I Couldn't Eat, Couldn't Sleep Man Losing $ 50,000 Through Investment Scam, Judicial and Crime News, and Top News - The Straits Times

I Couldn't Eat, Couldn't Sleep Man Losing $ 50,000 Through Investment Scam, Judicial and Crime News, and Top News - The Straits Times

I Couldn't Eat, Couldn't Sleep Man Losing $ 50,000 Through Investment Scam, Judicial and Crime News, and Top News - The Straits Times


SINGAPORE. Mr. Lin (not his real name) was not familiar with the investment. But last December, a woman he befriended on Facebook advised him to open a trading account and introduced him to a broker she knew.

Trusting her, he has deposited most of his savings into the account twice since January 1.

I wanted to earn a little more because of the pandemic, said Mr. Lin, who works in the food and beverage industry. But two weeks later, he was told that his deal had failed and that he owed the broker about $ 53,000.
I couldn't sleep, I couldn't eat, Lin said.These are the savings that I have saved bit by bit, working over the years.

Lin was baking cookies for Chinese New Year last Thursday night (Jan 28) when he was contacted by the Anti-Fraud Center (SAC) of the Singapore Police Force.

It was then that he learned that the bank account of the broker to whom he had transferred nearly $ 50,000 was being investigated for investment fraud.

Mr. Lin was one of more than 200 victims who learned that they were victims of fraud during the SAC operation.

During the three-day operation last Wednesday through Friday, SAC employees worked with banks to intervene in fraudulent gaming platforms and investments. Together, they tracked transfers of funds from suspicious accounts, contacted victims who made transactions, and advised them to stop any further transfers.

Many of them did not even suspect that they had been deceived, police said.

From 2019 to 2020, investment fraud increased 126 percent to 1,102 cases, with victims losing at least $ 69.5 million.