Singapore Investment Scam: A Single Investor Lost S$6.4 Million & 2,476 Investors Lost S$190 Million in 2021
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Singapore Investment Scam: A Single Investor Lost S$6.4 Million & 2,476 Investors Lost S$190 Million in 2021 10th November 2022 | Singapore
In 2021 in Singapore, a single investor lost S$6.4 million ($4.5 million) to investment scam and 2,476 investors lost a total of S$190 million ($135 million) to investment scams. On average, each investor lost S$76,700 ($54,600) in 2021 to investment scams (reported scams). In 2021, victims in Singapore lost a total of S$633 million ($451 million) to different types of scams. Singapore National Crime Prevention Council (NCPC) on what is an investment scam: “You receive a message from someone claiming to be stockbrokers or bank or financial company employees on social networking sites like Facebook, WeChat or Line. They ask you to share personal details like NRIC and passport numbers for an investment form. You are then asked to transfer money to banks in Hong Kong and China, pay hefty administrative and security fees, and taxes in order to receive the profits and returns. You may also receive phone calls from people claiming to be from the Hong Kong Monetary Authority or Hong Kong Overseas Control Centre, asking for a deposit before profits can be released. In other cases, you may be asked by an online friend to invest in cryptocurrencies, which are highly volatile and unregulated in Singapore.” See below for scams & fraud in Singapore | Visit: Types of Scams
“ Singapore Investment Scam: A Single Investor Lost S$6.4 Million & 2,476 Investors Lost S$190 Million in 2021 “
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