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Fixed deposit scam boasting high interest rates claims 12 victims, losses amount to $650,000​

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The scammers would impersonate bank agents by using staff passes. PHOTO: SINGAPORE POLICE FORCE
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Wallace Woon

APR 12, 2024

SINGAPORE - A series of scams promoting fixed deposit schemes with high interest rates has claimed at least 12 victims, with losses amounting to $650,000 since January.
The police said in a statement on April 11 that the victims would receive an SMS message from scammers who used unknown numbers beginning with +65.
The messages would claim to be sent from banks and offer the victims fixed deposit schemes with high interest rates that had a limited period for registration.
For example, one message from “UOB Bank” offered an interest rate of 4.38 per cent per annum. Current fixed deposit interest rates range between 2.6 per cent and 3.35 per cent, an online check by The Straits Times showed.
The victims would then be instructed to contact a number, provided within the text message, if they were interested and to obtain more information.
When contacted via the number, the scammers would pose as bank agents – providing fraudulent identification such as staff passes.
The victims’ personal particulars would then be requested by the scammers under the guise of applying for the “promotion”, with a new bank account registered under the victims’ names. In some cases, scammers would send forged bank statements to the victims to convince them that new bank accounts had been created under their names.

The victims would then be instructed to deposit or transfer money into these accounts. The conmen would dissuade them from verifying the accounts by claiming that the accounts were meant to “hold the funds prior to the creation of their account”, or lying that there was an “activation period”.
Victims would realise they had been scammed only after logging into their banking applications and finding no changes made to the system records.
After checking directly with the banks, the victims would find out that the accounts – which they had transferred money to – belonged to other individuals and were not the supposed fixed deposit accounts created for them.
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A fake SMS message (left) from scammers who used unknown numbers beginning with +65. In some cases, scammers would send forged bank statements (right) to the victims to convince them that new bank accounts had been created under their names. PHOTOS: SINGAPORE POLICE FORCE
The police said those who have information on similar crimes should call the police hotline on 1800-255-0000 or submit it online at www.police.gov.sg/iwitness.
The public can also visit www.scamalert.sg or call the Anti-Scam Helpline on 1800-722-6688 for more information on scams.
 

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Man jailed for cheating more than 10 victims of over $156k in luxury-watch scam​

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Shaffiq Alkhatib
Court Correspondent

APR 17, 2024

SINGAPORE – A scammer who needed money after losing heavily on online gambling hatched a plan to cheat people by pretending to sell luxury watches online.
Foo Jun Kang, 29, cheated more than 10 victims of over $156,000 in total after duping them into believing he had watches for sale.
On April 17, the Malaysian was sentenced to jail for two years and two months after he pleaded guilty to two counts of cheating involving more than $91,000. He has not made restitution to the two victims in these cases.
Four other changes were considered during sentencing.
In June 2023, Foo listed several luxury watches purportedly for sale on an online marketplace platform called Little Red Book.
Later that month, a 29-year-old man contacted him through the portal as he wanted to buy some watches.
Between June 29 and July 11, Foo offered him three Rolex timepieces worth more than $44,000 in total.

The victim, who was told that he would receive them by July 14, transferred the amount to Foo.
On Aug 19, the victim lodged a police report after he failed to receive his orders and Foo refused to refund the money.
By using a similar method, Foo cheated a 30-year-old woman of nearly $47,000 that year. She made a police report on Aug 24.
For each count of cheating, an offender can be jailed for up to 10 years and fined.
 

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American man who ran fraudulent trading scheme involving over $18m gets 39 months’ jail​

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Michael Philip Atkins was successfully extradited from the US to Singapore, and re-arrested here on March 18, 2023. PHOTO: FRANKLIN COUNTY SHERIFF’S OFFICE
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Shaffiq Alkhatib
Court Correspondent

APR 25, 2024

SINGAPORE – An American man who ran a fraudulent forex trading scheme involving more than $18 million from over 1,300 clients was sentenced to three years and three months’ jail on April 25.
At the time of the offence, Michael Philip Atkins, 51, was a director at Singapore-based firm Aureus Capital.
He was its majority shareholder and had full control of the scheme, which used only a fraction of the clients’ monies for forex trading.
The operation was run in the style of a classic Ponzi scheme, where purported returns to clients were paid using the funds from other clients.
“Such a business model was clearly unsustainable and... the company finally imploded,” said Deputy Public Prosecutor Hon Yi in earlier proceedings.
In the end, the clients received around $12.7 million in total from Aureus Capital and they suffered nearly $6 million in losses.
On April 15, Atkins pleaded guilty in a Singapore district court to carrying on a business for a fraudulent purpose.

Between April 2013 and July 2014, Aureus Capital offered leveraged foreign exchange trading services and schemes.
Clients entered into agreements allowing it to engage in forex trading on their behalf.
Under these agreements, the company would be entitled to 40 per cent to 50 per cent of the profits generated from the trading, while the losses from trading would be fully borne by the clients.


At the time of the offence, Aureus Capital maintained two trading accounts with Oanda Asia Pacific, a separate company which offers foreign exchange trading.
Clients were told that Aureus Capital would manage their funds by trading forex on Oanda. They were also instructed to transfer cash into a bank account.
The bank account received more than $18 million in total from clients between April 2, 2013, and July 15, 2014.
Instead of using the monies for forex trading, more than $14.7 million was used for other purposes, such as paying Aureus Capital’s directors, including Atkins.
Only around $1.7 million of the more than $18 million was deposited into Oanda, the court heard.
Weekly statements sent to clients concealed the fact that only a small portion of clients’ funds was used for forex trading.
The statements reported profits which were not reflective of actual trading results. In fact, Aureus Capital was making losses on its Oanda trading accounts.
The clients said they were told on June 13, 2014, that Aureus Capital needed to cease trading as it was “acquiring a banking licence”.
The clients did not receive any money when they asked for their investments to be withdrawn.
E-mails from the firm claimed it was being rebranded and that all clients’ monies would be refunded by July 28, 2014.
Clients alerted the police when the company and its directors became uncontactable.
Atkins was arrested in 2014 and an Interpol red notice was issued against him after he jumped bail. Such a notice requests law enforcement units worldwide to locate and provisionally arrest a person pending extradition, surrender or other legal actions.
He was traced to the United States in 2017 and an extradition request was sent to the authorities there in 2020. He was successfully extradited to Singapore and re-arrested here on March 18, 2023.
 

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Director of two firms used to move $18 million in scam monies jailed for more than 10 years​

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Chin Hui Shan

APR 25, 2024


SINGAPORE – A 34-year-old man who was the director of two firms that received $18 million from e-mail impersonation scams was sentenced to nine years’ jail and three strokes of the cane, and another enhanced sentence of 450 days’ jail on April 24.
The enhanced sentence was for committing the offences while he was released from prison under a remission order. The police did not say what he was previously jailed for.
Muhammad Zahir Johana pleaded guilty to five charges, including two for drugs and one for possession of an offensive weapon.
The other two related to the bank accounts of his companies being used for criminal activity to receive the scam monies.
Another 10 charges, which included several for drugs and criminal intimidation, were taken into consideration for sentencing.
Zahir was the director of Imcomz Trade and Infra Tradez, which received about $18 million from e-mail impersonation scams perpetrated against foreign companies in December 2021.
He had incorporated both companies under the instructions of an unidentified individual whom he knew as one Mr Ma, whom he met through a group named SG Black Market Hire on Telegram, and was promised a reward of $20,000 for doing so.

To facilitate the incorporation of both companies and the opening of their corporate bank accounts that were used to receive criminal benefits, Zahir relinquished his Singpass credentials to the person, the police said.
Investigations also showed that Zahir had reason to believe that the unidentified individual was engaged in criminal conduct, and that his actions would facilitate the control of this person’s benefits from criminal conduct. This offence carries a jail term of up to 10 years and a fine of up to $500,000.
The police said Zahir also failed to exercise reasonable diligence in the discharge of his duties as a director of both companies and the authorised signatory of the companies’ corporate bank accounts.
As a result, criminal benefits of about $18 million were moved through the corporate accounts of both companies, with most of it later being transferred to several local and overseas bank accounts.
Those found guilty of failing to use reasonable diligence in the discharge of duties as a director can be jailed for up to 12 months or fined up to $5,000.
Those found guilty of relinquishing their Singpass credentials for wrongful gain can be jailed for up to three years and fined up to $10,000.
Zahir had been released from prison under a remission order on Sept 25, 2021, and was to stay out of trouble until May 12, 2024. But because he committed the offences during this period, he was handed an additional enhanced sentence.
The police said they will take stern enforcement actions against anyone who commits these offences and people who knowingly allow their bank accounts to be used by scammers to receive monies, hide their tracks and launder the proceeds of crime.
“There is a need to deter these offenders from using Singapore’s financial system as a conduit for illicit funds as it affects Singapore’s reputation as an international financial centre,” the police added.
 

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Scammers use Trojan horse virus to dupe 79-year-old man into losing $173k of life savings​

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The man’s access to his desktop was supposedly blocked for “security reasons” and he was required to call a support hotline number listed on the alert. PHOTO: ST READER
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Elaine Lee

MAY 10, 2024

SINGAPORE – Right after booting up his desktop computer, a 79-year-old man received a supposed anti-virus pop-up notification alerting him that access to his device had been blocked.
Not knowing that it was a ploy by scammers, Mr Tan (not his real name) rang the number listed on the alert to get help.
He ended up losing $173,000.
The sum, which amounted to more than half of his life’s savings, was siphoned out of Singapore into an account in Hong Kong.
Mr Tan’s son, who asked to be known only as Albert, recounted the incident to The Straits Times in a phone interview on May 4, saying it had left his father “shocked and traumatised”.
He said his father had received a pop-up alert on April 17, supposedly from Microsoft, warning him that Trojan spyware had been detected on his computer.
Mr Tan’s access to the desktop computer was supposedly blocked for “security reasons” and he was required to call a support hotline number listed on the alert, said Albert.

Mr Tan sent his son a WhatsApp text message for help.
But Albert, 50, was on a flight back to Singapore then and could not respond. After waiting a few minutes for his son’s reply, Mr Tan decided to call the hotline number on the notification.
On the other end of the hotline was someone with a foreign accent who claimed to be from the police cyber-crime department and gave his name as Ethan Jones.

In a police report seen by ST, Mr Tan said that at one point of their three-hour conversation, the so-called Ethan Jones “had remote access to my laptop”.
“He asked if I had any bank accounts and said he wanted to check them for any signs of compromise,” Mr Tan said in the report.
He added that he followed the scammer’s instructions and gave the login IDs for his DBS, UOB and OCBC ibanking accounts. He was told to accept authentication notices when they popped up on his phone and he did so, thinking it was required for the “police” to conduct checks.
Albert said at the final stage, his father “was instructed by the scammer to press his authentication within three seconds, or else it would not work. This instruction pressured him into pressing it immediately without realising what it meant”.
Mr Tan was later informed that the check had been completed and he was to wait for a call from the bank.
When a call did arrive, however, it was the genuine DBS Bank, inquiring about the transactions that had been made.
Soon after, it dawned upon Mr Tan that he had been scammed. He made a police report and investigations are ongoing.
The total sum of money was taken out in three tranches within a span of 15 minutes – $55,000 at 12.59pm, $68,000 at 1.08pm and $50,000 at 1.15pm.

On April 24, Albert said police told him the funds had been transferred to a bank account in Hong Kong and could not be recovered.
The police said the Hong Kong police had been alerted to look into the beneficiary of the said account.
Albert, a former researcher at an overseas university, said that when he returned to Singapore, he did a security scan on his father’s desktop computer and found a Trojan horse virus on the device.
“Everyone should do a full scan of their computers from time to time to check for malware and viruses to prevent scammers from manipulating it,” he advised.
A DBS spokesperson said that the bank had detected suspicious transactions on the same day and secured the victim’s bank account promptly to prevent further losses.
“The customer was then immediately notified about the incident and the actions taken by the bank. Following the customer’s filing of a police report, the bank has been actively assisting the police in their investigation.” the spokesperson said.
DBS advised customers who suspect that they are a victim of a scam to immediately call its fraud hotline on 1800-339-6963 (from Singapore) or +65-6339-6963 (from overseas).

By calling in, the spokesperson said the bank can immediately block access to all the victim’s funds – temporarily – via the safety switch function, or temporarily lock their cards via its payment controls feature.
“Our customers can also visit any of our bank branches for assistance with fraud reporting, where they will be attended to by a branch manager without needing to queue up,” the spokesperson said, adding that every case is investigated with the police, and that victims are kept informed of any development.
The spokesperson added that bank employees and government officials will never request any card or banking details through SMS, voice calls or unofficial websites.
Those who have a DBS account are also advised to use the bank’s security check-up feature to monitor key security settings and take recommended actions to safeguard their bank accounts, use payment controls to manage important payment settings, and/or lock up their funds in digiVault.
“Also, check your mobile banking and wallet balances regularly through DBS’ official digibank app,” the spokesperson said.
 

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5 years’ jail for ‘key cog’ in cryptocurrency investment scam where victims lost $1.1m​

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Chinese national Wang Xinghong pleaded guilty to six cheating charges and was sentenced to five years’ jail on Aug 6. ST PHOTO: KELVIN CHNG
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Shaffiq Alkhatib
Court Correspondent

Aug 06, 2024

SINGAPORE – He was the chief technological officer (CTO) of a firm offering a cryptocurrency investment scheme and which claimed that it had 300,000 physical mining machines that could “mine cryptocurrency” to generate revenue.
However, the company identified as A&A Blockchain Innovation did not have these machines and was, in fact, running a Ponzi scheme when it induced 12 investors to part with more than $1.8 million.
But in total, the prosecution said that between May 2021 and February 2022, A&A attracted investments from more than 700 investors in Singapore, amounting to around $6.7 million.
According to the Coinbase website, mining is the process that several cryptocurrencies use to generate new coins and verify new transactions.
Chinese national Wang Xinghong, 40, whom the prosecution described as a “key cog” in the investment scam, pleaded guilty to six cheating charges and was sentenced to five years’ jail on Aug 6.
He had told investigators that he received around US$100,000 (S$132,500) from his involvement in A&A.
Wang has made no restitution and the prosecution said that as A&A operated a money circulation scheme, some of the affected investors were paid returns using money from other investors.

Deputy Public Prosecutor Wong Shiau Yin told the court that the total loss suffered by the investors across Wang’s charges amounted to around $1.1 million.
The cases involving his alleged accomplices, including Dutch national Yang Bin, 61, and Chinese national Lu Huangbin, 60, are still pending.
At the time of Wang’s offences, Yang was the chairman and overall person in charge of A&A, while Lu was its chief executive.

DPP Wong said Yang incorporated A&A on April 20, 2021.
Between May 20, 2021, and Feb 15, 2022, it offered the “A&A chain mining scheme” to investors in Singapore.
Under this scheme, A&A promised investors a fixed daily return of 0.5 per cent on their investments, which would purportedly be derived from the mining of cryptocurrencies.
In its marketing materials to investors, which included presentation slides and promotional videos, A&A claimed that it had entered into an agreement with a firm called Yunnan Shun Ai Yun Xun Investment Holdings to acquire 70 per cent ownership of 300,000 mining machines in China, which could mine cryptocurrencies such as Bitcoin and Ethereum.
A&A also claimed that it would generate the revenue for returns through the mining of cryptocurrency by using these machines.
In addition, the company developed an app that investors could use to purchase A&A “tokens” to invest in the mining scheme.

Investors could also monitor their purported 0.5 per cent daily returns through the app, the court heard.
DPP Wong said: “In reality, A&A did not enter into an agreement with Yunnan Holdings to acquire 70 per cent ownership of 300,000 mining machines. In fact, A&A did not mine cryptocurrency to generate revenue.
“Instead, A&A operated a money circulation, or Ponzi, scheme, using monies from later investors to pay returns owed to earlier investors.”
Yang managed to engage Wang to develop the app.
However, Wang was aware there was no real mining of cryptocurrency being done and no real returns were paid to investors.
Despite this, he developed the app, which was a centralised software where system managers based in China could input random numbers to falsely reflect investor returns.
The prosecutor said that Wang had central responsibility in maintaining the app and managed a team of China-based system managers.
Wang was also listed as the CTO in A&A marketing materials and had attended board of director meetings that the company had hosted.
Court documents did not disclose how his offences came to light, but he was later charged in court in 2023.
Wang was represented by lawyers Adrian Wee and Lynette Chang from Lighthouse Law, who said Yang used to be one of the richest people in China.
They pleaded for Wang to be given up to three years and 10 months’ jail, adding: “Our client did not conceptualise the cryptocurrency investment scheme.
“He also did not have any roles in the marketing of the scheme to investors or the making of false representations for the purposes of obtaining investment monies... Save for the development of the app, our client had no role in the operations of (A&A).”
For each count of cheating, an offender can be jailed for up to 10 years and fined.
 

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Hin Leong founder O.K. Lim convicted of 3 criminal charges of cheating, forgery​

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Mr Lim Oon Kuin, founder of Hin Leong, arriving at the State Courts on May 10. ST PHOTO: AZMI ATHNI
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Grace Leong
Senior Business Correspondent

May 11, 2024

SINGAPORE - Hin Leong founder Lim Oon Kuin has been convicted of two cheating charges and one count of instigating forgery for the purpose of cheating in what prosecutors have described as “one of the world’s largest collapses of an oil trading firm”.
Prosecutors alleged that 16 banks in Singapore suffered US$291.9 million (S$395 million) in actual monetary losses out of the US$2.7 billion in loans they were duped into extending to Hin Leong by Lim. The losses are part of the alleged US$3.5 billion debt owed by the now-defunct oil trader to 23 banks.
On May 10, State Courts judge Toh Han Li found the 81-year-old former oil tycoon guilty of three charges that proceeded to trial out of a total of 130 criminal charges. The remaining 127 charges were stood down and will be dealt with at a later stage.
Lim’s sentencing is scheduled for Oct 3 and his bail of $4 million has been extended until then.
He faces a jail term of up to 10 years and will also be liable to a fine for each charge of cheating and forgery.
Lim, better known as O.K. Lim, declined comment when approached by The Straits Times after the verdict was handed down on May 10.
Lim was found guilty of cheating HSBC, through his employees, by claiming that Hin Leong had entered into two contracts to sell oil to China Aviation Oil (Singapore), or CAO, and Unipec Singapore, and then applying for discounting of these purported transactions.

The court found that the two transactions were complete fabrications, concocted on Lim’s directions, and the discounting applications were supported by forged or fabricated documentation.
As a result, the bank was deceived into disbursing US$111.6 million to Hin Leong, the judge said.
“For both cheating charges, there was dishonest intent” on Lim’s part, the judge said, noting that Lim “himself had recognised that it was ‘not correct’ to submit documents for discounting if it was not a done deal and there were no goods inside”.

Judge Toh found that Lim’s claims that he had slowed down since 2010, and gradually handed work to people he trusted, “did not accord” with evidence given by witnesses, including Hin Leong’s general manager for trading Wong See Meng and Peter Li Yue, the team leader of Unipec’s gas oil team in 2019.
“I find that until the time he stepped down on April 17, 2020, (Lim) continued to be the ‘big boss’ of Hin Leong... and continued to instruct, conduct and negotiate selected trades himself,” the judge said.
Lim was also accused of instructing Hin Leong’s former contracts executive Freddy Tan to create the documents for the bogus CAO transaction and to send them to the banker department, which handled discounting applications by Hin Leong to the banks.
In his statements to the Commercial Affairs Department (CAD) in June and August 2020, Mr Tan implicated Lim as the one who gave him these instructions. But in May 2023, Mr Tan changed his position and testified in court that Lim’s former personal assistant Serene Seng had given him the instructions.
The judge found this aspect of his court testimony to be “materially inconsistent with his statements to the CAD in 2020”, and ruled that Mr Tan is “impeached on this point”.
“If I had accepted the defence’s contention that Freddy Tan had reason to shield Serene Seng from being implicated in his CAD statements in 2020 because he ‘had her back’, it was quite inexplicable that he would then ‘out’ her in court by implicating her,” he said.
On whether Lim or Madam Seng gave instructions to Mr Tan to create the forged documents, the judge found it “quite unfathomable as to why Serene Seng would embark on such a course of conduct”, when there was no pending negotiation with CAO or discussion with Lim on such a deal.
While Madam Seng may have liaised with the banks, “this is completely different from her originating a fictitious deal and trade terms for the purposes of discounting when it was clear that she had nothing to personally gain by such... conduct”, the judge said.
On whether Lim told her to discount the Unipec transaction first, as opposed to simply being “mentally prepared”, the judge accepted Madam Seng’s evidence in court that Lim had given her the instructions to discount the transaction without there being any contract.
The judge said that “it is quite unfathomable that she would take things further of her own accord and proceed to submit the discounting application to HSBC without waiting for the deal between Hin Leong and Unipec to be concluded”.
But Judge Toh said he accepted that Madam Seng “did not give a complete account of what transpired in her statements to the CAD”, or in her documents filed for a High Court civil suit.
He noted that Madam Seng’s evidence in court “while implicating Lim, also implicated herself for the criminal offence of cheating, and was at the same time, damaging to her position in the High Court civil suit”.
Lim, his two children and Madam Seng are being sued by HSBC in the High Court for US$85.3 million in damages.
Lim and his two children are also being sued by Hin Leong’s liquidators over US$3.5 billion in alleged debt. Both cases are being jointly heard in an ongoing civil trial in the High Court.
 

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Man behind global malware network objects to extradition to US after arrest in S’pore​

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At the end of proceedings, the judge granted the prosecution’s request for Wang Yunhe to be remanded a further seven days. ST PHOTO: KELVIN CHNG
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Wong Shiying

May 31, 2024

SINGAPORE – The Chinese national arrested in Singapore for allegedly running a network of zombie computers which allowed criminals to commit a myriad of offences has objected to his extradition to the US.
At the State Courts on May 31, Senior District Judge Ong Hian Sun asked Wang Yunhe if he intends to surrender himself to the foreign authorities.
The Singapore Police Force earlier indicated that Washington had made an extradition request for Wang after his arrest. The US has an extradition treaty with Singapore.
His lawyer, Mr Ng Yuan Siang, who said he was briefed by Wang’s spouse, said his client is objecting to the extradition.
The judge asked Mr Ng if Wang is aware that he can give consent to his extradition and waive proceedings. The lawyer said he will speak to his client about this.
Changes were made to the Extradition Act in April 2022 to allow fugitives to consent to their extradition.
This is in line with international practice, to save state resources and prevent the fugitive from being detained longer than necessary in Singapore.

During proceedings which lasted about 15 minutes, Wang tried to present his case to the judge, but was stopped by his lawyer.
The bespectacled 35-year-old, who appeared via video link, spoke Mandarin and had a court interpreter translate for him.
At the end of proceedings, the judge granted the prosecution’s request for Wang to be remanded a further seven days.

His next appearance is on June 6.
In an earlier statement, the US Department of Justice (DOJ) said Wang’s purported offences had allowed cyber criminals to steal billions of dollars through financial fraud, identity theft and other crimes.
He was arrested on May 24 in a multi-jurisdiction operation led by the DOJ.
Wang had allegedly worked with others between 2014 and July 2022 to create and disseminate the 911 S5 Botnet to millions of home-based Windows computers across the world.

A botnet refers to a network of computers infected by malware that is under the control of a single attacking party.
US officials said Wang allegedly sold access to the infected computers – in what is considered the “world’s largest botnet ever” – to cyber criminals who used the devices to commit crimes, from fraud to cyber-stalking.
An archived version of one of the websites selling the IP addresses showed that it cost US$28 (S$38) to purchase 150 addresses. Users could pay through several options, including Bitcoin, Alipay and WeChat Pay.
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An archived version of one of the websites selling the IP addresses showed it cost US$28 (S$38) to purchase 150 addresses. PHOTO: INTERNET ARCHIVE
The DOJ said Wang, who holds St Kitts and Nevis citizenship, allegedly received US$99 million from cyber criminals who tapped his network from 2018 to July 2022.
He used the money to purchase 21 properties across the US, St Kitts and Nevis, Singapore, Thailand, China and the United Arab Emirates.
He also has business ties in Singapore, with records showing that he was appointed as a director in two active companies on Jan 15, 2022 – Gold Click, a holding company, and Universe Capital Management, a management consultancy firm.
US court documents described the companies Wang registered as “shell companies he used to conceal the identity and illegitimate nature of his 911 S5 service and its related proceeds”.
Dozens of his assets and properties may be seized, the DOJ said.
They include a Singapore-registered 2022 Ferrari F8 Spider, bank accounts with CIMB Bank, Citibank Singapore and banks in Thailand, a condominium unit in Angullia Park, and Patek Philippe and Audemars Piguet watches.
For his alleged crimes, Wang faces a maximum of 65 years in a US prison if convicted on all counts.
 

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2,000 victims lost $1m to concert ticket scams in 5 months​

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Most of these cases involved concert tickets to Taylor Swift’s Eras Tour. ST PHOTO: DESMOND WEE
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Nadine Chua

Jun 06, 2024

SINGAPORE - At least 2,000 victims fell prey to concert ticket scams between January and May, with losses amounting to at least $1 million.
Most of these cases involved concert tickets to Taylor Swift’s Eras Tour, said the police in response to queries by The Straits Times on the concert ticket scam situation in Singapore.
They also included reports lodged by victims who were scammed while trying to get tickets to watch Bruno Mars, Ed Sheeran and Coldplay in 2024.
The police said they have been working closely with social media and e-commerce platforms to take down scam advertisements for concert tickets and accounts involved in such scams once they are detected.
This included online marketplace Carousell suspending the sale of tickets to Swift’s concerts on its platform between Feb 23 and March 9 to prevent users from being scammed.
Carousell’s chief of staff Tan Su Lin said in March that in the rush for tickets, users were not catching on to warning signs, such as sellers’ ratings that show if other buyers had found them to be reliable.
On Swift concert ticket scams, Assistant Commissioner of Police Aileen Yap told ST in March that reports lodged included those from victims who had bought tickets from resellers. They later discovered their tickets were fake when they could not enter the National Stadium, where the concerts were held.

She said that within the first few days of the American pop star arriving in Singapore in March to perform six sold-out shows, the number of reports relating to concert ticket scams spiked.
She warned that the issue of concert ticket scams could escalate to public order concerns, especially when fans who fly to Singapore to watch a concert cannot enter the venue because of invalid tickets.
Between Jan 1 and March 12, at least 1,551 victims had fallen prey to e-commerce scams involving concert tickets, with total losses amounting to at least $737,000, said the police.

This figure has risen to over $1 million as at May, as more acts announced their upcoming shows here.
They include American singer-songwriter Olivia Rodrigo, who will be playing her Guts world tour over two nights in October. Tickets to both shows have sold out.
Icelandic jazz-pop singer Laufey, American singer Conan Gray and Canadian singer-songwriter Tate McRae have also announced shows in Singapore in 2024.
With more concerts held in Singapore over the past year, e-commerce scams, which concert ticket scams fall under, had more than doubled in 2023 to 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.
In March, a woman was charged with cheating after she allegedly offered Swift’s concert tickets for sale online but became uncontactable after getting paid.
According to court documents, Foo Mei Qi, 29, allegedly duped a woman into transferring $350 in September 2023.
In May, a teenager admitted to cheating three victims of $1,540 by claiming he was selling Eras Tour tickets.
One of the victims was an 18-year-old girl, who received fake concert tickets, which she later presented at the National Stadium. She was denied entry after a machine there indicated her four tickets were fake.
The teen, who cannot be named as he was 17 years old when he committed the offences, will be sentenced in July.
 

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594 people have lost $1.3m in online marketplace scams since April​

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Scammers would pose as interested buyers and send victims a phishing link or QR code to purportedly receive payment, schedule a delivery or complete the transaction. PHOTOS: SINGAPORE POLICE FORCE
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Elaine Lee

Jun 13, 2024

SINGAPORE – A total of 594 people have lost $1.3 million to scammers on online marketplaces in the past two months, the police said on June 12.
Scammers would first pose as interested buyers on Carousell, Facebook Marketplace or other platforms.
After agreeing on the selling price of the listed items via the platforms’ in-app chat functions, the scammers would then impersonate the relevant online marketplace platforms or delivery companies to inform victims that the money was transferred.
They then send the victims a phishing link or a QR code to purportedly receive payment, schedule a delivery, or complete the transaction.
Victims who click on the link or scan the QR code would be redirected either to a spoofed bank website, or to a spoofed delivery company website, before arriving at the spoofed bank website.
“Victims would then be deceived into keying their banking credentials, credit card details and one-time passwords, thinking that it was part of collecting payment from the scammers,” the police said.
“Victims would subsequently realise that they have been scammed when they discovered unauthorised transactions made to their bank accounts or bank cards.”

There were 46,563 scam cases reported in 2023, the highest number since the police started tracking such cases in 2016, and 46.8 per cent higher than the 31,728 cases in 2022.
In total, scam victims in Singapore lost $651.8 million in 2023.
The police advised the public to apply the ACT steps to fight scams, namely: Add security features, Check for signs of a scam, and Tell the authorities and others about scams.
 

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At least $16.3m lost since January to scammers impersonating ICA, Chinese government officials​

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In some cases, the scammer would allege that victims were involved in spreading rumours or false information, or had made illegal purchases. PHOTO: SINGAPORE POLICE FORCE
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Ang Qing

Jun 13, 2024

SINGAPORE - At least 126 victims have lost a total of at least $16.3 million since the start of 2024 to a scam involving people impersonating government officials, the police warned.
In a statement on June 13, they cautioned about a recent uptick in a scam variant where scammers pretend to be China officials and accuse victims of their involvement in criminal activities.
In this variant, victims would receive unsolicited phone calls from a scammer impersonating government officials, such as Immigration and Checkpoints Authority (ICA) officials or bank officers.
The scammer would claim that the victims had applied for credit cards, bank accounts or phone numbers that were involved in criminal activities.
In some cases, the scammer would allege that the victims were involved in spreading rumours or false information, or had made illegal purchases.
If the victims deny any involvement, the scammer would transfer the call to another party pretending to be a government official from China, such as a police officer from the country. This second scammer would then claim to be able to help the victims prove their innocence.
The scammers would then direct the victims to transfer money to bank accounts under the guise of using the sums for bail or an investigation.

In some cases, the scammers would instruct the victims to meet and hand over cash to a person pretending to be an official, or to sign and receive fake documents.
The police reiterated that government officials, especially police officers, would never request members of the public over the phone or through text messages to make bank transfers; provide personal banking, Singpass or CPF-related information; click on links that lead to bank websites; or install third-party applications or software on their computer or mobile phone.
They said government officials from other countries do not have legal powers to ask members of the public here to divulge such information.
The public is reminded to contact the police if they meet a “Chinese police officer” in person in Singapore to pay money, or to receive and sign documents for bail or an investigation.
Those who have information relating to such crimes, or those who are in doubt, can call the police on 1800-255-0000, or 999 in the case of emergencies, or submit the information online at www.police.gov.sg/i-witness
 

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Scammers using deepfake nude images to demand money from victims in Singapore​

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Instagram account of the scammer "Janice". She sent John a photo with his face on the naked body of a man. PHOTO: KYLEEN CABAEL
Kyleen Cabael

Jun 29, 2024

SINGAPORE - A few days after John (not his real name) connected with a woman on the dating app OkCupid, he received a message from a friend who said someone had sent him a photo purportedly of John in the nude.
John, 21, said he knew it was the woman he met on the dating app in June 2024.
Janice had insisted they chat via video call on Telegram. Hours later, she sent him a photo with his face on the naked body of a man.
She threatened to distribute the photo to his friends on various social media platforms unless he agreed to transfer $1,000 to a bank account.
John told The Straits Times he never sent her a picture, let alone a nude shot. They had only one video chat.
That image turned out to be a deepfake, with scammers using face-swopping artificial intelligence (AI) technology to transpose John’s face on another body.
ST has learnt that at least four men have been targeted by scammers in what has been coined “deepfake sexploitation”.

John refused to pay, but others did, with one victim squeezed by the scammers for repeated payments.
Two of the men were approached while on OkCupid, which charges subscribers between $10.89 and $32.46 for tiered membership.
Janice’s OkCupid profile showed that she resided in Singapore. She claimed to be a 21-year-old half-Japanese who enjoyed eating sushi.

“Her profile wasn’t anything out of the ordinary, and it took a day for us to get matched,” John said, adding that they were matched on June 1.
He then struck up a conversation with her through the app’s message function. They hit it off and exchanged Telegram and Instagram contacts.
Four days later, she requested a video call and he agreed.
“She looked a bit different from her profile picture, but I didn’t think anything of it. But it was weird how insistent she was to call,” he said, adding that she did not sound Singaporean.
“She kept on saying provocative stuff like ‘I want to do it now’ towards the end of the call,” said John.
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ST ILLUSTRATION: MIEL

He decided they were not a good match and ended the call. A few hours later, John received the message from his friend about the deepfake nude image. Janice’s threat followed shortly after that.
Although shocked, John ignored the threat since he knew his conscience was clear. He also searched for advice online. “I learnt that scammers usually do not carry out the threat, because they are only after the money,” he said.
John saw that Janice had deleted her OkCupid account before he paused his own.
On the same day John was blackmailed by Janice, he received a message from his friend Sam (not his real name), also 21. Both men are full-time national servicemen.
Sam wanted to know if John knew Janice, because he noticed that John followed her Instagram account. It turned out that Sam was a victim too.
He met Janice on OkCupid around the same time as John. She did the same thing with Sam – chats on the app and then a video call on Telegram.
The threat was also similar, except she wanted him to pay $2,000.
Sam feared that nobody would believe him and paid up.
Joel (not his real name), 25, also caved in.
In his case, the scammers squeezed him for a total of $2,200, after initially demanding $700.
In August 2023, Joel clicked on a phishing e-mail, which he thought was a response to a scholarship he had applied for. He was redirected to a website that scanned his face.
A few days later, he received an explicit video of himself from an unknown user. He was horrified, as he realised it was a deepfake. The scammers threatened to distribute the video to his friends unless he paid them $700.
Joel said: “I was scared because they said they had the contacts of my relatives, friends and colleagues. The video looked quite realistic, too.”
He paid the scammers the money and pleaded with them to delete the video. They demanded more money and Joel paid $2,200 over three transactions before he sought help.
“I realised there was no stopping, so I talked to my brother, who suggested I report the incident to the police,” said Joel.

Deepfake sextortion​

The number of scam cases in Singapore hit a record high in 2023, with over 46,000 cases reported. That year, scam victims lost a total of $651.8 million.
Of the top 10 scam types reported by the Singapore Police Force in 2023, internet love scams ranked fourth, with victims losing $39.8 million.
Victims of internet love scams are tricked into sending money or gifts to scammers, hiding behind fake social media profiles. The scammers usually act affectionate to gain the trust of victims before asking for money.
While the police have figures for most scams, they do not track the number of deepfake-related scams.
In a written reply to a parliamentary question, Home Affairs and Law Minister K. Shanmugam said in April 2024 that there have been some reports where the complainants alleged that deepfake techniques were used by the scammers.
But he added that the number is not high.
Deepfake sextortion is a new phenomenon, but it has made headlines overseas.
In Britain in April 2024, a man was blackmailed with a deepfaked video of himself masturbating. He suspected that the scammer had obtained his contacts and camera gallery after he picked up a phone call from an unknown number.
Mr Leonardo Hutabarat, head of solutions engineering for Asia-Pacific and Japan at cyber-security firm LogRhythm, said: “As the public becomes more aware of AI technology and deepfake software, the use of deepfake scams for schemes like sextortion is likely to rise, especially in Asia.”
Some of the scammers are operating out of centres established in Cambodia. Many of the people carrying out the scams were lured with false job premises but forced to run online scam, said Mr Hutabarat.
He said the Indian government was reported to have rescued 250 of its citizens from Cambodia in April 2024 who were forced to work at the centres and carry out scams, including sextortion.
He added: “These scams typically target individuals seeking romantic relationships and can cause significant damage to victims.”
Mr Hutabarat said scammers have also used deepfake tools to clone voices of friends, family members or authority figures to make urgent requests for money transfers or sensitive information.
He said: “The fake audio sounds extremely realistic, making it hard to detect.”

Cyber threats​

The Cyber Security Agency of Singapore (CSA) said the rise of generative AI (gen AI), which matured significantly in 2023, can increase productivity by automating repetitive tasks and allow for more efficient creation processes.
However, it also brings a new dimension to cyber threats, such as the ability to create deepfakes.
“As user-friendly gen AI tools and tutorials become increasingly available, anyone who is moderately tech-savvy can get started and produce decent deepfakes within a relatively short period of time.
“With such lowered barriers to entry, we expect to see an increase in the creation and usage of deepfakes, which can be used for various malicious purposes,” said a spokesperson for the agency.

In February 2024, CSA said a finance worker at a multinational firm in the Asia-Pacific region was tricked into transferring US$25 million ($34 million) to scammers who used deepfake technology to pose as the company’s chief financial officer in a video conference call.
Mr Hutabarat said some companies are even offering services called Deepfakes-as-a-Service, where customers can obtain professional deepfake content for a fee.
CSA, which provides an advisory on how to detect deepfakes on its website, said those who have been subjected to a deepfake scam should alert the police and notify any organisation involved.
“Netizens who have been targeted are advised not to pay scammers, as paying them does not guarantee that they will stop,” CSA added.
Mr Hutabarat said it is essential for the victim to alert the police so that the scammer is held accountable and the explicit images are not shared.
He said: “Gathering evidence is crucial for any investigation, so it’s important to keep a record of all communications and ensure that no malicious software has been installed on the victim’s system.”
Of the four victims ST contacted, only Joel has filed a police report.
“I realised the scammer will never stop. I am just a student, I could not afford to lose so much money,” he said, adding that he wished he had spoken to his brother sooner.
“I feel like I was too naive and wasn’t cautious. I should have noticed it was a fake e-mail,” Joel added.
Dr Annabelle Chow, clinical psychologist at Annabelle Psychology, said that victims are often anxious and end up paying the scammers despite knowing the images are fake.
“There’s a lot of insecurity from the victim because the image can seem very realistic. Other people might not be able to tell real from fake. There will also always be an element of doubt or judgment from someone who views the fake image,” she said.
 

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Man allegedly behind global insider trading scheme arrested in S’pore; US says he pocketed millions​

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Ge Zhi was apprehended on July 3 and brought to the State Courts the next day, where he was ordered to be held under the Extradition Act. PHOTO: JOSH GE/FACEBOOK
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Samuel Devaraj

Jul 10, 2024

SINGAPORE - A Singaporean man accused of being the leader of an international insider trading and money laundering scheme has been arrested here, following a request in June from the US.
Ge Zhi, 33, was apprehended on July 3 and taken to the State Courts the next day, where he was ordered to be held under the Extradition Act.
The Straits Times understands the US will be filing extradition papers for him to be taken to the district court in Massachusetts.
Ge and his alleged co-conspirators are accused by the US authorities of pocketing tens of millions of dollars in illegal profits on the back of a securities fraud scheme.
They are said to have received non-public information about at least 10 companies whose shares were traded on the US stock exchange. The information included financial performance and merger-and-acquisition activity of the firms, which they received from company insiders.
Ge is said to have recruited others to trade in the stocks, purportedly directing them on how to trade on the information and when to withdraw their proceeds.
Investigators in the US alleged that the illegal profits were then purportedly laundered through various means, including cash payments and international financial transactions, with the intention of, among other things, concealing the sources of the proceeds and masking the identities of the scheme’s participants.

Among other things, Ge is said to have instructed a co-conspirator to transfer $300,000 in illicit proceeds into a Hong Kong bank account, and to say that the money was payment to an antique watch dealer.
A Singapore Police Force spokesperson declined to provide specifics when contacted by ST, but said a warrant of arrest was issued for a 33-year-old Singaporean man on June 28, 2024, for offences allegedly committed in the US.
“As the matter is before the courts, we are unable to comment further,” the spokesperson added.

Ge’s lawyer, Mr Favian Kang from Adelphi Law Chambers, also declined to comment on the matter.
ST contacted the US Department of Justice but a spokesperson declined comment.
In court on July 4, State Counsel Anupriya A. Daniel applied for Ge to be remanded for seven days, pending an extradition request from the US.
The US has an extradition treaty with Singapore.
The counsel said that the authorities in the US had asked only for Ge to be apprehended.

In response to Mr Kang’s query on when the extradition papers are expected, State Counsel Daniel said she was not sure, but added that the time limit is two months.
Mr Kang then requested that the prosecutor liaise with the US counterpart to expedite the matter.
During proceedings, District Judge Brenda Tan asked Ge if he wished to consent to surrender to the foreign state, and he said no.
Under the Extradition Act, fugitives can give consent to their extradition and waive extradition proceedings.
This is in line with international practice, to save state resources and prevent the fugitive from being detained longer than necessary in Singapore.
Ge maintained his refusal in his second court appearance on July 10.
State Counsel Daniel again requested that Ge be remanded for a week, pending the receipt of a formal extradition request.
Ge asked the court if he could get a bail hearing, but Senior District Judge Ong Hian Sun said no.
He will return to court on July 16.
 
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