Victims in SG lose S$36mil in under 2 months to conmen touting investments on social media, chat groups

There were 897 cases of investment scams reported in Singapore since July. — The Straits Times/ANN

SINGAPORE: Victims lost at least S$36mil (RM120.63mil) in less than two months to conmen touting investment scams on chat groups and social media platforms, police said.

In a statement on Aug 14, the police said there were 897 cases of investment scams reported since July, in which victims were lured into parting with money to channel into investments, which then turned out to be scams.