Police warn public of Fun Coffee fund recovery services scam
Singaporean police have issued a warning regarding scammers impersonating recovery services to target victims of the Fun Coffee Ponzi scheme. These fraudsters demand additional fees under the guise of helping victims recover lost cryptocurrency investments.
Why it matters
This highlights the growing trend of 'secondary victimization' where scammers exploit individuals who have already suffered financial losses.
Members of the public should be wary of fund recovery service scams, which claim to be able to help victims of the alleged Ponzi scheme — involving Fun Coffee — to help recover their funds.
Police said in an advisory on Thursday (Aug 28) night that scammers have been impersonating as representatives of Fun Coffee or third-party service providers, offering to assist victims in recovering funds lost to the alleged Ponzi scheme.
Victims were instructed via online messages to make payments through bank transfers, after scammers claimed these were deposit, tax payment, or fees required to facilitate funds recovery.
They would only realise that they have been scammed after they did not recover their funds despite making the payments.
Based in Phu Quoc, Vietnam, Fun Coffee claimed to have assets of more than US$1 billion (S$1.28 billion) and a team of more than 5,000.
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