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

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Hawkers under DBS scheme to get scam awareness workshops after some fell prey to fake e-payments​

Minister for Home Affairs and Law K. Shanmugam (right) at Chong Pang Market and Food Centre for the launch of DBS' group-buy scheme. ST PHOTO: ONG WEE JIN

Isabelle Liew


APR 6, 2022

SINGAPORE - Hawkers under a programme by DBS Bank will be taught how to identify genuine money transfers and keep their banking and payment details safe and secure, after it was reported last year that some had been cheated by customers.
In these cases, the opportunistic customers would show the hawkers screenshots of fake or old transactions as proof of payment, a DBS spokesman said on Wednesday (April 6).
The bank's Adopt-a-Hawker Centre programme was introduced in September 2021 with the aim of equipping hawkers with digital tools to build their online presence.
It announced the new anti-scam element to the programme at the initiative's launch at Chong Pang Market and Food Centre - the fourth centre under the programme - in Yishun on Wednesday.
The other three are Tanjong Pagar Plaza Market and Food Centre, Chinatown Complex and The Marketplace @ 58 in New Upper Changi Road.
Mr Shee Tse Koon, DBS Singapore country head, noted the need for the anti-scam workshops as more hawkers are using SGQR to enjoy the convenience of e-payments.
SGQR is a single-payment QR code that combines the payload details of different electronic payment schemes that a merchant or business accepts.

"We see this as a natural extension of our ongoing efforts to educate the public on the latest scam scenarios, where we have also dedicated a lot of resources to safeguard our customers from fraudsters," he said.
The bank will partner the Infocomm Media Development Authority for the digital workshops, which will look at helping hawkers correctly identify genuine transactions made by their customers.
It also aims to familiarise them with the NetsBiz app, which now includes larger fonts, distinct payment alerts and colours to highlight new transactions.


Minister for Home Affairs and Law K. Shanmugam, who is an MP and grassroots adviser for Nee Soon GRC, said it is important to help hawkers go digital safely to keep up with changes brought on by the Covid-19 pandemic.
He said: "This will safeguard their businesses and allow us to preserve this important part of Chong Pang's identity."
Madam Ong Soo Hoon, 63, who runs a dessert stall at Chong Pang food centre, said she found QR code payments convenient as it cuts down her trips to the bank to deposit her takings.
Asked if she would attend the workshops, she said: "More people are getting scammed these days and this makes me worried as I'm not good with technology. But I'll attend only if they are held in Mandarin."
DBS has said the workshops will be conducted in English.
MORE ON THIS TOPIC
Hawkers in Singapore scammed by fake screenshots of e-payments from customers
Social media abuzz with support for elderly hawkers who are not tech-savvy
Mr Hamzah Mohamed, 49, who works at an ayam penyet stall, said he had to check each payment made through QR code since the stall introduced it last year.
"It is troublesome although it is easier for customers, especially the younger ones," he added.
The programme also involves weekly bulk buys by DBS across the four hawker centres. On Wednesday, 500 meals were bought from six hawker stalls in Chong Pang food centre and distributed to front-line workers at Khoo Teck Puat Hospital and Yishun Polyclinic by DBS staff volunteers.
A campaign to promote the use of DBS PayLah!-enabled QR code payments will also run from now till May 31.
Customers can collect a stamp with a minimum $3 purchase using DBS PayLah! at hawker stalls in the north, north-east and east regions. They will get $1 cashback with each completed stamp card of two stamps, capped at two stamp cards for every customer.

 

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Earn money by watching movie trailers: One arrested and three investigated for Ponzi-like job scam​

The job scam platform lured job seekers through unsolicited messages, promising easy money-making opportunities. PHOTOS: SINGAPORE POLICE FORCE

Yeo Shu Hui

Apr 7, 2022

SINGAPORE - A 29-year-old man was arrested by the police for his suspected involvement in Ponzi-like job scams that promised commissions earned merely by viewing movie trailers, in an islandwide anti-scam enforcement operation conducted on April 1 and 5.
In a statement on Wednesday (April 6), the police said they received information on March 30 about an emerging job scam platform, Moviitech, that lured job seekers through unsolicited messages on Telegram, Facebook, Instagram, YouTube and elsewhere that promised lucrative and easy money-making opportunities.
Job seekers were required to register for a free account and purchase a membership plan ranging from $65 to $450, before they could start earning commissions by watching movie trailers on the platform. They would also be able to increase their earnings by recruiting more people to participate on the platform.
The top-up and withdrawal transactions were done through bank transfers.
Users would be convinced that it was a legitimate job as they would receive commissions and profit during the early stages of their memberships. They would realise they had been scammed only when they did not receive further commissions or were unable to withdraw from their member accounts.
The police added that the Commercial Affairs Department had also identified another three men aged between 18 and 41 during the operations who are assisting with investigations for their suspected involvement in the scams.
Preliminary investigations revealed that the bogus company allegedly ran the Ponzi-like schemes using multi-level marketing strategies. The four men facilitated the schemes by advertising and recruiting job seekers as members and providing bank accounts to facilitate the movement of illegal funds.

Police investigations are ongoing.
Guilty individuals can draw jail sentences of up to 20 years, fines, or both, for committing this kind of fraud. For helping to commit it, the punishment is jail of up to 10 years and fines.
The police said that job seekers should be wary of online job advertisements that promise the convenience of working from home and a high salary for relatively simple job responsibilities.
They added that legitimate businesses would not require job seekers to make upfront payments to secure job offers and earn commissions.
"To avoid becoming involved in money-laundering activities, members of the public should always reject requests to use their personal bank or cryptocurrency accounts to receive and transfer money for others," they said.

 

[syed putra]

All financisl hubs are tax haven and money laundering centres.

 

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Scam that gets people to buy movie tickets for commission resurfaces​

Victims would be asked to make payments to bank accounts belonging to unknown individuals to buy movie tickets. PHOTO ILLUSTRATION: ST FILE

Yeo Shu Hui


APR 9, 2022

SINGAPORE - A job scam involving victims buying movie tickets to earn a commission has resurfaced.
In a statement on Saturday (April 9), the police said that since April 1, they have received 17 such reports involving losses amounting to at least $209,000.
The ruse involves scammers pretending to be online marketing businesses. They would ask victims to access websites to create a user account and make payments to bank accounts belonging to unknown individuals to buy movie tickets.
Victims would be convinced that the work is legitimate as their user account would show the commission they have received after completing the tasks.
They would then be asked to pay more for deluxe or premium tickets. Victims would realise they have been scammed only when they cannot withdraw the money from their account.
The police advise members of the public to not accept dubious job offers promising lucrative returns for minimal effort, never download applications from unverified sources and never send money to anyone whom they do not know or have not met.
Anyone with information on scams may call the police hotline on 1800-255-0000 or visit the I-Witness website to submit the information. Those who require urgent police assistance should call 999.

More information on scams can be found on the Scam Alert website or call the anti-scam hotline on 1800-722-6688.

The ruse involves scammers pretending to be online marketing businesses. PHOTO: SINGAPORE POLICE FORCE

 

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Temasek-backed Zilingo’s CEO suspended pending investigation, board confirms​

CEO Ankiti Bose has disputed allegations of wrongdoing. PHOTO: ZILINGO

Choo Yun Ting
Business Correspondent

Apr 13, 2022

SINGAPORE - Temasek-backed e-commerce start-up Zilingo has suspended its chief executive Ankiti Bose pending an investigation.
In a media statement on Wednesday (April 13), the Zilingo board said the major investors of the company had authorised it to suspend Ms Bose while an investigation is conducted into matters that surfaced in March.
The statement did not mention what the matters of concern are.
“In March 2022, shareholders of Zilingo and members of the board received information which required investigation. The major investors of the company authorised the board to put the CEO, Ankiti Bose, on suspension pending an investigation of the matters raised,” the statement said.
Bloomberg had earlier reported that Ms Bose was suspended after new funding efforts led to questions about the company’s accounting.
The concerns centred on the way that Singapore-headquartered Zilingo had accounted for transactions and revenue across a platform spanning thousands of small merchants, according to Bloomberg’s sources.
Zilingo had been trying to raise US$150 million (S$205 million) to US$200 million with help from Goldman Sachs Group, and the funding round was expected to lift its valuation above US$1 billion.

Besides Singapore state investment firm Temasek, Zilingo also counts venture capital firms Sequoia Capital and Burda Principal, as well as Singapore's Economic Development Board’s investment arm EDBI, among its investors.
The Zilingo board said the company’s major investors have hired an independent firm to investigate the matter, and Zilingo is working closely with the investors and the independent firm for the probe.

“Proper due process has been and will be followed. The board is committed to protecting the interests of all stakeholders in a just manner while fulfilling its fiduciary obligations,” it added.
“Apart from the above, the specific details of these investigations – and the affairs of the company – are strictly confidential.”

Temasek declined to comment when contacted.
Bloomberg reported that Ms Bose has disputed allegations of wrongdoing and contends her suspension was due in part to her complaints about harassment.She has also called the investigation a “witch hunt”, the news agency reported.
The Straits Times has contacted Ms Bose’s lawyer for more information.
Regulatory checks show that Zilingo’s last financial statement was filed in March 2019.
The start-up, which provides technology solutions to support the fashion supply chain, was set up by Ms Bose and co-founder Dhruv Kapoor in 2015.

The suspension of Zilingo CEO Ankiti Bose, seen here in 2017, is scheduled to run until May 5. PHOTO: BT FILE
Commenting on the suspension, National University of Singapore Business School Professor Mak Yuen Teen noted that it is normal for investors to require due diligence when a start-up looks to raise more funds.
There have been situations, such as for co-working firm WeWork, where such due diligence has uncovered issues with accounting and other matters, such as conflict of interest, he added.
“As start-ups are often valued based on revenue or gross merchandise value (GMV), rather than profits, how revenues or GMV are computed is clearly an area of significant risk from an accounting and reporting standpoint,” Prof Mak explained.
He said the board does have the power to order an investigation and to put the CEO on leave or suspend the executive in such situations, but there has to be due process and natural justice, which includes fairness to the accused party.
“It is generally not appropriate for the CEO to still be running the business during the period of the investigation. It is not an easy situation to handle,” Prof Mak added.

The company made an aggressive pitch in its latest effort to raise fresh capital. Late last year, it forecast that core net revenue would rise from about US$40 million in fiscal 2021 to roughly US$60 million in fiscal 2022 and US$100 million the year after, according to presentation documents reviewed by Bloomberg News.
Zilingo said it anticipated breaking even on core Ebitda - or earnings before interest, taxes, depreciation and amortisation - in fiscal 2023 and then reaching almost US$200 million in fiscal 2026.
On March 31, Ms Bose was called to a meeting with three board members and told about "serious" complaints about discrepancies in accounts and mismanagement, according to the correspondence reviewed by Bloomberg.
She was later questioned by two people from Kroll, the investigations firm.
Her suspension is scheduled to run until May 5.
Ms Bose, through her lawyer, has argued that the directors did not follow proper procedures during the process and questioned their right to suspend her, according to the correspondence from her attorney to Zilingo.
"We are of the view that our client's suspension has been procured by invalid and defective means; that the investigation commenced into her is unfair and lacking in due process; and that she has been suspended without proper and reasonable cause," her attorney wrote.

About Zilingo’s Ankiti Bose​

Zilingo’s suspended chief executive Ankiti Bose co-founded the Singapore-based e-commerce start-up with Mr Dhruv Kapoor in 2015, when she was just 23.
The Indian national, who is a Singapore permanent resident, was inspired to set up the technology platform after visiting Thailand’s Chatuchak weekend market several years ago.
The visit seeded the idea for the start-up, which initially sought to provide an avenue for small business owners to market their products online.
It has since broadened its focus across the fashion supply chain, providing procurement, distribution and trade services as well.
Before setting up Zilingo, Ms Bose was an investment analyst at venture capital firm Sequoia Capital in India, where she was immersed in Asia’s fast-growing tech scene.
Her achievements as a young female entrepreneur have been widely celebrated, and she has spoken in media interviews about inspiring other young women to start their own businesses and chase their dreams.
Ms Bose and Mr Kapoor were named on Forbes 30 Under 30 Asia in 2018, and she was featured in the Singapore 100 Women in Tech List in 2020.
She has also been a speaker at several global and regional conferences, including the Bloomberg New Economy Forum in Singapore last year (2021).

 

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China officials impersonation scam: Ex-businesswoman, 75, loses $1m in CPF money​

Madam Fong has not recovered any of the $1 million so far. PHOTOS: MADAM FONG

Jean Iau

Apr 22, 2022

SINGAPORE - Within two months of her first phone call with the scammers, $1 million had been drained from her Central Provident Fund (CPF) account and sent to multiple bank accounts both in Singapore and abroad.
Madam Fong (not her real name), 75,said that for eight weeks, the scammers would call her three times a day when her husband was at work and later even delivered a mobile phone to her home to video call her on video conferencing platform TeamLink.
In a conference call with the media facilitated by the Singapore Police Force on Friday (April 22), the retiree said the person who spoke to her claimed to be from the authorities in China and informed her that her name had come up in a money laundering case there. He also warned her not to involve her family members to protect them.
Madam Fong, who has not recovered any of the $1 million so far - her case is under investigation - is hoping that by speaking out, she can highlight the menace dubbed the China officials impersonation scams.
She is one of 109 victims who have fallen prey to this scam variant since January this year and at least $14.6 million has been lost in that time.
When asked if she thought it was strange that officials constantly asked her over the phone about her family members' whereabouts and if she was alone at home, Madam Fong, who lives with her husband and a domestic helper, said: "I thought they just wanted to protect my family."
Madam Fong, who used to run a chemical trading company with her husband, suffered a spinal fracture a few years ago and uses a wheelchair on occasion these days.

​

She said that in mid-December, she received a call from an automated voice claiming to be from the Ministry of Health.
They patched her through to an "agent" who told her that her name was used for a money laundering case in China and she should assist with investigations.
Madam Fong agreed and provided her personal details to the agent, including her NRIC number and home address.

She then received hand-delivered letters outside her door purportedly from government agencies here including the police, the Attorney-General Chambers and Monetary Authority Singapore.
The scammers sent her a mobile phone using the same method soon after.
"My home wifi is not very good so they said they will send me a phone to help me to talk and cooperate with them," said Madam Fong.
She neither recalls authorising the transfer of the CPF money to her UOB account, which would require Singpass verification, or transferring the money from her UOB account to the unknown bank accounts.
She also does not recall going to a UOB outlet in Orchard Road to give authorisation to start internet banking for her account.

The $1m from her CPF account was transferred to her UOB account and on to other unknown accounts between Jan 28 and Feb 3.
Madam Fong's husband and daughter, who were by her side on Friday, said that while her mind is sound, she does occasionally forget things these days.
A spokesman from UOB said on Friday that scammers will not be able to access customers' funds as long as they do not share their banking details, passwords, and one-time passwords (OTPs) with anyone else.
He added that for every internet withdrawal, UOB will send an alert via SMS and customers can then check transactions as they happen and report any unauthorised transactions to the bank.
"Withdrawals must also be authorised by the account holder only either by a digital or hard token," he said.
UOB alerted the police's anti-scam centre to Madam Fong's transactions and officers visited her at her home on Feb 4, but she was not convinced they were the police.
Madam Fong said she only realised she had been duped when she messaged the scammer after the police visit and did not get a reply.

 

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John Soh, Quah Su-Ling found guilty of 349 charges in Singapore's $8b penny stock crash​

The stock market manipulation was masterminded by John Soh Chee Wen and his girlfriend Quah Su-Ling. PHOTOS: LIANHE ZAOBAO, KEVIN LIM

Grace Leong
Senior Business Correspondent

MAY 6, 2022

SINGAPORE - Malaysian John Soh Chee Wen and his girlfriend Quah Su-Ling, the masterminds of Singapore’s most serious case of market manipulation that wiped out more than $8 billion from the stock market in October 2013, were convicted on 349 counts of market manipulation, deception and cheating financial institutions.
High Court judge Hoo Sheau Peng on Thursday afternoon (May 5) found Soh guilty of 180 charges of the 188 he was facing, while Quah was convicted on 169 of 177 she faced.
Both were acquitted of eight deception charges. Their sentencing will take place at a later date.
According to the police, they face imprisonment of up to seven years, a fine of up to $250,000, or both for each charge under the Securities and Futures Act; imprisonment of up to 10 years and a fine, for each charge under section 420 of the Penal Code; and jail of up to seven years, a fine or both for each charge under section 204A of the Penal Code.
They also face imprisonment of up to two years, a fine of up to $10,000, or both for each charge under section 148 of the Companies Act.
The pair were convicted over manipulating the share prices of Blumont Group, Asiasons Capital and LionGold Corp - known collectively as BAL - between August 2012 and October 2013, through a web of 187 trading accounts held with 20 financial institutions in the names of 58 individuals and companies.
“Participation in criminal conspiracy itself is an offence,” Justice Hoo Sheau Peng said in her verdict delivered on Thursday.

Having considered the trading practices, evidence and conduct of the accused, “I am satisfied beyond reasonable doubt that there existed a conspiracy between the two accused persons to manipulate the market" for the BAL shares, she said.
The duo manipulated the market and price of BAL shares by controlling and using the 187 trading accounts to make thousands of manipulative trades in each of the three stocks, the police said in a statement Thursday.
“In particular, the trades between the controlled accounts were conducted to generate artificial liquidity and demand for these shares, to cause the (BAL) share prices to rise over time, and to retain control of large amounts of shares without disclosing this to the market. The 58 account holders had handed over control of their accounts to Soh and Quah,” the police said.

The judge noted that Soh and Quah remained "extensively involved with matters pertaining to the accounts even after the crash on October 4, 2013".
This included negotiations of settlements with the financial institutions and settlement of losses.
The judge also found “the volumes of wash trading clearly support the conclusion that the accused persons’ use of the 187 controlled accounts was illegitimate”.
Wash trading refers to using one controlled account to sell to, or buy from another controlled account, manufacturing false trading volumes in the process.
Another way the scheme was funded was by deceiving Goldman Sachs International and Interactive Brokers into extending margin financing and delivering payment of more than $230 million for the purchase of securities, by offering BAL shares as collateral, while concealing from the financial institutions that the market for BAL shares was manipulated.
“It cannot seriously be doubted that it is relevant and material for a bank to know that a share being pledged as collateral for financing is the subject of manipulative practices. To suggest otherwise would be to encourage concealment.
“Given the lack of disclosure of such information by (Quah), I find that a deception was practised on Goldman Sachs,” the judge said.

The judge also dismissed as “entirely unmeritorious” allegations put up by the defence that “the case constructed by the prosecution was blinkered by their ill-formed and uncompromising belief in the accused persons’ guilt, as well as their desire to pin the blame on them.
“It is important for me to state that allegations of such nature, especially of impropriety by counsel, should never be lightly made. They distract from the substantive issues to be determined, and they have the potential to cast doubt on the fair administration of justice,” Judge Hoo said.
Soh, 62, who looked visibly thinner, was also charged under the Companies Act (CA). He has been in remand since November 2016, while Quah, the former chief executive of Ipco (now renamed Renaissance United), is out on bail of $4 million.
More than 40 people including Quah’s family and friends attended Thursday’s court hearing after the verdict was delivered, which came after 194 days of trial over the past three years, with close to 100 prosecution witnesses giving testimony.

 

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Singapore's penny stock crash masterminds convicted: How the saga wiped out $8 billion​

(From left) John Soh Chee Wen, Quah Su-Ling and Goh Hin Calm. PHOTOS: ST FILE, KEVIN LIM

Grace Leong
Senior Business Correspondent
MAY 5, 2022

SINGAPORE - After 194 days of trial over the past three years, the Singapore High Court on Thursday (May 5) found penny-stock saga masterminds John Soh and Quah Su-Ling guilty of a whopping 349 charges, nearly all involving market manipulation, deception and cheating.
Soh was found to have conspired with his girlfriend Quah to manipulate the share prices of penny stocks Blumont Group, Asiasons Capital and LionGold Corp through a web of 187 trading accounts held with 20 financial institutions and 58 individuals and companies.
When their shares collapsed on Oct 4, 2013, some $8 billion in total market value was wiped out.
The Straits Times takes a look at the key points of this saga.

1. What happened?​

The infamous 2013 penny stock crash wiped out $8 billion in market capital in what the prosecution called "the most audacious, extensive and injurious market manipulation scheme ever in Singapore".
The massive fraud attracted international media attention, and the loss of investor confidence and harm to Singapore's reputation as a financial centre was "immeasurable and enduring", it said.
On Oct 4, 2013, the Singapore Exchange (SGX) suspended the trading of three counters - Blumont Group, Asiasons Capital and LionGold Corp - when they crashed shortly after the opening bell. This triggered a run on other penny stocks in the larger market.


The three stocks, known collectively as BAL, had surged by at least 800 per cent in the nine months before the rout. When trading resumed on Oct 7, 2013, they plunged further, even though the SGX had banned contra trading and short-selling to try to stamp out speculative activities on the trio.
With market confidence battered, SGX's average daily traded volume plunged by more than 60 per cent in the 12 months after September 2013. The trading value over the same period fell by more than 30 per cent, as the crash made investors more cautious about small and medium-sized firms.
In the aftermath, regulators moved to tighten trading rules and add circuit breakers, among other things, to protect investors from excessive price swings and speculation.


But the fiasco led to criticisms of whether SGX could have acted earlier to protect the interests of retail investors caught up in the bubble, and calls for a probe by authorities. Just weeks after the crash, the Monetary Authority of Singapore (MAS) and the SGX conducted an extensive review into the circumstances surrounding the trio's phenomenal price surge that could not be justified by their fundamentals, before their spectacular crash.
At the time, analysts said shareholders of the three firms racked up losses of almost $1.5 billion when trading restrictions were in place for two weeks. One investor told ST that he had forked out $120,000 of his retirement savings on 50,000 shares in mining firm Blumont when they were at $2.40 a piece just days before the stock crashed. After the rout, his stake was worth only $5,850. "I'm one of many saddened and disheartened investors who will have to live with this painful memory for a long time," he said.

2. What did the authorities do?​

In April 2014, the Commercial Affairs Department (CAD) launched the widest-scale investigation into possible breaches of the Securities and Futures Act arising from suspected trading irregularities in the BAL shares.
At the time, the probe involved eight firms and 13 individuals, many of whom are top executives, for alleged false trading and market rigging.
The penny stock rout also triggered lawsuits by several broking firms and banks against those connected to some of the firms in a bid to recover hefty losses. Former Ipco International chief executive Quah was among several parties sued over $79 million in losses sustained by US stock trading firm Interactive Brokers in the wake of the penny stock crash.
On Jan 27, 2016, ST was first to break the news of Malaysian businessman John Soh Chee Wen assisting the CAD in investigations into the penny stock crash.
Soh, who was 57 at the time and whose passport had been impounded since April 2014, had asked to return to Malaysia. But his request was rejected.
On Nov 24, 2016, Soh, along with Quah and co-conspirator Goh Hin Calm, former independent director at Annica Holdings and ITE Electric, were arrested by the authorities and charged the following day.

3. What happened in court?​

In November 2016, Soh was slapped with 181 charges under various sections of the Securities and Futures Act, the Companies Act and the Penal Code. In February 2017, Soh was hit with seven charges of witness tampering, bringing the total count to 188 charges.
Quah faced 177 charges. These included conspiring to create a false appearance with respect to the market for the three companies' shares between Aug 1, 2012, and Oct 3, 2013.
Other charges included conspiring to manipulate and support the three firms' share prices in August, September and October 2013 shortly before they collapsed on Oct 4, 2013.

Quah Su-Ling arriving at the High Court on May 5, 2022. ST PHOTO: KEVIN LIM
She was also accused of cheating financial institutions into extending vast amounts of credit to accounts she and Soh controlled, and of giving instructions on the trading accounts without obtaining the financial institutions' consent.
Goh was among those asked by the CAD to assist in investigations starting in 2014.
He was charged with six counts of intentionally aiding Soh and Quah to create a false appearance with respect to the market for the BAL shares between Aug 1, 2012, and Oct 3, 2013.

Goh Hin Calm arriving at the Supreme Court on March 20, 2019. ST PHOTO: KELVIN CHNG
In 2019, Goh pleaded guilty to two of six counts of abetment, with four other charges taken into consideration. The Singaporean was sentenced to three years’ jail.

 

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Police issue alert over new scam in S'pore asking for SingPass details to process loans​

The scam starts with victims receiving unsolicited text messages offering loans. PHOTO: ST FILE

Shermaine Ang

May 10, 2022

SINGAPORE - Victims of a new type of loan scam in Singapore were cheated of more than $20,000in the first four months of this year, with at least 15 police reports made.
The police issued an advisory on Tuesday (May 10) warning the public of it.
The scam starts with victims receiving unsolicited text messages offering loans.
When victims respond, they are informed that it is necessary to share their SingPass details for the scammers to verify their employment status to facilitate loan approval.
After receiving the victims' SingPass IDs, passwords and SMS one-time passwords, the scammers use the details to create bank accounts or sign up for telephone lines, the police said.
In some cases, victims were told to transfer money to bank accounts provided as payment for administrative or collateral fees before the loan could be disbursed.
"Victims would discover that they had been scammed only when the scammers failed to disburse the loan as promised," the police said.

The police on Tuesday reminded the public that licensed moneylenders are not allowed to approach potential borrowers via text messages, phone calls or social media platforms.
A fully online loan transaction is also not allowed, and licensed moneylenders must meet borrowers at an approved place of business to verify their identities before granting loans.
The list of licensed moneylenders can be found on the Ministry of Law's Registry of Moneylenders website at rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/
Any administrative fee will not be sought from the borrower before the loan is dispensed. Any such fee should instead be deducted from the loan principal.
The police advised people to ignore or block and report unsolicited text messages offering loans. They should not provide personal information such as their NRIC, SingPass or bank account details to anyone.

 

[Scrooball (clone)]

5 entrepreneurs in S'pore who made the headlines for the wrong reasons
https://www.straitstimes.com/busine...-who-made-the-headlines-for-the-wrong-reasons

 

[congo9]

Fraud isn't new. Bank gotten defrauded by hackers, scammers or people working inside their own organisation's.

I would ask Singkie to wakeup their fucking idea.

 

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$430,000 lost to job scams since start of May, say police​

Victims received unsolicited spoofed messages sent by e-commerce platforms offering job opportunities. ST PHOTO: LIM YAOHUI

Gena Soh

May 11, 2022

SINGAPORE - More than 50 victims have been swindled of at least $430,000 by job scams this month, said the police on Wednesday (May 11).
They received unsolicited spoofed messages sent by e-commerce platforms offering job opportunities.
These messages typically came via SMS, WhatsApp or other social media platforms and touted simple, but highly paid, affiliate marketing-related jobs.
For instance, they could be paid $2 for every product liked.
However, victims would first need to sign up for an account on a spoofed website resembling Lazada, a reputable online shopping site, before they could begin earning commissions.
Victims were allowed to withdraw their initial commissions, which made the scam seem more legitimate.

After withdrawing these commissions, victims would be promised commissions of up to 30 per cent if they were to purchase items on the website.
However, to make the purchase, they would have to transfer money to bank accounts belonging to unknown individuals.
These victims would eventually discover that they had been scammed when they were unable to withdraw from their accounts, or when the spoofed Lazada website was removed.
The police said on Wednesday that Lazada does not conduct recruitment via SMS, WhatsApp or Telegram chats.
It added: "Lazada will also never direct you to a third-party website nor request for your personal details to sign up for jobs."

Victims would receive unsolicited spoofed messages sent by e-commerce platforms offering job opportunities. PHOTO: SINGAPORE POLICE FORCE

The police said Lazada does not conduct recruitment via SMS, WhatsApp or Telegram chats. PHOTO: SINGAPORE POLICE FORCE
The public should also not download applications from unverified sources and send money to people they do not know personally.
The police reminded the public not to accept dubious job offers that promise lucrative returns for minimal effort.

The police reminded the public not to accept dubious job offers that promise lucrative returns for minimal effort. PHOTO: SINGAPORE POLICE FORCE
Job scams were the most prevalent form of scams last year, with more than 4,550 cases reported and at least $91 million lost.
Those who have information regarding such scams can call police hotline 1800-255-0000, or submit a report at the iWitness website.

 

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At least 587 victims lost $2.7 million to scammers posing as friends since start of 2022​

The police said the victims would receive calls from unknown numbers with the "+" prefix. ST PHOTO: MARK CHEONG

Gena Soh

May 12, 2022

SINGAPORE - More than $2.7 million has been swindled from at least 587 people in phishing scams involving scammers pretending to be friends since the start of this year, said the police on Thursday (May 12).
In this month alone, at least 43 victims have been scammed, with total losses amounting to more than $177,000.
In an advisory on Thursday, the police said the victims would receive calls from unknown numbers with the "+" prefix.
Instead of identifying themselves, the callers would mislead the victims with questions such as "Guess who am I?" or "You can't remember me?".
Thinking they were acquainted, the victims would reply with the name of a friend they felt most resembled the caller's voice, said the police.
The callers would then assume the identify of that friend and claim to have lost their mobile phone or changed their contact number and ask the victims to add the "new" number to their contact list.
After a few days, the "friend" would call the victim and ask for loans because of financial difficulties or trouble with the law.

The victims would be provided with bank account numbers or phone numbers to transfer the money to, but would later discover they had been scammed after contacting the actual friend the scammer had impersonated.
The police advised the public to beware of calls with the "+" prefix, especially if they have not been expecting an international call.
The public are also advised to beware of unusual requests received via phone calls or messages even if they appear to be from family or friends.
They should verify the legitimacy of the request by checking with family or friends using alternative means such as physical meet-ups or through other established contact details.
Those with information related to such scams are advised to call the police hotline on 1800-255-0000 or submit it online at their website.
For more information on scams, people can visit the Scam Alert website or call the anti-scam hotline on 1800-722-6688.

 

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At least 15 victims lost more than $12,000 in May to scammers posing as Carousell buyers​

The ruse sees scammers requesting to pay the sellers via CarouPay to the victims' PayNow accounts. PHOTOS: SINGAPORE POLICE FORCE

Michelle Ng
Housing Correspondent

May 14, 2022

SINGAPORE - At least 15 victims have lost more than $12,000 in total this month to scammers posing as buyers on e-commerce platform Carousell.
The ruse sees scammers express interest in buying items and then request to pay the sellers via CarouPay to the victims' PayNow accounts, said the police on Saturday (May 14).
The victims then receive an e-mail purportedly sent from Carousell indicating that payment has been made.
The e-mail will instruct the victims to access their bank accounts via a phishing link or phishing PayNow QR (Quick Response) code provided within the e-mail to receive payment.
Upon clicking these links or scanning the QR codes, victims were redirected to fraudulent websites impersonating bank websites, and be tricked into providing their banking details and one-time passwords (OTPs) to receive payment.
They would realise they had been scammed only after noticing unauthorised transactions in their bank accounts, police said.
The police added that CarouPay, now known as Carousell Protection, will never require sellers to confirm payment via e-mail or require them to reveal any online banking login credentials through third-party websites.

Those on e-commerce sites, such as Carousell, and online marketplaces should always verify the buyer's profile by checking the account verification status, creation date, reviews and ratings, the police said.
They should not click on links provided in unsolicited e-mails and text messages, and when redirected to what appears to be a bank website, should check that the address is the bank's known website address before entering any information.
They should always verify the authenticity of the information with the platform or banks if they are in doubt.
Police said members of the public should also not disclose personal or Internet banking details and OTPs to anyone, and fraudulent transactions should be reported to the banks immediately.
For more information on scams, visit Scam Alert website or call the Anti-Scam Hotline on 1800-722-6688.
Anyone with information on such scams may call the police hotline on 1800-255-0000 or submit information online.

 

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Police report made against Terraform Labs in Singapore; police not investigating​

A police report was lodged against Terraform Labs and its South Korean co-founder Kwon Do Hyeong last week. PHOTO: BLOOMBERG

Joyce Lim
Senior Correspondent

May 18, 2022

SINGAPORE - A police report was lodged by a "concerned citizen" against Singapore-registered firm Terraform Labs and its South Korean co-founder Kwon Do Hyeong last week.
The complainant claimed to know of more than 1,000 Singaporeans who have invested in UST and Luna and making the police report was to "seek justice for all those who have lost money".
The report, which has been circulating online, also contained the address of Terraform Labs.
Police confirmed the report had been made but did not confirm that they are investigating Terraform Labs.
The Straits Times understands that police are not investigating.
Last week, the price of both TerraUSD - better known as UST - and its affiliated cryptocurrency Luna collapsed following a wave of selling pressure.
UST is a stablecoin that was pegged to the United States dollar using an algorithm.

​

The Terra blockchain was halted and restored twice, which saw both Luna and UST being delisted from exchanges, including Binance.
The Singapore-registered Terraform Labs co-founded in 2018 by Mr Kwon, better known as Do Kwon, and American citizen Daniel Hyunsung Shin is the driving force behind the Terra blockchain.
The Accounting and Corporate Regulatory Authority record showed the firm had a paid-up capital of $12.

In the wake of last week's chaos, Mr Kwon was apparently trying to promote a plan to revive the Terra ecosystem.
His wife has reportedly sought emergency protection after an unidentified man "trespassed" into their apartment building in South Korea, Seoul police told digital media platform Forkast. She has been provided with security, the report said.
Crypto exchange Coinhako told users on Wednesday (May 18) that trading in Luna and UST will cease at 11.59 pm on the same day and that they could withdraw their UST and Luna holdings if they wanted.
If they do not, Coinhako will convert the remaining Luna and UST balances to Singapore dollars at the prevailing rate and credit them to users' Coinhako SGD wallet.
Crypto investor Ng Yu Jie, 27, said: "The current value of Luna is zero. I get nothing even if I convert or withdraw the coins"
Mr Ng said he had paid $1,500 for 30 Luna coins last December.
On April 6, the value of one Luna more than tripled to $158.
"I was hoping for it to hit 10- to 20-fold before I sell," said Mr Ng.
"I had thought Luna was safe because it was pegged to UST and UST is a stablecoin pegged to the US dollar. I didn't expect the value to drop so sharply and wiped out all my investments in three days."
Mr Ng said he does not think Mr Kwon would be able to revive the Terra network as "people would have lost trust in Terra".

 

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More than 380 victims lost at least $15m to Internet love scams since start of 2022: Police​

In 2020, there were 822 Internet love scam cases, a more than 13-fold increase from the 62 cases reported in 2011. PHOTO: ST FILE
Amanda Lee
Correspondent

May 18, 2022

SINGAPORE - Since the start of this year, at least 384 people have fallen prey to Internet love scams, losing at least $15 million to the crooks.
The scammers and victims typically befriend one another on social media and develop a relationship, the police said in a statement on Thursday (May 19).
In most cases, the scammers would claim to have sent valuable gifts to the victims. Thereafter, the victims would receive calls purportedly from delivery couriers, informing them that the parcels were detained by the authorities.
To secure the release of the items, the scammers would ask the victims to make online payments to third party bank accounts.
In another variant, the scammers would request the victims to provide financial assistance. Victims would be asked to purchase gift cards and share the activation codes with the scammers or transfer money to third party bank accounts.
The victims would usually realise they have been scammed when they contact Singapore Customs to ask about the delivery charges or when they feel suspicious about the encounter and contact the police to check on it.
In 2020, there were 822 Internet love scam cases, a more than 13-fold increase from the 62 cases reported in 2011.

The police advise the public to adopt precautionary measures, such as exercising caution when befriending strangers online, and to never send money to people whom they do not know or have not met in person before.
Those with information on such scams may call the police hotline on 1800-255-0000 or submit it online at their website.
For more information on scams, people can visit the Scam Alert website, or call the anti-scam hotline on 1800-722-6688.

 

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Victims lose $466,000 to scammers impersonating e-commerce platform staff​

Scammers would tell victims there were payment discrepancies or claim they had won a prize from the e-commerce marketplace. PHOTO: ST FILE
Faith Pang
The Straits Times

May 20, 2022

SINGAPORE - At least 66 people have fallen prey to scammers impersonating staff from e-commerce marketplaces since January this year, losing at least $466,000 in total.
The police issued a statement on Friday (May 20) warning of this growing risk, with victims getting phone calls from scammers over issues with their e-commerce platform accounts.
The swindlers would point to payment discrepancies in the victims' purchases or claim that they had won a prize from the e-commerce marketplace.
Under the pretence of helping to rectify the issue or claim the prize, the swindlers would trick the victims into providing their e-commerce marketplace account login details, credit or debit card information and one-time password.
The victims realised they had been cheated only when they discovered unauthorised transactions made on their credit or debit card.
The police advise the public to never provide personal details to unknown callers over the phone, and always verify the authenticity of what they are told with the official website or official sources.
They should report any fraudulent credit or debit card charges to their bank and cancel their card immediately.

 

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S'pore start-up Zilingo fires CEO Ankiti Bose, reserves right to pursue legal action​

Ms Ankiti Bose said her employment was terminated on grounds of "insubordination", while Zilingo said the ouster followed a probe into complaints of serious financial irregularities. PHOTO: ZILINGO

Choo Yun Ting
Business Correspondent

May 20, 2022

SINGAPORE - E-commerce platform Zilingo has terminated its chief executive Ankiti Bose, also the co-founder of the firm, following an investigation into complaints of serious financial irregularities.
In a statement on Friday (May 20), the Singapore-based firm said it decided to terminate Ms Bose’s employment “with cause” and that it reserves the right to pursue appropriate legal action.
The start-up, which counts Sequoia Capital India, Singapore state investor Temasek, and the Economic Development Board’s investment arm EDBI among its investors, had earlier suspended Ms Bose on March 31.
In its statement, Zilingo said that Ms Bose brought “certain harassment-related issues pertaining to past time periods” to the attention of the firm’s board on April 11.
These issues did not include any harassment complaints against investors or their nominees, it added, noting that a top consulting firm had been engaged to look into the claims brought forth.
“The investigation has concluded that the company took appropriate action and followed due process to address these complaints that were brought to their notice, contrary to media reports that have suggested that the suspension and investigation into Ankiti Bose were aimed at suppressing the said harassment claims,” Zilingo said.
Bloomberg News reported that Ms Bose said in a separate statement that her employment was terminated on grounds of insubordination, after being suspended on the basis of an “anonymous whistle-blower complaint”.

In its statement, Zilingo said: “The company is deeply pained and disappointed to see the manner in which the board, investors and employees have been constantly attacked through ostensibly leaked and fake information, along with what unfortunately appears to be paid and defamatory social media campaigns throughout the investigation period.”
This has cause irreparable damage to the start-up, board, staff and backers, it added.
The company noted that following the recall of loans by debt holders, an independent financial adviser was appointed and is in the midst of assessing options for the business.

More information will be provided in due course, it said.
Ms Bose had earlier been suspended from her duties while the start-up’s accounting practices were investigated. Regulatory checks show that Zilingo’s last financial statement was filed in 2019.
Ms Bose, who co-founded the company with Mr Dhruv Kapoor in 2015, has disputed claims of wrongdoing.
Commenting on corporate governance issues that start-ups face, NUS Business School’s Professor Mak Yuen Teen noted that such issues are not uncommon. Start-ups here and elsewhere have faced the likes of toxic culture, product fraud, financial irregularities and conflict of interest, he noted.
“Founders are by their nature entrepreneurial and risk takers, and may push the boundaries. They are also often charismatic and able to convince people to buy into their vision,” he said.
Prof Mak added that with problems emerging in start-ups, investors may be more careful about due diligence before investing and may demand better corporate governance, and start-ups that are not prepared for these may find it harder to attract investors.
Start-ups need to ensure that they have at least the basic corporate governance in place, he said.
This includes measures such as having accounts audited by a respectable audit firm on a timely basis, having proper internal controls for key business operations, having an internal audit of the key risk areas, and having a properly constituted board with some independent members.
Singapore Institute of Directors vice-chairman Adrian Chan said that while he does not believe confidence in the boards or founders of start-ups has necessarily been shaken by Zilingo’s situation, there are lessons to be learnt from this case and the issues that have surfaced.
Mr Chan, who also serves on the Enterprise Board of the SMU Institute of Innovation and Entrepreneurship, noted that start-up boards and founders should be trained and equipped with the necessary governance skills and knowledge to run their businesses effectively.
“Paying heed to corporate governance makes good business sense and should not be viewed as a burden. And if boards fail to recognise this early on, they may find themselves paying a higher price later on,” he said.

 

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Victims duped into transferring money to secure viewings in hot property market​

The rental prices for HDB flats and private apartments hit new highs in April amid a dip in leasing volumes. ST PHOTO: KUA CHEE SIONG

Nadine Chua


MAY 21, 2022

SINGAPORE - Eight people are being investigated for their suspected involvement in recent rental scams where they allegedly deceived victims to transfer so-called refundable deposits to secure property viewing appointments.
The fake property listings were posted on various websites and platforms, said the police on Saturday (May 21).
They added that three men and five women, aged between 20 and 47, are being investigated following an islandwide anti-scam enforcement operation on Wednesday and Thursday by their Anti-Scam Command.
Preliminary investigations revealed that the eight people purportedly received illicit proceeds from the rental scams in their bank accounts.
"They had come across job or loan advertisements, phishing links, or gambling websites, and had allegedly relinquished bank accounts or disclosed their personal details for various purposes, such as for easy money or obtaining loans," said the police.
For allegedly relinquishing their bank accounts, they may be fined up to $5,000, jailed for up to two years, or both.
Police said parties should verify the legitimacy of a property listing by ensuring that the contact numbers match the ones on the Council for Estate Agencies website, where details on agencies are listed.

The police added that no payments should be made to secure house viewings as property agents are not authorised to handle cash transactions.
Private home prices in Singapore surged 10.6 per cent last year, the highest annual growth recorded since 2010.
Meanwhile, prices for Housing Board resale flats edged up for the 22nd straight month in April.
A four-room unit at Pinnacle@Duxton resold for $1.228 million - the most paid for a four-room flat - while a five-room flat in Henderson Road changed hands for $1.4 million earlier this month.
The rental prices for HDB flats and private apartments had also hit new highs in April amid a dip in leasing volumes.
In their advisory, police said to avoid becoming involved in money-laundering activities, members of the public should always reject requests to allow their bank accounts to be used to receive and transfer money for others.
They are also reminded to be wary of unknown numbers with the "+65" prefix, especially on WhatsApp.

 

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Police warn of banking-related phishing scams after 10 people lose over $70,000​

Phishing scams involving SMS messages from scammers impersonating bank staff have increased significantly. PHOTO: ST FILE
Amanda Lee
Correspondent


MAY 22, 2022

SINGAPORE - At least 10 people have fallen prey to banking-related phishing scams in May, losing more than $70,000.
The police issued an advisory on Sunday (May 22) warning the public of an increase in phishing scams where scammers impersonate bank staff and target victims through phone calls or SMS messages.
In one of these scams, people would receive phone calls from callers pretending to be bank employees. Victims would be told by the callers that their bank cards may have been compromised. They would ask for the victims' bank account information to enable them to resolve the matter. After the victims provided their bank account numbers, they would receive one-time passwords (OTPs) on their mobile phones. The callers would then ask the victims for the OTPs.
In another scam variant, victims would receive an SMS message stating that there were issues with their credit or debit cards, and that they should dial the number included in the SMS for assistance. After calling the number, victims would speak to scammers who would confirm that there were issues with the victims' cards. The scammers would then ask for the victims' credit or debit card details and OTPs under the pretext of assisting them.
The victims would realise that they had been scammed when they discover unauthorised transactions made from their bank accounts.
In February, the police said that victims in Singapore lost at least $633.3 million to scams last year.
Phishing scams involving SMS messages from scammers impersonating bank staff in Singapore have increased significantly, from 149 cases in 2020 to 1,021 last year.

On Thursday, The Straits Times launched its Stop Scams microsite, which features stories on scams including first-hand accounts by victims, trends in scams, how international syndicates operate and advice by experts on what to do if one has lost money to scammers.
In January, ST started the Stop Scams initiative to educate the public on how to spot scams and avoid being duped.
The microsite launch coincided with the inaugural Digital for Life Festival, which is organised by the Infocomm Media Development Authority. The festival will end on May 29.

Phishing scams involving SMS messages from scammers impersonating bank staff in Singapore have increased significantly. PHOTO: SPF
The police advised members of the public to follow crime prevention measures such as always verifying the authenticity of claims of problems with their bank accounts or cards issued by the bank with the official bank website or sources, and reporting any fraudulent transactions to their bank immediately.
Those with information about such scams are encouraged to call the police hotline on 1800-255-0000 or submit it at the police website. Members of the public who require urgent police assistance can call 999.
For more information on scams, people can visit the Scam Alert website or call the anti-scam hotline on 1800-722-6688. They can join the "Spot the Signs. Stop the Crimes" campaign on the same website by signing up as an advocate to receive up-to-date messages and share these with their family and friends.