Suspect in S$524,000 scam arrested; believed to be involved in another S$1m cheating case
SINGAPORE — The police have arrested a 34-year-old man who is suspected of being involved in an investment scam.
SINGAPORE — The police have arrested a 34-year-old man who is suspected of being involved in an investment scam.
He had purportedly cheated a victim by promising 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, police said in a media release on Thursday (Aug 15).
The victim lodged a report on Jan 4, 2018.
Officers from Central Police Division established the identity of the man and arrested him on Wednesday.
Police said their preliminary investigations revealed that the man could be involved in another cheating case amounting to at least S$1.02 million.
The man will be charged in court on Friday with cheating. If found guilty, he could be jailed for up to 10 years and fined.
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