A 36-year-old Indian-origin man has been sentenced to 18 months in jail in Singapore for cheating more than 20 people of over SG$48,000 (about Rs 26 lakh) in a fake investment scheme. According to the court documents, Rajesh Kumar Sharma claimed to be a successful investor and persuaded his victims to invest in various businesses, such as gold trading, cryptocurrency, and e-commerce. He promised them high returns within a short period of time, but instead used their money for his personal expenses and gambling debts.
Sharma’s scam came to light when some of his victims lodged police reports after he failed to pay them back or became uncontactable. He was arrested in January 2021 and pleaded guilty to 20 counts of cheating in September 2021. The court also ordered him to pay a compensation of SG$48,150 to his victims.
Sharma’s case is one of the many examples of how fraudsters exploit the trust and greed of unsuspecting people to lure them into bogus investment schemes. Such scams are often conducted through online platforms, such as social media, messaging apps, and websites, where the scammers can hide their identities and operate across borders.
The authorities have warned the public to be vigilant and exercise due diligence before investing in any scheme. They have also advised the public to report any suspicious or fraudulent activities to the police or the relevant agencies. The public can also visit the Scam Alert website or call the anti-scam hotline for more information and advice on how to avoid falling prey to such scams.
