At least S$3.6 million has been lost in 48 reported cases of investment scams carried out via WhatsApp chat groups since May 2026, Singapore police said today [1, 2].
The scams begin with fake social media ads offering free investment lessons to lure victims into joining WhatsApp chat groups. Within these groups, scammers pose as investment mentors and occasionally offer bonuses or advice to gain trust [1, 2].
Other group members post screenshots of supposed trading profits to persuade new victims to invest. Victims are then instructed to create accounts on fraudulent websites or mobile apps found in the Apple App Store or Google Play Store [1, 2].
After opening these accounts, victims are asked to transfer money into specified bank accounts or hand over cash or gold in person to individuals claiming to be staff. Scammers sometimes pay initial returns to victims to create a false sense of legitimacy and encourage larger investments [1, 2].
Victims typically realize they have been scammed only when they cannot withdraw their profits or the scammers become unreachable [1, 2].
The Singapore Police warned the public to verify identities before transferring money and to use security features such as official directories to confirm legitimacy [1, 2].
The first reports of these WhatsApp-linked investment scams emerged in May 2026. On June 4, the Singapore Police issued a public advisory warning about the scams and urging vigilance [1, 2].
Authorities continue to investigate these cases and urge anyone with information to come forward.
