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7 years’ jail for woman who cheated godson of more than $1m in fake investment scheme

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A woman was jailed after she tricked her godson into handing her more than $1 million for a fake investment scheme she claimed would bring in large dividends. After cheating him and other victims of more than $1.3 million in total in investment schemes she made up, Low Mood...

In January 2020, Low told Russell that she had “special investments” at Hong Leong Bank due to the “special relationship” she had with its owners.

He paid Low $30,000, expecting to get dividends of $405 to $1,215 monthly. Initially, Low’s investment scheme appeared to be legitimate as he did receive such dividends. DPP Tay said investigations revealed that Low had transferred more than $290,000 in “dividend earnings” to Russell between February 2020 and June 2021, but was subsequently unable to transfer money when the police froze her bank account for investigations.

That year, Low told Alice about an investment scheme that guaranteed yielding dividends of up to 18 per cent yearly.

 

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