Singaporean Man Scammed Out of $56,000 by 'Investment Consultant' on WhatsApp

In August, a Singaporean man was defrauded of $56,000 after he was added by an investment consultant on WhatsApp and started investing online.

The scammer claimed to be a stock investment consultant and invited the victim to invest in stocks while assuring him that he could make high profits in a short period of time.

Mistaken for a legitimate investment, the victim initiated 13 transactions totaling $56,347 to six bank accounts in less than a month.

Just as the same fraudulent tactics used by other investment scammers, the consultant asked for additional fees when he wanted to withdraw his profits. At this point, the victim realized he was being scammed and reported the incident to the police this month.

The investigation into the six related bank accounts were underway and they were believed to be mule accounts that were used for money laundering.

The police also reminded the public to verify investment offers and to seek information from legitimate sources. People are also warned not to lend or sell their bank accounts to a third party, or hold another person's bank account, as they may be held liable.