SG is financial loss/fraud/scam hub. Huat ah!

[LITTLEREDDOT]

‘$4 Rimowa luggage’ scam impersonating iShopChangi claims 19 victims, losses of $7k​

The scam targeted victims on Facebook with posts claiming to offer luggage from Rimowa for prices as low as $4 for the first 1,000 buyers. PHOTOS: SINGAPORE POLICE FORCE

Wallace Woon

JAN 2, 2024


SINGAPORE – At least 19 people have fallen victim to a scam claiming to sell cheap branded suitcases on online shopping platform iShopChangi, with losses totalling at least $7,000.
The police said in a statement on Dec 28 that the scam targeted victims with Facebook advertisements and posts claiming to offer luggage from Rimowa’s Hybrid series for prices as low as $4 for the first 1,000 buyers.
To appear legitimate, the advertisements and posts claimed luxury luggage manufacturer Rimowa was collaborating with iShopChangi Singapore as part of the German brand’s 125th anniversary celebrations.
iShopChangi was launched in 2015 offering inbound and outbound travellers the ability to purchase duty-free items online from shops at Changi Airport.
In the scam, victims were redirected to a phishing website after clicking on the posts, where they were required to provide their credit card or debit card details.
They realised they had been scammed only after discovering unauthorised transactions being made.
The police said no such collaboration exists between iShopChangi and Rimowa for a $4 suitcase. Checks by The Straits Times show the brand’s luggage is not currently sold on the platform.

Rimowa’s Hybrid Cabin S model suitcase with a capacity of 32 litres is listed on the brand’s website with a recommended retail price of $1,410.
The police have advised the public to install the ScamShield application and enable security features, such as two-factor authentication or multi-factor authentication for banks and transaction limits for Internet banking transactions.
A similar scam advertising cheap luggage earlier in December claimed 14 victims, and used the logo of Singapore Airlines to lend the scam legitimacy.

 

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$488k in CPF money part of $13.3m lost to scammers posing as government officials in December​

In three cases, CPF withdrawals amounting to about $488,000 in total were involved. ST PHOTO: SHINTARO TAY

Aqil Hamzah

FEB 3, 2024

SINGAPORE – At least 120 people lost a collective amount of at least $13.3 million in December after falling prey to scams where fraudsters impersonated government officials.
In a joint statement on Feb 1, the police and Central Provident Fund (CPF) Board said the victims received calls from scammers pretending to be bank officers who wanted to find out more about suspicious transactions the victims had allegedly made.
The calls were transferred to another scammer after the victims denied making such transactions or possessing the bank cards purportedly used in the transactions.
The second fraudster claimed to be a government official, either local or foreign, and accused the victims of participating in criminal activities such as money laundering.
They then instructed the victims to transfer money to specific bank accounts supposedly used by the authorities, or asked for their banking credentials – all under the guise of official-sounding reasons, such as investigations.
The victims realised it was a ruse only after the scammers became uncontactable or after checking with their banks or the police.
In three cases, which involved CPF withdrawals amounting to about $488,000 in total, the victims were told to transfer money from their CPF accounts to their own bank accounts.

They were then instructed to either transfer the money to other accounts or provide their banking credentials.
The statement said that government officials would never ask over the phone for the transfer of money, banking credentials or CPF-related information.
It added that the CPF Board recently introduced several security measures, including a default daily limit for online CPF withdrawals capped at $2,000, which came into effect on Nov 30, 2023.
CPF members who wish to increase the default limit will need to use Singpass face verification, with a 12-hour cooling period in place to prevent unauthorised adjustments.
As a nuclear option, they can also disable online withdrawals entirely.
The statement said: “These measures create friction for scammers and help to reduce losses, but ultimately, it is important that members of the public stay alert against the latest scam tactics and avoid falling prey.”
There were at least eight scam cases involving CPF savings between January and June in 2023, with losses amounting to $124,000.
The victims had fallen for malware scams after clicking on social media advertisements for discounted products. They then downloaded third-party apps that contained malware.
Those who suspect they are victims of scams involving their CPF savings should contact the CPF Board. They should also notify their bank to immediately freeze their bank accounts, reset their Singpass password and set their CPF daily withdrawal limit to $0.

 

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At least 180 victims lost $2.6m in December to social media job offer scams​

Victims are given a link to a fake TikTok website to complete advanced tasks, and are shown fake contracts to agree to. PHOTO: SINGAPORE POLICE FORCE

Sherlyn Sim

JAN 8, 2024

SINGAPORE – At least 180 people lost about $2.6 million in just one month after taking up fake job offers from conmen who later convinced them to transfer large sums of money in return for easy profits.
The victims got the unsolicited job offers from the scammers in December 2023 after being added to chat groups on messaging platforms like WhatsApp and Telegram.
They were then asked to get on social media platforms and perform specific tasks to earn a commission, the police said on Jan 8.
The tasks included following the TikTok or Instagram accounts of social media influencers, subscribing to YouTube channels and videos, or “liking” songs on Spotify.
“In some cases, scammers may also claim to represent TikTok or online communications and marketing companies when they approached victims with job offers.”
After completing the tasks, victims got a small commission, and were persuaded to complete more tasks in return for more money.
These tasks included getting the victims to create accounts on fake websites, and making them transfer large sums of money to bank accounts or cryptocurrency accounts provided by the scammers, with the promise of better returns.

In some cases, the conmen even offered victims fake employment contracts.
“Victims would only realise that they had been scammed when their website account showed a negative account balance, and they were told to pay additional funds in order to upgrade their accounts or when they failed to withdraw their earnings,” the statement said.
Victims said the conmen sent unsolicited WhatsApp or Telegram messages telling them they had won a prize and would get a commission when they completed tasks such as “following” an account on Instagram.


Victims were then added to chat groups where they got instructions to get active on social media sites or transfer cash under the pretence of investment opportunities.

The ruse involves victims getting unsolicited job offers from scammers after being added into chat groups. PHOTO: SINGAPORE POLICE FORCE
The police said members of the public need to guard against such scams by using the ScamShield app, enabling security features such as setting transaction limits for Internet banking, and setting up two-factor authentication.
Two-factor authentication is an extra layer of security that users can put in place before logging in to an online account or making an online transaction. It is usually a random code sent to a mobile device or a token.
Users should check if the offer is a scam by referring to official sources like the Anti-Scam Helpline or the Scam Alert website.

The police said: “Always verify the authenticity of job offers through official channels or sources, and do not accept dubious job offers that offer lucrative returns for minimal effort.
“Do not engage or believe claims made in any messaging app group chats that you are randomly added or invited into, and do not click on suspicious URL links or download apps from unknown sources.”
Anyone who gets such messages can lodge a report using tools available on the WhatsApp and Telegram applications.
Singaporeans with details on scams or have doubts about the veracity of messages can call the police hotline on 1800-255-0000 or go to www.police.gov.sg/iwitness.
If in need of urgent police assistance, they can call 999.
More information can be found on www.scamalert.sg. Individuals can also call the Anti-Scam telephone hotline on 1800-772-6688.

 

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At least 83 victims have lost $155,000 in DBS phishing scam since the start of January​

Victims only realised they had been scammed after they discovered unauthorised transactions in their bank accounts. PHOTO: SINGAPORE POLICE FORCE

Ian Cheng
Correspondent

JAN 5, 2024

SINGAPORE – At least 83 victims have fallen prey to DBS Bank phishing scams since the start of January 2024, with total losses amounting to at least $155,000.
The police revealed these numbers on Jan 5, and reiterated their warning to members of the public of this “persistent trend” where scammers would impersonate DBS through spoofed SMSes.
In this phishing scam variant, scammers would phish for victims’ online banking usernames, passwords and one-time passwords (OTPs). In most of these cases, victims would receive SMSes claiming to be from DBS.
These SMSes would warn the victims of possible unauthorised attempts to access their DBS Bank accounts, urging them to click on the embedded links to verify their identities and stop the transactions.
After clicking on the links, the victims would be directed to spoofed DBS websites where victims would be misled into providing their Internet banking credentials and OTP, which the scammers would use to make unauthorised withdrawals.
In some cases, victims would receive messages via WhatsApp from fake DBS security department officers, who would provide forged bank statements displaying unauthorised transactions made in the victims’ e-wallets.
Victims only realised they had been scammed after they discovered unauthorised transactions in their bank accounts.

 

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Banks don’t send SMS clickable links, police and DBS warn after $446k lost to scams in 2 weeks​

Screenshots of SMSes from purported scammers. PHOTOS: SINGAPORE POLICE FORCE, DBS BANK

Michelle Chin

JAN 16, 2024


SINGAPORE - Banks do not send their customers clickable links on SMS, said the Singapore Police Force (SPF) and DBS Bank in a reminder to the public on Jan 14.
Since December 2023, there have been more cases of scammers impersonating banks or bank staff to obtain victims’ banking credentials via SMSes.
The first two weeks of 2024 saw at least 219 victims suffer total losses amounting to at least $446,000, the SPF and DBS said in a joint statement.
This is the second time in January that the police have issued an alert on the issue.
On Jan 5, they said that at least 83 victims had fallen prey to DBS phishing scams since the start of 2024, with total losses amounting to at least $155,000.
Victims were misled into clicking on links in unsolicited SMSes.
In these SMSes (bearing overseas numbers, local numbers, or short codes), the scammers claim to represent DBS/POSB Bank, and warn their victims of “possible unauthorised attempts to access their DBS/POSB bank accounts”.

Next, the victims are urged to click on the embedded URL links to “verify their identities and stop the transactions”.
After clicking on the links, the victims are directed to spoofed DBS websites and misled into providing their Internet banking credentials and one-time password (OTP), which the scammers use to make unauthorised withdrawals.
Since early 2022, all banks have removed clickable links in e-mails or SMSes to their retail customers.
This measure is among safeguards that banks have implemented to combat phishing scams, such as lowering the default threshold for funds transfers, transaction notifications to customers and increasing the frequency of scam education alerts.

 

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Elderly woman saved from losing $163k in government official impersonation scam​

The scammers’ attempt to cheat the elderly woman was thwarted by vigilant staff from Great Eastern, OCBC Bank and the police. PHOTO: ST FILE

Nadine Chua

JAN 20, 2024

SINGAPORE – For over a month from late 2023, a 73-year-old woman thought she was being investigated by the “police”, and was on the verge of transferring a chunk of her savings to scammers.
Thankfully, the scammers’ attempt to cheat the elderly woman of her life savings was thwarted by vigilant staff from Great Eastern and OCBC Bank, and the police.
The retired cleaner said she could barely eat and sleep well during that period, and was even warned by the “officer” – who she later realised was a scammer – not to say a word to her son.
Speaking to the media on Jan 18, Mary (not her real name) said: “The scammer even threatened me with news articles of people taking their own lives. They said my son would do the same if he found out I was under investigation, and made me promise not to tell him anything.”
She said it all started when she received a letter on Dec 1, 2023, telling her that she was entitled to an insurance payout of around $6,000.
When Mary called the phone number stated on the letter, she was told that she had reached a “bank security department”. The scammer did not state which bank he was from.
“I was told that someone impersonated me and used my credit card in China to spend around 300,000 yuan (S$57,000). I was scared and shocked, but the person kept reassuring me that they’re the police and would help me settle this,” she said.

The retiree was then transferred to several other “police officers” who promised to prove her innocence.
“They were very patient and seemed very kind. It really sounded like they wanted to help me,” she said.
To assist with investigations, Mary was told to report to an “Officer Lin” every day via WhatsApp.

“The first thing I did when I woke up was to wish her a good morning. And before I slept, I would message her good night. I was instructed not to tell my son about this and to even use my earpiece for calls, so my son would not overhear our conversations,” she said.
When she informed the scammer that she had three Great Eastern insurance policies in her name, she was instructed to surrender one of her policies, which would result in her receiving around $93,000.
“They said they needed this money to check that the funds I owned were clean, and I believed them,” she added.
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On Jan 4, Mary visited Great Eastern at Westgate mall in Jurong East, hoping to surrender her insurance policy.
“I wanted to clear my name, so I lied to the Great Eastern staff that I needed the money urgently for my son to open a pawnshop business. I told the staff to transfer the money into my OCBC Bank account,” she said.
Sensing something was amiss, Great Eastern customer service officer Toh Ming Ann did not accede to Mary’s request and alerted OCBC’s anti-scam unit, which informed the police’s Anti-Scam Centre.
That same day, officers from the Anti-Scam Centre visited Mary at her flat to convince her that she was a victim of a government official impersonation scam.
According to annual scam statistics released by the police in 2023, there were 771 government official impersonation scam cases in 2022, with victims losing more than $97 million.

OCBC anti-scam unit manager Loh Chang Xiang’s (left) and Great Eastern customer service officer Toh Ming Ann’s vigilance help save an elderly woman’s life savings from scammers. PHOTOS: OCBC
In 2021, more than $106 million was lost to such scams.
Mary could have been one of the victims.
She said: “If I had transferred my life savings of around $70,000 and the $93,000 I received from surrendering my insurance policy to the scammers, I would have lost an unimaginable amount.”
Great Eastern’s Mr Toh said: “As a customer service officer, I believe that we’re the first line of defence to prevent potential scam victims from losing money.
“It’s important that we spot signs that our customers have been scammed to help them retain their hard-earned life savings.”
He added that Mary’s defensiveness during their interaction threw up a red flag and made him suspect she might be a victim of a scam.
Mr Loh Chang Xiang, manager at OCBC’s anti-scam unit in the bank’s group financial crime compliance department, said: “In a case like this, time is of the essence, especially when the victim is very adamant to do as the scammer told her.”
He added: “In my work tackling scams, I’ve noticed that the elderly can be more susceptible to government official impersonation scams. They may feel the need to follow instructions of the scammers, thinking these people are the authorities, especially after they’ve got confused and intimidated.”
Asked why she wanted to speak to the media about what happened, Mary said: “I don’t want anyone else to fall into the trap I did. I’ve always read the news about scams but I just didn’t realise it would happen to me. I’m just thankful that I didn’t lose any money.”

 

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Lured by ‘profits’ from crypto investment, 63-year-old gives scammers over $250,000​

The man made several transfers to different bank accounts, which were noticed by HSBC Bank and brought to the attention of the Anti-Scam Centre. ST PHOTO ILLUSTRATION: GAVIN FOO

Aqil Hamzah

MAR 05, 2024

SINGAPORE – Tempted by the promise of easy money from a cryptocurrency investment scheme, a 63-year-old man was convinced by a woman who added him on Facebook to part with more than $250,000.
He made several transfers to different bank accounts, which were noticed by HSBC Bank and brought to the attention of the Anti-Scam Centre on Feb 15.
The man, who lives overseas, was dissuaded from making any more transfers, and the centre managed to recover more than $90,000.
His case is one of four that the police highlighted on March 5. The four victims are all older men, aged between 63 and 78.
The police said the Anti-Scam Centre worked with Standard Chartered Bank, OCBC Bank, DBS Bank and HSBC Bank to prevent losses totalling about $265,000.
Another victim fell prey to an investment scam marketed by a “friend” who claimed to live in Hong Kong.
The 71-year-old man, told that any investments he made in a food and beverage company owned by the “friend” would be matched, made two transactions.

The second transaction on Feb 7 was flagged by Standard Chartered Bank’s anti-fraud team after he attempted to send more than $50,000 as payment to a supplier that did not exist. The police did not say if the Anti-Scam Centre managed to recover any money in this instance.
In the third case cited, a 74-year-old man received a pop-up notification on his laptop telling him that his device was corrupted.
He called the hotline number given in the notification and was referred to an “official” from the “Cyber Security Department”, who told him that his bank account was compromised.

To catch the culprits, the “officials” said, he had to transfer more than $70,000 to a bank account in Hong Kong, while the so-called authorities would deposit the money needed for the transaction into his account.
The victim went to a counter at OCBC Bank’s Bedok branch intending to transfer the money. A staff member, however, became suspicious and notified a colleague in the bank’s anti-scam unit, who then stopped the transactions done on the account.
Officers from the Anti-Scam Centre then spoke with the victim on the same day and prevented him from making further transfers.

In the fourth case, a 78-year-old man accepted a friend request from a woman on Facebook.
She claimed to face financial difficulties and asked him for a loan, which he gave.
The scammer said she would repay the victim by sending a parcel of cash and other luxury items, but he had to pay the Customs taxes, logistics holding fees and a foreign currency transaction fee, the sum of which was not revealed by the police.
This suspicious transaction was detected was by DBS Bank’s anti-scam team, who blocked it, as well as the man’s access to Internet banking.
When he went to a physical branch to regain access to Internet banking, as well as withdraw the balance in his account, staff members alerted the Anti-Scam Centre. Officers eventually dissuaded him from withdrawing more than $50,000.
“The collaborative efforts between the Anti-Scam Centre and the banks underscore the importance of quick intervention actions to foil the evolving scam tactics employed by the scammers,” said the police.
They reiterated the need for people to look up official sources such as the Anti-Scam Helpline to learn how to spot scams, and to set up security features such as two-factor authentication and transaction limits.

 

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Nominee director fined after firm’s bank account was used to receive $620k in scam proceeds​

Chinese citizen Zhang Tianxue, who is now a Singapore permanent resident, pleaded guilty on Jan 23 to one charge under the Companies Act. ST PHOTO: KELVIN CHNG
Christine Tan

JAN 24, 2024

SINGAPORE – A woman who acted as a nominee director of a local company was fined $3,000 after the firm’s bank account received more than $620,000 in scam proceeds.
The court found that Chinese national Zhang Tianxue, 41, did not exercise reasonable diligence in the discharge of her duties as a director as she failed to exercise any supervision over the company’s affairs.
Zhang, who is now a Singapore permanent resident, pleaded guilty on Jan 23 to one charge under the Companies Act. She was also disqualified from being a company director for two years.
Court documents said Zhang got to know one Wu Jinping, a director of JJCA Corporate Services, in 2012. The two were friends and former colleagues.
Some time in 2020, Wu’s friend told her about another friend’s son, one Mr Li Yilun, who wanted to incorporate a company in Singapore.
As the inquiry came from a friend, Wu felt reassured to take on Mr Li as a client. JJCA Corporate Services also conducted background checks and found nothing suspicious. They then set up a company for Mr Li, named Moon SNE.
Zhang was then appointed to serve as the nominee director of Moon SNE in May 2020. She received $1,000 as remuneration.

But from then till March 9, 2022, when she relinquished her directorship, Zhang did not meet or speak to Mr Li to ascertain the nature of his business, and did not conduct regular checks on the company’s financial affairs.
On March 11, 2021, management consultancy TMF Singapore H alerted the police that its related company based in South Africa had fallen victim to an impersonation scam, and was scammed of more than US$463,000 (S$620,500).
The sum was transferred to Moon SNE’s bank account. The Commercial Affairs Department seized the account one day after receiving the report.

Deputy Public Prosecutor Wong Shiau Yin called for Zhang to be fined $4,000 and given a disqualification order of three years. Said DPP Wong: “Other than being a paper director allowing Moon SNE to meet the statutory requirement of having at least one local director, Zhang made no other contribution to Moon SNE whatsoever.”
Zhang’s lawyer, Ms Jacintha Gopal of R.S. Solomon, said her client reviewed the background checks on Mr Li and the sales invoices he submitted of his business, and believed his business was legitimate.
Subsequently, UOB approved the opening of the bank account based on those invoices, said the lawyer.
She added this was not a case where Zhang had missed obvious red flags on the company’s financial transactions.
Ms Gopal, who asked for a lower fine of $2,000 and a one-year disqualification period, said: “(Zhang) had nothing to do with the impersonation scam and nothing to do with the proceeds that entered into Moon SNE’s bank account. She did not have sinister intentions.”
Wu has been charged with one count of abetting Zhang’s offence.
Her case will be heard at a later date.
Zhang is one of several nominee directors who were hauled to court recently for failing to exercise diligence in their duties.
In September 2023, Singaporean Er Beng Hwa was fined $4,000 and disqualified from being a company director for three years. He had been a nominee director of 186 companies, and one firm was used by scammers to launder $3.23 million.

 

[k1976]

Elderly woman saved from losing $163k in government official impersonation scam​

The scammers’ attempt to cheat the elderly woman was thwarted by vigilant staff from Great Eastern, OCBC Bank and the police. PHOTO: ST FILE

Nadine Chua

JAN 20, 2024

SINGAPORE – For over a month from late 2023, a 73-year-old woman thought she was being investigated by the “police”, and was on the verge of transferring a chunk of her savings to scammers.
Thankfully, the scammers’ attempt to cheat the elderly woman of her life savings was thwarted by vigilant staff from Great Eastern and OCBC Bank, and the police.
The retired cleaner said she could barely eat and sleep well during that period, and was even warned by the “officer” – who she later realised was a scammer – not to say a word to her son.
Speaking to the media on Jan 18, Mary (not her real name) said: “The scammer even threatened me with news articles of people taking their own lives. They said my son would do the same if he found out I was under investigation, and made me promise not to tell him anything.”
She said it all started when she received a letter on Dec 1, 2023, telling her that she was entitled to an insurance payout of around $6,000.
When Mary called the phone number stated on the letter, she was told that she had reached a “bank security department”. The scammer did not state which bank he was from.
“I was told that someone impersonated me and used my credit card in China to spend around 300,000 yuan (S$57,000). I was scared and shocked, but the person kept reassuring me that they’re the police and would help me settle this,” she said.

The retiree was then transferred to several other “police officers” who promised to prove her innocence.
“They were very patient and seemed very kind. It really sounded like they wanted to help me,” she said.
To assist with investigations, Mary was told to report to an “Officer Lin” every day via WhatsApp.

“The first thing I did when I woke up was to wish her a good morning. And before I slept, I would message her good night. I was instructed not to tell my son about this and to even use my earpiece for calls, so my son would not overhear our conversations,” she said.
When she informed the scammer that she had three Great Eastern insurance policies in her name, she was instructed to surrender one of her policies, which would result in her receiving around $93,000.
“They said they needed this money to check that the funds I owned were clean, and I believed them,” she added.
MORE ON THIS TOPIC
Woman, 61, avoids losing $338k of life savings to scammers after Maybank intervenes
UOB employee who saved customer from losing $500k in love scam among those recognised by bank
On Jan 4, Mary visited Great Eastern at Westgate mall in Jurong East, hoping to surrender her insurance policy.
“I wanted to clear my name, so I lied to the Great Eastern staff that I needed the money urgently for my son to open a pawnshop business. I told the staff to transfer the money into my OCBC Bank account,” she said.
Sensing something was amiss, Great Eastern customer service officer Toh Ming Ann did not accede to Mary’s request and alerted OCBC’s anti-scam unit, which informed the police’s Anti-Scam Centre.
That same day, officers from the Anti-Scam Centre visited Mary at her flat to convince her that she was a victim of a government official impersonation scam.
According to annual scam statistics released by the police in 2023, there were 771 government official impersonation scam cases in 2022, with victims losing more than $97 million.

OCBC anti-scam unit manager Loh Chang Xiang’s (left) and Great Eastern customer service officer Toh Ming Ann’s vigilance help save an elderly woman’s life savings from scammers. PHOTOS: OCBC
In 2021, more than $106 million was lost to such scams.
Mary could have been one of the victims.
She said: “If I had transferred my life savings of around $70,000 and the $93,000 I received from surrendering my insurance policy to the scammers, I would have lost an unimaginable amount.”
Great Eastern’s Mr Toh said: “As a customer service officer, I believe that we’re the first line of defence to prevent potential scam victims from losing money.
“It’s important that we spot signs that our customers have been scammed to help them retain their hard-earned life savings.”
He added that Mary’s defensiveness during their interaction threw up a red flag and made him suspect she might be a victim of a scam.
Mr Loh Chang Xiang, manager at OCBC’s anti-scam unit in the bank’s group financial crime compliance department, said: “In a case like this, time is of the essence, especially when the victim is very adamant to do as the scammer told her.”
He added: “In my work tackling scams, I’ve noticed that the elderly can be more susceptible to government official impersonation scams. They may feel the need to follow instructions of the scammers, thinking these people are the authorities, especially after they’ve got confused and intimidated.”
Asked why she wanted to speak to the media about what happened, Mary said: “I don’t want anyone else to fall into the trap I did. I’ve always read the news about scams but I just didn’t realise it would happen to me. I’m just thankful that I didn’t lose any money.”

Why Old Auntie so worry tio mata investigation?

 

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Concert ticket scams: 1,500 people have lost $1.1 million in total over the past year​

Screenshots of a conversation between a scammer and a victim on Telegram. PHOTOS: SINGAPORE POLICE FORCE

Fatimah Mujibah

FEB 07, 2024


SINGAPORE – There has been a resurgence in scams involving the sale of concert tickets by online third-party resellers, with at least 1,534 victims losing a total of $1.1 million or more between January 2023 and January 2024.
This comes as popular performers such as Ed Sheeran, Taylor Swift, Shinee and Bruno Mars are expected to perform in Singapore in the next few months.
The police said on Feb 2 that victims would come across listings of concert tickets on online platforms such as Telegram, Carousell, Facebook, X (formerly known as Twitter) and Xiaohongshu. They would then contact the scammers via the in-app messenger.
They may be redirected to other messaging platforms such as WhatsApp or WeChat to make the purchase. They would then be instructed to transfer money via PayNow, bank transfers or virtual credits such as gift cards.
The police added that the most number of concert ticket scams involved tickets listed on Telegram in January 2024.
There were 139 victims who lost a total of at least $42,000 this way in January alone, said the police.
Once payment has been made, the scammers would often ask for additional payments, delay the delivery of tickets and/or become uncontactable.

For victims who did receive the tickets, they would later find them to be invalid at the concert venues. In some cases, the scammers refused to provide physical tickets or any proof of authenticity.
In 2023, at least 522 victims had fallen prey to such scams by July 10, said the police, with victims losing at least $518,000. In the whole of 2022, 199 people were duped in these scams.
The $518,000 was almost triple the $175,000 lost to such scams in the whole of 2022.
The police urge those who shop online to be careful, especially when buying concert tickets from online third-party resellers.
They can take precautions by adding security features such as the ScamShield app on the phone and enabling two-factor authentication for banks, as well as setting limits on Internet banking transactions.
They should also avoid making payments in advance or direct bank transfers, as this method does not offer any protection to buyers.
People should buy tickets only from authorised sellers and legitimate ticket marketplaces or resellers, such as Ticketmaster.
A physical meeting should be arranged with the seller to verify the authenticity of the tickets prior to making payment, the police said.

 

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Over 380 people lose at least $2.4m to property agent impersonation scam in 6 months​

Victims were pressured by fake property agents into making payments to secure the viewing or rental of properties. PHOTOS: SINGAPORE POLICE FORCE

Fatimah Mujibah

FEB 06, 2024

SINGAPORE – A scam involving the impersonation of property agents has led to at least 389 victims losing at least $2.4 million between July 2023 and January 2024.
The scammers impersonate Council for Estate Agencies (CEA) registered agents.
The police said on Feb 2 that victims were pressured by fake property agents into making payments to secure the viewing or rental of properties.
Victims would typically respond to property rental listings on various online platforms or websites, such as Facebook, Carousell and rental advertisement sites.
The largest number of victims responded to listings on Facebook, the police added.
The scammers impersonate registered property agents on WhatsApp, using the contact numbers published in the property listing, and convince their targets of their credentials by sending pictures of property agent passes, business cards and pictures/videos or virtual tours of the rental property.
However, the contact numbers provided would differ from those of the actual property agent registered with CEA.

When victims asked to view the property, the scammers would claim that there was high demand for the property and would convince the victims to make deposits to secure a viewing.
Those targeted would discover they had been duped when the scammers were no longer contactable or when they reached out to the actual property agents who had been impersonated.
In some cases, victims were asked to meet the “personal assistants” of the fake property agents who would help facilitate their viewing of the property, and were told to provide their personal particulars for the tenancy agreement and to make payments for the rentals through bank transfers or PayNow.

However, the scammer or “personal assistants” would be uncontactable after receiving payments.
Between July 2023 and January 2024, at least 144 victims fell prey to this particular scam variant involving “assistants”, with total losses amounting to at least $917,000, the police said.
The police advised the public not to rely on Facebook or Carousell listings, or any details given by potential scammers.
Potential tenants should verify the identity of the property agents renting out the properties against the CEA Public Register before making any deals. They should check if the phone number in the listings belongs to a CEA-registered agent.
They should key in the advertised phone number on the CEA Public Register. If the search does not lead to a CEA-registered property agent’s profile page, it means that the phone number is not registered with CEA and likely belongs to scammers, even if the property agent’s name and registration number can be found in the register.
Potential tenants should also view the properties in person and check that they are dealing with the actual CEA-registered property agents themselves, and not their assistants, the police said.

According to CEA practice guidelines, all property agents should meet potential tenants and occupiers face to face to verify their identity for all residential rental transactions.
The police added that all property agents are not permitted to demand and collect payments to view or rent properties.
Payment of rental deposits or rent should be made directly to the landlord using verifiable payment modes such as crossed cheques and bank transfers, and must be paid to the landlord’s bank accounts.

 

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583 victims lose $223,000 in e-commerce scams involving concert tickets since start of 2024​

The scams mostly involved tickets to Taylor Swift, Coldplay (above), Yoasobi, Joker Xue, and Enhypen concerts. ST PHOTO: GIN TAY

Yong Li Xuan

FEB 20, 2024

SINGAPORE - At least 583 victims have lost $223,000 in e-commerce scams involving concert tickets since the start of 2024, the police said in a media statement on Feb 8.
Among them are victims of scams facilitated by a man and three women, aged between 18 and 27, who were arrested during a joint operation by the Commercial Affairs Department, seven police land divisions, Carousell and the Government Technology Agency that was conducted between Jan 31 and Feb 6.
The four were nabbed for their suspected involvement in these scams, which mostly involved tickets to concerts by Taylor Swift, Coldplay, Yoasobi, Joker Xue and Enhypen.
The police said preliminary investigations showed that the four allegedly facilitated scam cases by opening new bank accounts and giving them to scammers, or relinquishing their Singpass credentials, bank accounts or Internet banking credentials, for profit.
These Singpass credentials were misused by scammers to open new bank accounts and mobile lines, the police said.
The Singpass credentials and mobile lines were then further exploited by scammers to open Carousell accounts to post fake concert ticket listings.
Generally, in cases of e-commerce scams involving concert tickets, scammers would pretend to be sellers and post concert tickets for sale on online platforms such as Telegram, Carousell, X (formerly Twitter), Facebook and Xiaohongshu, the police said.

Victims who express an interest to buy tickets would be asked to contact sellers on messaging platforms WhatsApp, Telegram or WeChat. Some scammers would then provide fake screenshots or videos of tickets or ticket purchase receipts.
They would promise to e-mail the tickets or transfer tickets to the victims’ Ticketmaster accounts after payments were made.
Victims realised they had been scammed when sellers asked for additional payments, delayed the delivery of tickets or became uncontactable, or when the tickets were found to be invalid on the day of the concert.

The police said that in addition to the four who were arrested, another seven men and four women are assisting in investigations into other e-commerce scams.
Preliminary investigations showed that in these cases, these subjects had unwittingly facilitated the scams in several ways.
Most took on job offers on Telegram to receive money in their bank accounts to buy Razer gift cards, or to receive and transfer money through their bank accounts, the police said.
One of the 11 being probed is a 21-year-old woman who was asked to change her Carousell account moniker and e-mail address. The account was later found to have been taken over by scammers.
Another is a 15-year-old male who gave his Carousell account to a scammer who offered to top up his Carousell wallet.
The police advised the public to download the ScamShield app on their mobile devices.
They should also enable security features such as two-factor authentication, or multi-factor authentication for banks, social media and Singpass accounts, as well as transaction limits for Internet banking transactions.
“If the price is too good to be true, it probably is,” the police said.

The police urged the public to make purchases only from authorised sellers or reputable sources, and be wary of attractive, time-sensitive deals.
They should also check the seller’s customer reviews and ratings.
Avoid making upfront payments to bank accounts belonging to unknown individuals and, whenever possible, avoid making advance payments or direct bank transfers to sellers.
The police encouraged the public to tell the authorities, family and friends about scams, as well as report any fraudulent transactions to websites immediately.
On Feb 2, the police said at least 1,534 victims lost a total of $1.1 million or more between January 2023 and January 2024 to scams involving the sale of concert tickets by online third-party resellers.

 

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461 victims have lost $6.8m to scams involving online chat groups since start of 2024​

The police urge the public to be wary when strangers add them to chat groups or channels on messaging platforms and offer investment or job opportunities. ST PHOTO: GIN TAY

Yong Li Xuan

FEB 20, 2024

SINGAPORE - At least 461 victims have lost at least $6.8 million in investment and job scams involving online chat groups since the start of 2024, the police said on Feb 14.
They urge the public to be wary when strangers add them to chat groups or channels on messaging platforms, such as WhatsApp and Telegram, and offer investment or job opportunities.
In the case of investment scams, victims would be added to chat groups or channels by scammers, who will post testimonials from members claiming to have profited from various investment methods.
The victims who contacted the scammers were offered fake investment packages and asked to provide their personal information to set up accounts. They were also instructed to transfer money to specified PayNow numbers, bank accounts or cryptocurrency wallets.
Scammers might also instruct victims to download virtual private network (VPN) applications to access investment websites that are actually fake sites.

Scammers may also instruct victims to download VPN applications to access investment websites that are actually fake sites. PHOTOS: SINGAPORE POLICE FORCE
VPN is a technology that enables a secure network connection over the Internet.
Before victims could receive returns on investments, the scammers instructed them to transfer increasingly large sums of money for fees incurred.

The victims realised they had been scammed when they were unable to withdraw their earnings even after transferring these fees.
In the case of job scams, victims would be added to chat groups or channels by scammers who promise profitable and easy online jobs.
The scammers might claim to represent companies such as TikTok, online communications companies or marketing companies.


The victims would be given tasks to generate traction on social media. These include following TikTok or Instagram accounts, subscribing to channels or liking videos on YouTube, liking posts on Trip.com or liking songs on Spotify.
They would get a small commission after completing these tasks.
After the victims were convinced they could earn more, they were given more tasks. In some instances, they were given fake employment contracts.
To perform these tasks, they had to open accounts on scam job websites and transfer money to bank accounts or cryptocurrency wallets provided by the scammers.
They realised they had been scammed when their website accounts showed a negative balance, and they were told to pay additional funds to upgrade their accounts, or when they could not withdraw their earnings.

Victims of job scams would be given tasks to generate traction on social media. PHOTO: SINGAPORE POLICE FORCE
The police urge the public to activate the privacy function on their devices that disallows unknown users from adding them to chat groups on messaging platforms.
Members of the public are also advised to download the ScamShield app on their mobile devices.
They should enable security features such as two-factor authentication or multi-factor authentication for banks and e-wallets, as well as transaction limits for Internet banking transactions.
Members of the public should also inform the authorities, family and friends about scams, as well as report scammers or chat groups to WhatsApp or Telegram.
Those with information relating to such crimes can call the police hotline on 1800-255-0000 or visit www.police.gov.sg/iwitness
For more information on scams, visit www.scamalert.sg or call the Anti-Scam Helpline on 1800-722-6688.

 

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Scam victims in S’pore lost $651.8m in 2023, with record high of over 46,000 cases reported​

The police said job scams typically involve victims being offered online jobs to be performed from home. PHOTO: ST FILE

Nadine Chua

FEB 18, 2024

SINGAPORE - Despite numerous media reports and warnings by the authorities about scams, the number of cases here hit a record high in 2023.
There were 46,563 cases reported in 2023, and the police told The Straits Times on Feb 18 that this is the highest number of scam cases since they started tracking them in 2016. The 2023 figure is up 46.8 per cent from the 31,728 cases in 2022.
In total, scam victims in Singapore lost $651.8 million in 2023, a slight dip from the $660.7 million lost to scammers in 2022. The total amount lost among the top 10 scams rose in 2023 to $573.9 million, from $509.2 million in 2022.
The annual figures released by the police on Feb 18 mean that more than $2.3 billion has been lost to scams since 2019.
Malware scams, which were practically unheard of previously, were among the top 10 scams of concern in 2023. There were 1,899 such cases reported, with $34.1 million lost.

The most common ruse victims fell prey to was job scams, with 9,914 cases reported and at least $135.7 million lost in total, up from $117.4 million in 2022.
Over 45 per cent of job scam victims were 30 to 49 years old, with scammers often contacting them via WhatsApp and Telegram.

The police said victims were typically offered online jobs working from home. Their tasks included liking social media posts, reviewing hotels and restaurants, and completing surveys.
To receive their commissions, victims had to transfer money to bank accounts provided by scammers. They would realise they had been scammed only when they stopped receiving commissions or could no longer contact the scammers.
In October 2023, The Straits Times reported that a single mother of two took up a marketing job through a Facebook advertisement and lost around $89,000 in a week to scammers.

The second scam of concern was e-commerce scams, which more than doubled in 2023 with 9,783 cases, up from around 4,700 in 2022. Victims lost at least $13.9 million in 2023, down from $21.3 million in 2022.
One e-commerce scam involved concert tickets, which saw a resurgence in 2023 when more acts, like Ed Sheeran, Taylor Swift and Coldplay, announced performances in Singapore.
In July 2023, ST reported that at least 54 victims lost over $45,000 in less than a week trying to get tickets to Swift’s The Eras Tour, due to be held here over six nights in March 2024.
A new variant of e-commerce scams emerged in 2023 involving items such as durians and wagyu beef sold online at huge discounts. Victims would lose money when scammers asked for goodwill deposits, reservation fees or delivery fees.
Almost half of e-commerce scam victims were aged 30 to 49, and the two most common platforms used by scammers were Facebook and Carousell.

Fake friend call scams were also of concern in 2023, with 6,859 cases reported, up from the 2,106 in 2022. In 2020, no cases were reported.
More than $23 million was lost to this scam in 2023, with most victims aged 50 to 64. Phone calls and WhatsApp were the most common channels used by such scammers to deceive victims.
While many would think that older adults and the elderly would more likely fall for scams, the overall statistics debunked the belief. The police said 73 per cent of scam victims were aged below 50.
Young adults aged 20 to 29 mostly fell prey to job scams, while those aged 30 to 49 mostly lost money to e-commerce scams.
The elderly, aged 65 and above, made up 7.1 per cent of scam victims. More than a third of them fell for fake friend call scams and over 13 per cent for investment scams.

The police said most online scams are perpetrated by scammers based outside Singapore, and such cases are difficult to investigate and prosecute.
They said: “These scammers are typically part of organised criminal groups and run sophisticated transnational operations which are not easy to uncover or dismantle.”
They added that recovery of funds can be difficult when the money has been transferred out of Singapore.
The police said that in 2023, they worked with overseas law enforcement agencies to take down 19 scam syndicates, including six fake friend call scam syndicates and three phishing scam syndicates.
More than 110 individuals based overseas, who were responsible for more than 730 scam cases, were arrested in the operations.
In 2021, the Singapore police and overseas law enforcement agencies busted 16 scam syndicates. A total of 13 scam syndicates were taken down by the police and the authorities overseas in 2022.

Separately, Singapore’s Anti-Scam Command, which consolidates resources and expertise across all police units here, also participated in an operation with global police cooperation agency Interpol.
Over 2,000 individuals were investigated and more than 5,300 bank accounts frozen in the Republic, leading to more than $11.5 million recovered.
To address the scam scourge here, an anti-scam campaign was launched by the National Crime Prevention Council in January 2023, urging the public to “ACT” against scams.
The ACT acronym in the campaign tagline outlines how people can “Add” security features such as the ScamShield app, “Check” for signs of a scam, and “Tell” the authorities and others about scams.
Commercial Affairs Department director David Chew said the global environment has changed, with technology making it easier for scammers to target victims and steal their money.
“However, human nature has not changed. Humans are still driven by the desire for connection. That’s why some still fall prey to love scams.
“They also want to make a quick buck, which is why some fall prey to investment scams and job scams,” he said.
“So, our job is to ensure people are aware of the dangers, and not get scammed in the first place.”

 

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Extradited S’pore resident who solicited at least $13m in investment scam pleads guilty in US​

Singapore resident Shamoon Rafiq was extradited from Singapore with the assistance of the US Department of Justice’s Office of International Affairs and other agencies. PHOTO: REUTERS

Ang Qing

FEB 27, 2024

A man who was previously convicted of fraudulently selling Google stocks has pleaded guilty to a similar scam where he posed as representatives from a billionaire family’s investment office.
On Feb 22, the United States Attorney’s Office for the Southern District of New York said in a statement that Singapore resident Shamoon Rafiq had pleaded guilty to soliciting millions of dollars of investors’ money by lying that he could offer stocks from firms such as Airbnb before these were made available to the public.
In 2021, the Dutch national was charged by federal prosecutors in Manhattan with defrauding investors by offering to sell them about US$9 million (S$12 million) in such fictitious securities.
The 50-year-old, who also goes by the names Shamoon Omer Rafiq, Omar Rafiq and Omer Rafiq, was previously convicted in 2004 of fraudulently offering investors access to “friends and family” shares in Google.
He was subsequently deported from the United States after serving a 41-month sentence for his crime.
In or about 2020, Rafiq launched a scheme from Singapore to dupe investment firms in New York and elsewhere into paying for alleged investment interests in various stocks in privately held companies that had not yet conducted an initial public offering (pre-IPO).
Under this scheme, he impersonated two senior officials of an investment firm of a “prominent billionaire family”, the statement said.

This involved creating a fake website, which automatically routed users to the investment firm’s official website, and creating e-mail addresses that resembled the senior officials’ genuine e-mail addresses.
Among investors that fell for the scheme was an investment firm based in New York and one of the firm’s foreign institutional clients, which wired about US$9 million in mid-August 2020 to an account in New York for anticipated release to a bank account in Singapore to pay Rafiq.
To perpetuate the scheme, Rafiq created and sent e-mails from the fake addresses, as well as fake contracts and deal documents purported to have been signed by the senior officials on behalf of the billionaire family’s office.


Rafiq also asked for and received about US$1 million from an investment group located in California in late 2020 after he had pretended to be a representative of the family office that was offering pre-IPO stock for sale.
He has agreed to pay restitution and forfeiture of the sum from the California investment group as part of his guilty plea.
For conspiring to commit securities fraud and wire fraud, Rafiq can be sentenced to up to five years in prison.
Said US attorney Damian Williams: “Shamoon Rafiq ran a brazen scheme from Singapore to defraud US investors who wished to invest in well-known private companies before they went public.
“This prosecution demonstrates the continued efforts of this office and our law enforcement partners to pursue those who defraud American investors, no matter where the perpetrators are located.”
Rafiq was extradited from Singapore with the assistance of the US Department of Justice’s Office of International Affairs, Interpol, Singapore Police Force and Attorney-General’s Chambers of Singapore, according to the statement.
An AGC spokesperson said Rafiq had also pleaded guilty to cheating multiple victims in Singapore of more than $532,000 in Aug 24, 2023.
This included convincing two people – a neighbour and a friend – to buy shares that he did not own.
The spokesperson said: “Rafiq was sentenced to 45 months’ jail, which was backdated to when he was first remanded in April 2021.”
She added that Rafiq was handed over to the US authorities on Jan 11 after he completed his sentence, in response to an extradition request.

 

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Singapore-registered firm accused of swindling $1.2b from 26,000 people in Japan’s largest scam​

Office space registered to Sky Premium International at SBF Center in Tanjong Pagar appeared unoccupied when The Straits Times visited on Feb 27, 2024. ST PHOTO: MICHELLE NG
Walter Sim and Michelle Ng

FEB 29, 2024

TOKYO/SINGAPORE – A Singapore-registered company that promised its members the high life has come under scrutiny in Japan, where four of its top executives are under arrest on suspicion of swindling 135 billion yen (S$1.2 billion) from 26,000 people.
Sky Premium International is alleged to have masterminded what is Japan’s largest scam in violation of the Financial Instruments and Exchange Act, according to Fukuoka Prefectural Police.
It is said to have acted as an investment advisory firm to peddle a financial product that it called Lion Premium, without the authorisation of Japan’s Financial Services Agency.
On Feb 22, Fukuoka Prefectural Police arrested four executives, including Atsushi Saito, 45, who is identified in Japanese media reports as the company’s chief executive officer, and Shinobu Mizushima, 59, who is said to be the chief sales officer.
The arrests came after police reports were lodged in six prefectures, including Fukuoka, by investors who could not get back their investments. A series of civil lawsuits against Sky Premium are also pending before the courts, including in Hokkaido, Tokyo and Osaka.
Under Japanese law, suspects can be detained for up to 23 days without indictment. The detention period, however, may be prolonged as they may be rearrested on a different charge.
Sky Premium’s current registered address on the 27th floor of SBF Center in Shenton Way, in the heart of Singapore’s Central Business District, appeared unoccupied when The Straits Times visited on Feb 27.

The front door was locked and the lights were turned off. From the outside, the office appeared spartan, with a white sign that read “Sky Premium”. There was no doorbell.
Three office workers on the same floor told ST that they had never seen the office being used. One of them had seen people going in and out of the unit only when the company first moved in.
Business records from the Accounting and Corporate Regulatory Authority show that Sky Premium International was incorporated in February 2013 and moved to the SBF Center in June 2022. Its director is listed as Mr Tan Albert, a Singapore citizen.

When ST visited his listed home address – an HDB flat in Serangoon – on Feb 27, a middle-aged man who identified himself as Mr Tan answered the door and acknowledged that he was the director of Sky Premium.
However, he repeatedly told ST that he was unaware of allegations against the company and insisted that queries be directed to his CEO.
Sky Premium is said to have begun operations in Japan in 2013 before launching in Singapore in 2018, when it was billed as the Republic’s first invitation-only “exclusive privileges club”, according to a report in a luxury publication.
At the time, it charged an annual fee of $1,200, with members receiving a welcome package that included a 1g certified gold ingrained membership card and access to its facilities, which were then on the top floor of One Raffles Place. Since December 2023, the top two levels of One Raffles Place, 61 and 62, have been entirely occupied by nightlife venue HighHouse.

With the tagline, The Good Life – Live The Life Of Your Dreams, the club promised members a concierge service that included private dining experiences, discounts on luxury brands and resorts, and fresh seafood and groceries flown direct from Tokyo’s Toyosu fish market.
The Sky Premium company, which claims involvement in foreign exchange margin trading, has been described by the Japanese media as a “pyramid scheme” and an illegitimate “multi-level marketing scheme”.
Japan’s Financial Services Agency said that Sky Premium is suspected to have wooed investors in Japan via a network of about 570 salespeople, or “agents”, who held full-time jobs with social clout, such as bank officers and flight attendants.
These recruiters themselves were allegedly investors too, enticed to join on the promise of a sure-fire return. Agents claimed that Sky Premium never once had a negative return, with an annual percentage yield of up to 20 per cent, and that the money could be taken out at any time.
The scale of the purported scam was so wide that police in six prefectures, including Fukuoka, Hiroshima and Osaka, have set up a joint investigation headquarters to probe the case, with Fukuoka police leading the joint investigation headquarters.
Police are now looking into the money trail, suspecting that the funds may have been funnelled into a bank account in the company’s name in Hong Kong. The police do not yet know if the money was actually used for forex trading, or was siphoned off for other purposes, Japanese media said.
An unnamed business owner in Fukuoka told public broadcaster NHK that she began investing in Sky Premium in 2020 as her company had run into financial trouble amid the Covid-19 pandemic.
An “agent” used golf sessions and high-end lunches to woo her and her husband into putting 17.5 million yen into Sky Premium, she said, adding that the members-only portal had shown figures indicating that the business was profitable.
Sky Premium also held online seminars during the pandemic. During one of these sessions, titled How To Avoid Fraud When Investing, a chiropractor in his 30s in the western city of Okayama was persuaded to invest in the company, according to Japanese media.
In December 2021, the Tokyo District Court issued a suspension order on Sky Premium, following a complaint from Japan’s Securities and Exchange Surveillance Commission.
Sky Premium’s Singapore website has been taken offline, though its Japan website remained accessible as at Feb 28. The company’s social media accounts, meanwhile, have not been updated since 2022.
ST has sent queries to the Singapore police.

 

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Victims lose $1.2 million to fraudulent fund recovery services since January 2024​

Scammers typically pose as legal firms or financial service companies and contact victims PHOTO: SINGAPORE POLICE FORCE

Vihanya Rakshika
Correspondent
UPDATED

MAR 05, 2024

SINGAPORE – Victims have lost more than $1.2 million since January 2024 in 29 cases linked to conmen claiming to help them recover money lost in scams.
The police, in a statement on Feb 29, reminded Singaporeans to remain vigilant against such fund recovery service scams.
These scammers typically pose as legal firms or financial service companies and contact victims through calls, messages or e-mails. They offer to help recover funds lost to scams or bad investments.
Some victims encountered these services advertised online, such as on Facebook, and contacted the scammers themselves.
Victims were asked to make upfront payments for administrative procedures through bank transfers, cryptocurrency or virtual credits.
Some victims were tricked into providing banking credentials, debit or credit card details, or one-time passwords.
Alternatively, they were instructed to download remote access software like AnyDesk, giving scammers access to their devices and bank accounts.

In the reported cases, the victims realised they had been scammed when funds were not recovered as promised, the scammers could not be contacted any more, or after they checked with official sources such as banks or the police.
The police advise the public to check if a law firm is registered with the Legal Services Regulatory Authority (LSRA) through the LSRA directory.
Additional precautionary measures include installing the ScamShield app on mobile devices to block scam calls and SMSes, checking for scam signs and with official sources, and telling the authorities, family and friends about potential scams.

 

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Nearly 6 years’ jail for serial scammer who cheated victims of more than $1m​

Shaffiq Alkhatib
Court Correspondent

FEB 28, 2024

SINGAPORE – A serial investment scammer cheated four people of more than $1 million between 2018 and 2020.
Chew Mui Lang’s victims suffered losses totalling some $694,000, after she returned more than $335,000 to them.
The 59-year-old Malaysian was sentenced to five years and 10 months’ jail on Feb 27 after she pleaded guilty to four charges, including two counts of cheating involving more than $886,000.
Six other charges, including those linked to the remaining amount, were considered during sentencing.
Deputy Public Prosecutor Ng Jun Kai said that around 2011, Chew started operating a firm that provided beauty services.
The business did not do well about six years later, and she turned to an unlicensed moneylender, known only as Lucas, for an undisclosed amount of loans.
Lucas later asked Chew if she wanted to be part of his “moneylending investment” known as King’s Credit.

Chew was told that she would be paid her principal investment sum and a 10 per cent profit over a 10-week period.
DPP Ng said: “Out of greed for the fast cash, the accused began approaching customers and friends to invest monies (in the) company.”
In 2017, Chew approached an acquaintance and asked if she was interested to invest in what she called Credit King.

Chew claimed that Lucas was her cousin and he was the firm’s co-owner.
Among other things, Chew promised the woman that she would receive the principal sum plus profit on a weekly basis, for a period of 10 weeks.
The victim then agreed to invest in Credit King.
However, Chew had no intention of using the woman’s money for investments. Instead, she wanted to use it to repay her creditors.
Over more than 30 occasions between Jan 2 and Dec 24, 2018, the victim handed more than $742,000 to Chew.
Within the same period, Chew gave her nearly $245,000 in total as purported returns.

The DPP said: “In fact, these sums were derived from monies obtained from other investors who handed monies to the accused to conduct investments for them or from unlicensed moneylenders whom she had taken loans from.”
By using a similar method, Chew duped a second woman of nearly $144,000 over at least five occasions between Oct 10 and Nov 8, 2018.
Chew then gave her around $6,300 as purported returns.
Both victims made police reports after they failed to receive the full amount of their investments
Chew herself was duped by Lucas.
She invested $100,000 with him around 2018, after borrowing money from her customers and friends.
He became uncontactable soon after.
On Sept 24, 2020, a police officer recorded a statement from Chew, who claimed that Lucas was her cousin from Malaysia.
She also told the officer that Lucas was employed as a clerk in a moneylending firm called King’s Credit but resigned in 2017.
The police conducted their checks but could not find any firm with such a name.
According to court documents, there was a company called Credit King, but it had never employed Lucas.
Chew finally admitted in January 2021 that she had given false information to the authorities in 2020.

 

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$2.3 million lost to scams involving Iras impersonation in 2023​

Scams involved victims being offered tax refunds or being asked to pay capital gain tax or income tax on investment-related profits. PHOTO: INLAND REVENUE AUTHORITY OF SINGAPORE

Sarah Koh

MAR 22, 2024

SINGAPORE - At least 52 people fell prey to scammers impersonating officials from the Inland Revenue Authority of Singapore (Iras) in 2023, with losses amounting to about $2.3 million.
Iras said on March 19 that it has also seen an increase in scam attempts on taxpayers during the current tax filing season, which runs between March 1 and April 18.
Based on reports made to Iras by the public in 2023, 79 per cent of scams involved victims being offered tax refunds, and 15 per cent were of victims being asked to pay capital gain tax or income tax on investment-related profits.
Five per cent of reports were related to phishing e-mails, while the other 1 per cent of reports include fake stamp certificates scams and forged tax documents scams.
In February, The Straits Times reported that the number of scam cases in Singapore hit a record high in 2023, since the police began tracking cases in 2016.
For tax refund scams, victims would receive e-mails from scammers claiming that the victims had been overcharged earlier on income tax or goods and services tax and offering refunds to them.
The victims would be directed to a fake website that resembles the Iras portal and prompted to give their payment details and one-time passwords. Since the start of 2024, at least six people have fallen prey to this scam variant, with losses totalling at least $3,000.

SPH Media Limited, its related corporations and affiliates as well as their agents and authorised service providers.
marketing and promotions.
Iras said tax refunds are not credited to debit or credit cards. Instead, they are automatically credited to taxpayers via PayNow or their bank account registered with Iras.
Information on tax refunds is also not sent via e-mail, it said, adding that information can be retrieved from the myTax Portal.
Scammers have also contacted victims via e-mail or messaging platforms to trick them into paying capital gain tax or income tax on their investment profit or dividends. These scammers usually claim to be linked to cryptocurrency investment companies, financial institutions or Iras.
“Be aware that there is no capital gain tax on profits earned from the sale of investments and shares in Singapore,” said Iras.
Profits from other financial instruments, such as digital tokens, are also generally not taxable as they are considered personal investments, it added.

Based on reports made to Iras by the public in 2023, 79 per cent of scams involved victims being offered tax refunds. PHOTO: INLAND REVENUE AUTHORITY OF SINGAPORE
Members of the public are advised to do their own checks on unfamiliar financial institutions by using resources such as the Financial Register of Representatives and Investor Alert List that can be found on the Monetary Authority of Singapore’s website.
“Scammers continue to evolve their tactics and become more sophisticated with new technology, products and services,” said Iras.
“Tackling scams is a community effort and individuals, businesses and organisations should be informed on the modus operandi of common scam types, and be vigilant to protect yourself and each other.”
Iras also advised taxpayers to use the myTax Portal to view and manage their tax transactions, and correspond with the agency through myTax Mail on any queries.
It added that confidential documents such as tax return forms, notices of assessment and refund letters will never be sent via e-mail, and will be available only on the myTax Portal.

 

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Complaints made in US, S’pore against local firm that promised quick returns on crypto investments​

Mr Lee Dalton (centre), identified on the firm’s now-defunct website as its founder and chief executive, with co-founder Richmond Ray Gonzales (right) and marketing manager Reid Fletcher. PHOTO: INVESABLEAI/INTERNET ARCHIVE

Aqil Hamzah

MAR 24

SINGAPORE - A Singapore-registered firm is under investigation after allegedly failing to pay investors who have pumped money into its cryptocurrency investment schemes.
Reports have been filed against InvesableAI with the Singapore police, and with the United States Federal Bureau of Investigation (FBI) and Securities and Exchange Commission (SEC).
Incorporated in the Republic on June 19, 2023, InvesableAI is believed to have promised investors quick returns on cryptocurrency investments that banked on the use of artificial intelligence technology.
Its founders claimed to have sought a licence from the Monetary Authority of Singapore (MAS) and, on the firm’s now-defunct website, said it was a trustworthy business because “we are a registered company”, with a separate webpage showing its address in Singapore.
It is a “live” company or a business that is still in operation, according to Accounting and Corporate Regulatory Authority (Acra) records.
Checks by The Straits Times on the details of InvesableAI’s Acra records revealed several discrepancies, including in the company’s registered address, the nationality and address of a foreign director, and the identity of a Singaporean director.
In response to queries, an Acra spokesperson said: “Acra is unable to comment due to ongoing investigations.”

Meanwhile, the FBI and SEC said they could neither confirm nor deny that they were investigating the matter.
Several of the reports lodged with the FBI and SEC, and seen by ST, show that more than 4,000 people have invested money in InvesableAI.
The total sum allegedly sunk into the business by all investors is unclear, but a smaller group of about 150 investors have counted losses of at least US$1.5 million (S$2 million).

One of the investors, a 46-year-old woman, said she trusted the firm because it promised transparency and accessibility for investments in alternative currencies.
The woman, an American, pumped more than US$15,000 into InvesableAI on July 13, 2023, but about two months later, the firm informed her and other investors that withdrawals would be paused “temporarily”.
In a Sept 17 e-mail to investors seen by ST, the firm said there was extreme volatility in the cryptocurrency market, and asked for 40 days to recover losses.
It also offered refunds within a week to those who wanted them.
The e-mail was signed by Mr Lee Dalton, who is identified on the firm’s website as its founder and chief executive.
Six months later, investors said they have yet to get their money back.
The American woman, who holds a Master of Business Administration degree and lives in California, said: “I wish I had known how to do trades on my own, instead of depending on others. It was a bad decision… but InvesableAI seemed to hit all the marks when it came to its legitimacy.
“It being based in Singapore was assuring because of the stringent guidelines that are required there.”
ST spoke to several others in a group totalling about 150 investors – including the American woman – who have banded together to tally their losses.
The group has also compiled a spreadsheet that details the outstanding sums due to more than 60 of them.
Transaction records of more than a dozen investors showed that some managed to make withdrawals ranging from US$25 to almost US$25,000 until September 2023.
However, it is unclear if any of the investors have gotten back their original investments, which ranged from US$500 to more than US$50,000, according to the spreadsheet and transaction records seen by ST.
An archived version of InvesableAI’s now-defunct website lists the minimum investment at US$500, with packages that promise returns of up to 160 per cent of the principal amount in 20 days for a US$10,000 investment.
Claiming to have more than 14,000 members, the firm also had a referral programme where investors could earn higher interest rates on certain deposits if they roped in others successfully.
When ST visited the Woodlands address listed in InvesableAI’s Acra records on March 12, a firm that deals in water treatment and engineering design was found to be occupying the space instead.
When contacted, a representative of the water treatment firm said he was unaware of the existence of InvesableAI, and that the space had not been leased out to other firms.
The water treatment firm’s Acra file showed it has been occupying the Woodlands space since February 2022, before InvesableAI was registered.

InvesableAI’s business records showed its office address to be at 12 Woodlands Square. However, when ST visited on March 12, the unit was occupied by another company. ST PHOTO: NG SOR LUAN
Checks showed that HeySara, a digital corporate service provider, handled InvesableAI’s incorporation.
Foreigners who want to incorporate a business in Singapore must engage a registered filing agent, which can be a corporate service provider.
Asked about InvesableAI’s use of the Woodlands address in Acra’s records, HeySara associate director Chew Shin Yee said the address in the application was provided by Mr Dalton, who is listed as a director in the Acra records.
She said: “We received the order online and conducted our due diligence based on our internal procedure, policy and control.”
But HeySara did not conduct any checks on Mr Dalton’s financial background, she added, as he wanted to incorporate the company with only a $1,000 paid-up capital. She did not elaborate on how the company vetted the information.
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Acra’s guidelines for registered filing agents on anti-money laundering and countering financing of terrorism – published in January 2023 – put non-resident customers in a higher-risk category.
In such situations, registered filing agents must get more information on the source of customers’ funds, for example.
Ms Chew also said there is no information about InvesableAI’s business model, as the staff who handled the account had already quit HeySara.
She did not respond to follow-up e-mails from ST seeking clarification, including on the discrepancy between HeySara’s vetting of InvesableAI and Acra guidelines.
Mr Dalton is listed as an American citizen in the Acra records, with a home address in Texas.
Checks against publicly available property records and data brokers found that an elderly couple with no relation to Mr Dalton have been living at the address since 2009.

Three packages that InvesableAI offered to investors. PHOTO: INVESABLEAI
Mr Dalton’s photo features on the firm’s website, with a marketing video for InvesableAI showing him speaking with an Australian accent against the backdrop of the Kuala Lumpur Tower at night.
In phone video footage filmed last July, Mr Dalton is seen announcing the extension of a promotion and asking individuals to select a particular package and “just start making money”.
In an article published on Yahoo Finance on June 24, 2023, it is stated that Mr Dalton was formerly from the Australian navy and came from Malaysia. ST has contacted Yahoo for comment.
Meanwhile, a Singaporean man is named in the Acra records as the firm’s other director, although he was not listed on InvesableAI’s website.
Instead, its other co-founder was listed online as Mr Richmond Ray Gonzales, whose now-deleted LinkedIn account said he is based in Singapore.
According to that account, an archived version of which was seen by ST, he is the channel sales leader for a multinational corporation dealing in business consulting services.
Queries have been sent to the company asking for more details about Mr Gonzales.

Although he is not listed in the business record of InvesableAI, Mr Richmond Ray Gonzales was said to be the co-founder and chief executive on its website. PHOTO: INVESABLEAI/INTERNET ARCHIVE
Both Mr Dalton and Mr Gonzales were named in the FBI and SEC reports.
Attempts to contact Mr Gonzales through his last-known phone number were unsuccessful, while a social media account in Mr Dalton’s name turned out to be a fake with a Nigerian phone number.
In separate YouTube videos that have since been deleted, the two men said the firm was “in the process of getting” a licence from the MAS, describing it as one that is recognised globally.
In response to queries, an MAS spokesperson said anyone who provides a payment service in Singapore requires a licence.
Otherwise, he will need to be exempted from the Payment Services Act to operate.
The spokesperson said: “InvesableAI is not licensed nor exempted from licensing by MAS.
“Regardless of whether an entity is regulated by MAS, it is an offence to run a fraudulent or deceptive business in Singapore.”