Singapore: Man arrested for allegedly cheating former colleagues into making fake investments

The offence of cheating carries a jail term of up to 10 years and a fine. - The Straits Times/ANN

SINGAPORE, March 7 (The Straits Times/ANN): A 37-year-old man was arrested on Monday for his suspected involvement in a series of investment scams that saw his former colleagues cheated of their money.

He allegedly offered them investment deals promising a 50 per cent return, and is believed to be involved in at least seven other cases of investment scams, which led to victims losing more than $36,500.