Elderly victim avoids losing S$1.5mil to investment scam after police, bank intervene

The transfers were detected by both the police’s Anti-Scam Centre and Standard Chartered Bank on Jan 11, leading to a scam victim avoiding losses of S$1.5 million. - SINGAPORE POLICE FORCE

SINGAPORE: A 71-year-old would have lost about S$1.5 million to an investment scam had it not been for the actions of the police and bank staff on Jan 11.

In a media statement on Jan 16, the police said that the victim had made “large-sum” payments to different bank accounts after a foreign acquaintance promised the victim quick returns on investment opportunities.