Police warn of scams with apps selling fake investment products

The police warned the public on Dec 9 against investment scams involving applications used to peddle fraudulent investment products.

- Ian Cheng

Since October, there have been at least 20 reported cases of investment scams involving these applications, with total losses amounting to at least $1.7 million, said the police.

This scam variant targets victims who come across social media advertisements featuring “investment products” that promise lucrative returns.

When they click on these advertisements, the scammers would contact them via WhatsApp and invite them into group chats with grandiose names like “Interactive Elite Knowledge Academy” and “168 Wealth Pursuit”, said the police.

Within these chat groups, the victims would meet other members who claim to be successful investors vouching for the authenticity of the “investments” and “returns”.