behaviour”, such as fear or greed, to lead victims into making transactions or fall prey to scams.

Therefore, members of the public should not act on impulse, but take time to think about their decisions and seek advice from family or friends before making any transactions online.

If anyone suspects that they have been scammed, the police advise them to make a police report online or at their nearest Neighbourhood Police Centre or police post.

More information on scams can be found at www.scamalert.sg or through the anti-scam hotline at 1800-722-6688.

Anyone with information on such scams may call the police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.