For those thinking of getting rich quickly, it can be tempting to take part in investment plans promising attractive returns.
However, sometimes these are too good to be true — especially if they’re on the advice of people met over Telegram.
A Singapore man got to know an “investment guru” over Telegram and subsequently transferred a total of S$80,000 to an investment account.
Source: Shin Min Daily News on Facebook
His bank account ended up getting frozen, with his money in the wind.
The alleged victim, named only as Mr Huang (transliterated from Mandarin), told Shin Min Daily News that it all started in October 2022.
Then, the 68-year-old businessman operating in Ang Mo Kio saw an advertisement over Telegram from someone claiming to be a professional “investment coach”.
The other party had a “fresh-faced” look, and sent over many photos of himself doing charity work, Mr Huang said.
Despite not furnishing any documents of actual investments, he was very eloquent, which made him seem trustworthy.
Mr Huang had experienced some unhappy incidents earlier, so the “investment guru” tempted him with high returns, saying that if life isn’t easy he should try to make more money.
While he didn’t give exact details of the rates, he said the investment was a “sure thing”.
The businessman thus joined the online platform of a “natural gas company” upon his recommendation and opened an investment account with them.
Between October and November last year, he transferred a total of S$80,000 on four occasions into the company’s account.
Source: Eduardo Soares on Unsplash. Photo for illustration purposes only.
Later, he saw that some returns had gone into his own bank accounts.
However, Mr Huang discovered in early December that both his bank accounts had been frozen.
He found this out only when he tried to use them for other payments.
Thankfully, he still had about S$59,000 remaining in the accounts, but this resulted in much inconvenience to him as he needed some liquidity for his business.
After he found his bank accounts frozen, Mr Huang sought help from his “investment guru”, who said he was willing to contact the bank.
However, at the end of December, he found that the “guru” had blocked him over Telegram.
Source: Oberon Copeland @veryinformed.com on Unsplash. Photo for illustration purposes only.
Mr Huang tried contacting him via the Telegram channel they were in but received no response either.
When Shin Min tried calling the man, his phone number was disconnected. He was also not contactable via messaging platforms.
Moreover, the online links to the “investment company” could not be accessed.
Mr Huang subsequently made a police report.
The bank has requested him to send the report and other relevant documents to the police’s Anti-Scam Centre.
He also said another potential victim had contacted him privately, saying he may have fallen victim to a scam.
The woman said she’d also sent a few hundred dollars as an “investment”, but pulled out after sensing that something wasn’t right.
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Featured image adapted from Shin Min Daily News on Facebook and Oberon Copeland @veryinformed.com on Unsplash. Image on the right for illustration purposes only.
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