Victims in SG lose S$36mil in under 2 months to conmen touting investments on social media, chat groups
"The victim's troubles started on Aug 4 when she came across an advertisement for an online investment scheme on Facebook. "On Aug 10, the victim was told that her returns had been banked into her account, but she could only withdraw the money if she banked 16% or about RM12,600 in sales and services tax.Supt Hoo said the representative contacted the victim again and told her that she had another pending payment totalling RM3,000 and that she had to bank the amount into an account belonging to an individual to which she complied.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, whipping and a fine upon conviction.