Monday, July 5, 2010

Another Scam with Singaporeans among the Victims

Singaporeans among HK scam victims – The Straits Times, Monday June 28 2010. HK$21 million (SGD$3.75 million) from 160 victims with one victim reported as paying to the Hong Kong gang scammers HK$3 million which is about SGD$536,000! Victims were ethnic Chinese from countries living in Australia, New Zealand, China, Taiwan, Malaysia and Singapore.

How did the scam work? 
Phone calls or E-mails were made to the victims either promoting investments that promised high guaranteed returns or congratulating the victims on winning the top prize of a lottery or lucky draw.

The catch? 
To receive the winnings or investment returns, victims have to pay an “administrative fee” to a bank account. 

Based on past scams reported, usually these victims had not even entered into any lottery or lucky draw when they were informed of winning such prizes. Variations to these scams include having to pay for “taxes”, “release fees” or even “identification verification”. Pay an “administrative fee” and it will be followed by some issue of “taxes” where more payment is needed. More often than not, it involves a few of such payments which may explain why some victims can be duped of SGD$536,000. 

My main concern when reading this article?
They have now made it more believable by adding a step to their modus operandi. 
For lotteries or lucky draws, they will now send emails or call victims to participate in a survey. To thank them for participating in the survey, they will be informed if they win a prize.
For Investments, the scammers actually befriend the victims online on social networking websites and building the friendship before persuading them to make the “investments”! 

As usual, before you part with any of your hard-earned money, always do your own checks. Anything that sounds too good to be true, probably is.
Help share this to avoid having loved ones fall victim to the scams.


  1. you don't have to look far to review similar incidence. Just last week, Sunday Times reported scams from local set ups. Many so called "entrepreneurs" who are self declared millionaires and who market themselves in the papers are more hot air than people with actual substance. Look at Mr Marc Wee...he is a lousy con artist in my opinion (based on his interview with CNA). One look at him i can straight away tell that he simply cannot make it. Another con artist is M Kishore who touts himself as a successful former hedge fund manager and now a Forex coach. Stay away from him cos if he can coach a newbie to turn $1k to $78k in 2 mths, be very afraid that he can turn you into a turtle when you fail to follow his instructions!!!
    Seriously, everyone out there, don't be so naive to believe what you see or hear without further evidence.
    My advice to all is beware of those who work with Adam Khoo Academy. Mr Marc Wee is one of them. The forex trader/coach who is working with Adam is another professional con artist who is very proud of his fake trading results which he posted over his blog site. How do i know? Cos i challenged him to show his real account which he couldn't....God bless all!

    1. You are absolutely right. Congrats for having the courage to speak up against the wrongdoings of your fellow Singaporeans. Be also on the lookout of so-called Internet Marketing Gurus. Check out Highly dubious character. Only wants praise but cannot take criticism. Real fake. Big EGO.

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