SCAM: SPF issues warning on new scam impersonating S’pore wealth fund GIC, offering lucrative investment packages

The Singapore Police Force (SPF) has announced a new type of scam targeting victims through lucrative investment deals offered by scammers impersonating representatives from Singapore’s sovereign wealth fund, the Government of Singapore Investment Corporation (GIC).

The scammers are pretending to be representatives of GIC on messaging platform Telegram group chats, said SPF on Facebook on Thursday (Apr 28). “They would invite unsuspecting victims into a Telegram group chat and claim to be from GIC and offer lucrative investment packages to them,” said SPF.

“Victims keen to invest would then be directed to provide their personal particulars and bank account details to sign up for such packages and transfer money into scammers’ bank accounts,” the police added.

Victims would only realise they were scammed when the expected profits don’t arrive, or they can’t withdraw their initial investments.

Members of the public are advised not to react, reply, click or open any attachments from anyone or any organisation claiming to be from or affiliated with GIC, said SPF.

GIC, which manages Singapore’s foreign reserves, also issued a notice indicating they do not provide any investment services to the public.

“GIC will never contact any member of the public to open a trading account, make a private trade or fund transfer for any investment including but not limited to gold, crypto, property, equities, bonds, commodities or any other asset or financial instruments,” said GIC.

It added that any attempt to solicit investments using GIC’s name or brand is a fraud or scam.

“GIC accepts no responsibility for any fees, costs, charges, payments or losses made which were incurred as a result of such fraud or scam.”

SPF reminded the public to be aware of scams such as investments promising attractive returns in a short period.

As scammers often take advantage of the vulnerability of human behaviour, individuals are urged to stop and think before taking any action on such solicitations.

Furthermore, members of the public are advised to safeguard personal information like bank account details and passwords.

Individuals with information on scams can call the police hotline at 1800-255-0000 or submit information online here. /TISG

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