The Police said on 22 December that they have arrested a 58-year-old man for his suspected involvement in a case of overseas property investment scams.

The Police said that on 3 November 2022, they received a report where a 65-year-old woman claimed that she was led to believe that she could earn profits amounting to about $300 million from an overseas property investment scheme.

Preliminary police investigations revealed that between June and November 2022, the woman was introduced to an investment scheme dealing in real estate and computer assets by a relative residing overseas, and was purportedly instructed by the man to make multiple transfers to several overseas bank accounts amounting to about $1 million. After the woman transferred the money, she did not receive the profits as promised after the man requested for more investment funds.

Through follow-up investigations, officers from Clementi Police Division established the identity of the man and arrested him on 21 December 2022. Preliminary investigations revealed that the man is believed to be involved in other similar property investment scams.

The man was charged in court on 23 December 2022 for the offence of cheating under Section 420 of the Penal Code. The offence of cheating carries an imprisonment term of up to 10 years and a fine.

The Singapore police said in August that since January, at least 997 people have fallen victim to scammers posing as property agents resulting in total losses of at least S$3.9 million. They added that there has been a resurgence of a scam whereby scammers impersonate legitimate property agents and ask victims for payment to secure the rental of a unit before viewing the property.

The Police said that they take a serious view of persons who may be involved in scams and frauds, and perpetrators will be dealt with in accordance with the law. They asked members of the Public who have information related to such crimes to call the Police Hotline.