--- title: "Man loses $20k in scam, nearly sends $40k more before police step in: ‘The investment group even sent me mooncakes’" url: "/trending-now/man-loses-20k-scam-nearly-sends-40k-more-police-step-investment-group-even-sent-me-mooncakes" published: "2026-10-25T04:58:24.000Z" updated: "2026-10-25T04:58:24.000Z" section: "Trending Now" authors: ["Cherry Tan"] tags: ["TNP News"] --- # Man loses $20k in scam, nearly sends $40k more before police step in: ‘The investment group even sent me mooncakes’ *What appeared to be an investment opportunity turned into a suspected scam, with a man losing $20,000 after being promised daily returns of up to 14%.* A man lost $20,000 in an investment scam after joining a 78-member investment group, where scammers allegedly used fake experts, promises of high returns and even gifts to gain his trust. The victim, surnamed Chen (transliterated), was preparing to transfer another $40,000 to invest in cryptocurrency when a call from the police Anti-Scam Centre alerted him that he could be dealing with scammers. Speaking to Shin Min Daily News, Chen said he hoped sharing his experience would warn others to be cautious. ## Drawn into investment group after downloading trading app Chen said he downloaded a legitimate investment platform app on July 15 and was later contacted by a woman over WhatsApp who claimed to have a partnership with the platform and offered to introduce him to investment courses. She added him to a group called Market Insight Academy S20. Members were introduced to individuals claiming to be a professor and the chief investment officer of a Hong Kong financial services company, who shared investment-related information. The group then promoted a supposed Securities Market Development Plan, or EQDP, which it claimed would enter Singapore, and encouraged members to buy specific stocks. ![Man loses $20k in investment scam after joining 78-member group, almost transfers another $40k before police call](https://cassette.sphdigital.com.sg/image/stomp/ecebabae932c52ef3fa63a800693a1131939999dcbca9a54f53e64644cc41c8f) *Chen said the WhatsApp group he was added into had 78 members.* From Sept 3, Chen bought the recommended stocks through two investment platforms, putting in a total of $44,000. However, the stock prices subsequently plunged. Instead of advising him to sell, the group’s representatives urged him to hold on, claiming the prices would recover. They even alleged that the drop was part of the company’s safety mechanism to deliberately suppress the prices. Chen later became involved in another purported investment opportunity promoted by the group’s chief investment officer. ## Promised daily returns of up to 14% The group introduced an artificial intelligence (AI) investment project, claiming that only 300 slots were available. Moved by a sense of urgency, he eventually signed up and was instructed to download and open an account with an app called Act Sentiqra. The purported investment scheme was said to use AI to manage investments according to each user’s chosen risk level, promising daily returns of between 7% and 14%. Chen transferred $20,000 to the investment account between Oct 6 and Oct 13, using bank account details provided by the group. He was preparing to transfer another $40,000 to buy cryptocurrency recommended by the group when the transaction failed. He then received a call from the police Anti-Scam Centre. “I was told that the two bank accounts I had transferred money to had already been reported for receiving scam proceeds,” he told Shin Min reporters. Shocked, he made a police report, and his bank subsequently helped him change his bank accounts and details. The police confirmed that a report had been lodged and investigations are ongoing. ## Suspects most members of 78-person group were scammers Chen said the WhatsApp group had 78 members, but he now suspects many were scammers posing as fellow investors. Some members had shared photographs of themselves purportedly handing cash to the group’s chief investment officer in person. Looking back, he believes the group may have been designed to make victims feel that many others were also investing money into the accounts. While Chen has not left the group, he has deleted the Act Sentiqra app. He also suspects the earlier stock recommendations were part of the same scheme, with victims first encouraged to trade on legitimate platforms before being directed to download another investment app. ## Victim received robot vacuum cleaner and mooncakes The group also used rewards to encourage participation in its purported investment classes. Chen said members could earn points by checking in for each session and sending screenshots to the woman who had initially contacted him. These points could be exchanged for supermarket vouchers, neck massagers and robot vacuum cleaners. Chen accumulated enough points to receive a robot vacuum cleaner, and also received mooncakes from the group during the Mid-Autumn Festival. ![Man loses $20k in investment scam after joining 78-member group, almost transfers another $40k before police call](https://cassette.sphdigital.com.sg/image/stomp/f5da93240333e61b88d1548bcff6e39769c1bb6d4bb048126e8f976d42b5575c) *Chen said members could earn points from attending classes, which could then be exchanged for rewards.* In hindsight, he believes the gifts were funded by money he and other victims had invested into the scheme. The purported classes were not conducted like conventional online lessons. Chen said the woman usually sent introductory messages, followed by infographics from the professor. A video call was held only when the chief investment officer was introduced. ## Hong Kong firm says its name and executive were impersonated After discovering the suspected scam, Chen searched online and found that the chief investment officer named by the group was a real person associated with Hong Kong financial services firm Landmark Family Office Limited — which itself had been impersonated. In a LinkedIn post last month, the firm said it had learnt that scammers were using its name, as well as the name and photograph of its chief investment officer, in Singapore-based chat groups to promote unauthorised investment opportunities. The company clarified that it was not affiliated with the individuals, app or investment scheme involved. It also warned that promises of guaranteed returns and requests to transfer money into personal or third-party bank accounts could be signs of scams. The Singapore Police Force had previously warned about investment scams involving so-called “pump and dump” schemes. Scammers posing as investment experts may first build trust in social media groups by promoting supposedly profitable stocks, before encouraging victims to buy overseas shares with high potential. Once victims have bought enough shares, the scammers may sell their own holdings to make a profit, leaving victims facing losses. Since July 1, the police had received at least 21 reports involving such scams, with five victims losing more than $750,000 in less than a week.