Singapore investment scam victims lose S$3.6m since May as fraudsters exploit fake investment learning groups
At least 48 people have lost a combined S$3.6 million since May 2026 in investment scams linked to chat groups offering free investment lessons. Police warned that fraudsters used fake advertisements, bogus investment platforms and even cash collection schemes to deceive victims.
- Victims lost at least S$3.6 million across 48 reported investment scam cases since May 2026.
- Scammers used fake investment learning groups, fraudulent platforms and fabricated profit claims.
- Police urged the public to verify investment firms and avoid transferring money to unverified individuals.
SINGAPORE: Victims in Singapore have lost at least S$3.6 million since May this year to a new variant of investment scams involving chat groups that claimed to provide free opportunities to learn about investing.
According to a police advisory issued on 4 June 2026, at least 48 cases have been reported since last month.
Police said the scam typically begins with fake advertisements on social media platforms that purportedly offer investment education and training opportunities.
Individuals who expressed interest were invited to join WhatsApp chat groups, where scammers posed as investment “mentors”.
These fraudsters allegedly provided investment advice and offered bonuses to encourage victims to begin investing.
To reinforce the illusion of legitimacy, other members within the chat groups would share screenshots showing purported trading profits.
Victims were subsequently instructed to create investment accounts through fraudulent websites or download fraudulent applications from the Apple App Store or Google Play Store.
Funds and valuables handed over
After opening the purported investment accounts, victims were directed to transfer funds to specified bank accounts controlled by the scammers.
“In some cases, victims were instructed to hand over cash or gold to unknown persons posing as staff from the investment company, who would provide victims with ‘invoices’ upon receipt of the valuables,” police said.
Authorities added that scammers sometimes provided victims with initial returns to create a false sense of legitimacy and encourage further investments.
Victims discover deception
Police said victims generally realised they had been scammed only when they were unable to withdraw their purported profits or when the scammers could no longer be contacted.
“Victims only realised they had been scammed when they were unable to withdraw their ‘profits’ or when the scammers became uncontactable,” the advisory stated.
Members of the public have been advised not to transfer money or hand over valuables to unknown individuals whose identities have not been verified.
Police also urged the public to activate security features on their devices, check for warning signs using official anti-scam resources and verify the authenticity of investment companies and representatives through the Monetary Authority of Singapore’s Financial Institutions Directory, Register of Representatives and Investor Alert List.
According to data released in February 2026 by the police, 37,308 scam cases were reported in 2025, down from 51,501 in 2024.
This contributed to a 24.8 per cent decline in total scam and cybercrime cases, which fell to 41,974.
However, scams remained the primary driver, accounting for 88.9 per cent of cases.
Total financial losses also declined by 17.9 per cent, from S$1.124 billion in 2024 to approximately S$913.1 million in 2025.
