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Gone in under 2 months: Victims lose $36m to conmen promoting investment scams online

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SINGAPORE — Victims lost at least $36 million in less than two months to conmen touting investment scams on chat groups and social media platforms, police said.

There were 897 cases of investment scams reported since July.

In the first method, victims were added into chat groups on platforms such as Telegram, and the scammers pretended to be famous people or reputable companies, said the police. Fake investment websites or applications were also sometimes used to display fake profits, making the scam look more believable, the police added.

The victims were led to believe that the investment was genuine because they would get profits at first, and the fake investment websites or apps would show growing profits - resulting in investments of larger amounts from victims.

 

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