SINGAPORE - A personal banker allegedly cheated a customer of $220,000 through the sale of fictitious financial products by a local bank. Read more at straitstimes.com.
SINGAPORE - A personal banker allegedly cheated a customer of $220,000 through the sale of fictitious financial products by a local bank.The police said in a statement on Thursday that they were alerted to the case on Dec 27, 2022. The victim is said to have been deceived into transferring the funds via seven transactions into four separate bank accounts.
The police said banks in Singapore adopt a strict process when handling funds meant for fresh placements in a bank’s investment product. In a different case, a 26-year-old man allegedly cheated at least seven victims of $3,400 by advertising school bus services he did not fulfil. The police urged members of the public to engage service providers from reputable sources and avoid making advance payments or direct bank transfers.
In 2022, $97.6 million was lost to such scams, according to statistics provided by the police on Wednesday.
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