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Man promised 50 per cent returns in investment scam; cheated 16 victims of over $48k

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After he was arrested and released on bail in March, he cheated two other friends using the same gambit. Read more at straitstimes.com.

SINGAPORE - A man who lied to his colleagues and friends that he knew of an investment opportunity that promised 50 per cent returns was sentenced to 38 weeks’ jail.

In 2021, he started investing in cryptocurrency and non-fungible tokens, and asked his family and friends to invest through him as well. The second victim, V2, who also worked at TTSH, paid Haresh $8,000. Haresh had said the victim would make $500 for every $1,000 in a no-risk investment in a span of two weeks.

Haresh ran his scheme with other colleagues at TTSH but, in reality, did not know of any investment that could generate such returns.

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Man promised 50 per cent returns in investment scam; cheated 16 victims of over $48kA man who lied to his colleagues and friends that he knew of an investment opportunity that promised 50 per cent returns was sentenced to 38 weeks’ jail. Haresh Letchmanan, 38, who pleaded guilty to five cheating charges on Thursday, had cheated 16 victims of a total of...
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