Man allegedly scammed clients out of $348,000 with fake fixed deposit products

SINGAPORE – A 27-year-old man will be charged on Sept 5 for allegedly defrauding his clients of $348,000 by promoting fictitious fixed deposit products with high interest rates.

Police said on Sept. 4 that they received a report from a local bank in June 2023 about the estate planning manager’s alleged irregularities. They did not name the bank.

Investigations showed that between March 7, 2022, and March 1, 2023, the man had allegedly tricked four victims, aged between 46 and 68, into transferring the total sum of money to their personal bank accounts.

This was done under the pretext that the money would be placed in fixed-term deposit products during a promotion that, according to him, would bring them a high interest rate, the police said.

He also tried to scam two other customers, but they refused the offer.

The man will be charged with four counts of deception and two counts of attempted deception.

Those found guilty of cheating face up to 10 years in prison and a fine.

“Police are taking a serious stance against anyone who may be involved in offering fictitious financial products,” police said.

The public is advised not to comply with such requests or instructions, especially when the promised benefits are too good to be true.