Beware of fake investment schemes

Anonymous | 22 Aug 2023

Investment Scam
A few weeks ago, Tim contacted me on Facebook with the intention of becoming friends. Our conversation shifted to Telegram. After chatting for a while, he requested a favor – assistance in accessing his trading investment account on for a cryptocurrency transaction. Following this transaction, he boasted about a 10% profit and championed the idea that using money to earn money was the smartest choice.

As I helped him succeed in this transaction, he invited me to join the investment platform. I agreed and completed the registration process, including uploading my identification documents. Tim guided me through my initial trade, resulting in a 10% profit, which the platform's customer service transferred to my bank account.

Tim repeatedly encouraged me to raise my investment, promising favorable returns in what he described as scarce money-making opportunities. Starting with an initial SGD 1,000, I increased my balance fivefold through platform and e-wallet transfers. Despite doubts, I increased it further, influenced by my success in three trades during that period.

When Tim urged me to double the balance for an impending "big trading transaction," pressure mounted. Deciding to withdraw everything, I faced difficulties transferring to my e-wallet. The platform's customer service informed me of a frozen account due to suspected money laundering detected by their trading system. To unfreeze it, they insisted on an equivalent deposit, which I made in fear.

Thereafter, customer service announced an investigation, threatening account cancellation within 72 hours. Realizing the situation, I cut ties with the platform and ceased further investments. Tim disappeared from my life, another casualty of a deceitful scheme.

To this day, Tim's Facebook and Instagram accounts (@oyt19891? / @oytian77?) remain active.