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

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Scam victims lose nearly $1 million to con men claiming to work for China-based firms​

The latest scam tactic involves victims getting calls from someone posing as an employee of a Chinese business. PHOTOS: SINGAPORE POLICE FORCE

Gabrielle Andres
Correspondent

Sep 10, 2024

SINGAPORE - Scam victims in Singapore lost nearly $1 million in under two weeks to con men who claimed to be working for China-based businesses like Tencent, WeChat or UnionPay.
The police said in a statement on Sept 10 that there have been at least 46 such cases reported since Aug 29, and victims have lost at least $958,000 to these con men.
The latest scam tactic involves victims getting unsolicited phone calls from someone trying to pass off as an employee of a Chinese business, the statement added.
The con man would claim to inform the victims of an expiring free trial of a subscription that they had previously signed up for, such as insurance coverage or WeChat’s anti-harassment function.
Victims would then be told that fees would be deducted automatically from the bank accounts linked to the platform, unless they have cancelled the subscription.
The victims would then be asked to check and verify their identities and bank account details by providing their personal information, and transferring money to various bank accounts.
The police said: “The victims were assured that their monies would be refunded upon successful verification.

“In some cases, the scammer would guide the victim using the WhatsApp screen-sharing function, to increase the bank transaction limit and perform the bank transfers.”
Sometimes, the con men would pressure the victims to comply with their instructions, or take further steps to pass themselves off as credible.
For instance, they would use tactics like redirecting victims to speak to another person posing as a customer service employee, as well as showing fake employment passes or documents of their alleged subscriptions with the personal information of the victim.
“Most victims would realise that they had been scammed only after making multiple monetary transfers without receiving the promised refunds,” the police said.
The police suggested that people use the ScamShield app, set up security features like transaction limits and enable two-factor authentication to guard against falling victim to scams.
They should also check for tell-tale signs of a scam and report any fraudulent transactions to their bank immediately.

 

[mojito]

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

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

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.

My fellow Singaporeans commit more crimes indeed.