Man arrested for allegedly cheating friend of at least $186,000

SINGAPORE – A 43-year-old man was arrested on Oct 21 after he allegedly cheated an older man, who was his friend, of at least $186,000.

In a statement on Oct 22, the police said they received a report on Sept 27 that a 69-year-old man had made payments to the younger man on the pretext of recovering his scam losses.

Preliminary investigations revealed that the older man had suffered losses in a cryptocurrency scam and first confided in the man, who was a friend, about it.

Over 15 months, the man allegedly requested multiple transfers from the victim for purported legal fees, witness protection fees and other administrative fees.

He was also believed to have sought further payments on the pretext that the matter could be heard in overseas courts, the police said.

Officers managed to establish the identity of the man through ground inquiries and follow-up investigations before arresting him.

The man is set to be charged in court on Oct 23 with cheating.

If found guilty, he could face up to 10 years’ jail and a fine.

The police reminded members of the public to exercise caution when dealing with persons who claim to be able to recover money lost to scams or other fraudulent schemes in exchange for payments or fees.

Upfront payments should be verified, especially when these are said to be required for legal, administrative or processing purposes, the police said.

“If you suspect that you have fallen victim to a scam, contact your bank immediately to report, block any fraudulent transactions, and lodge a police report,” they added.