Man arrested for alleged involvement in investment scams with losses exceeding $1 million

A 35-year-old man has been arrested for his suspected involvement in a series of investment scams with losses totalling over S$1 million.

In a statement on Wednesday (Aug 23), the police said the man’s identity was established through a case, reported on Jun 21, in which a victim lost S$1,500. 

The man was arrested on Tuesday, and preliminary investigations revealed that he is believed to be involved in nine other similar cases of investment scams with total losses amounting to more than S$1 million, the police said.

The Jun 21 case relates to a victim who was purportedly led to believe that he could earn profits from an investment scheme offered by the man. The man became uncontactable after the victim transferred money to him.

The police said investigations revealed that the man had misrepresented himself and had offered false lucrative investment returns to lure the victim into transferring money. 

The man will be charged in court on Thursday. If convicted of cheating, he could be jailed for up to 10 years, and fined.