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Serial investment scammer arrested
Posted: 26 July 2011 2135 hrs
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SINGAPORE: A 26-year-old man has been arrested for suspected involvement in a series of investment scams.
Police arrested the suspect near North Bridge Road on July 25 at 9.30am.
They received at least two reports this month pertaining to an investment scam involving the same culprit.
The culprit is believed to have approached the victims on the pretext of helping them in forex trading with the promise of high returns.
The victims gave the culprit amounts ranging from S$500 to S$2,200.
But they started to get suspicious when the culprit failed to honour his claim and turned evasive.
Preliminary police investigations indicate the suspect could be involved in at least five cases of such investment scams.
The suspect will be charged in court on Wednesday.
He could face an imprisonment term which may extend to 10 years, and also be liable to a fine.
- CNA/ck
