Singapore: A man lost $20,000 in an investment scam after being lured by promises of high returns, fake investment experts and gifts, before police intervened to prevent him from transferring another $40,000.
According to Shin Min Daily News, the victim, identified by the surname Chen, joined a WhatsApp group called Market Insight Academy S20 after downloading a legitimate trading platform on July 15. A woman claiming to be associated with the platform introduced him to investment courses and a group of 78 members.
The group promoted stocks and a purported investment plan, encouraging Chen to invest $44,000 through two platforms from September 3. After the share prices plunged, members advised him to hold his investments, claiming the prices would recover.
He was subsequently introduced to an artificial intelligence-based investment scheme through an app called Act Sentiqra, which promised daily returns of 7% to 14%. Chen transferred $20,000 between October 6 and 13 using bank details supplied by the group.
When he attempted to transfer another $40,000 to purchase cryptocurrency, the transaction failed. Singapore’s police Anti-Scam Centre then contacted him, warning that the bank accounts he had paid into were already reported for receiving suspected scam proceeds. Police confirmed that a report had been filed and investigations were ongoing.
The group allegedly built credibility through rewards, including supermarket vouchers, neck massagers, a robot vacuum cleaner and mooncakes. Chen suspects several members were scammers posing as investors.
Hong Kong-based Landmark Family Office Limited subsequently clarified that scammers had impersonated the company and its chief investment officer to promote unauthorised investment schemes.
Singapore police have also warned about investment scams involving pump-and-dump tactics. Since July 1, authorities had received at least 21 related reports, with five victims losing more than $750,000 in less than a week.
