S'porean couple lose $500k in alleged stock investment scam
A Singaporean couple lost over $500,000 after being lured into a pump-and-dump stock scam involving a Hong Kong-listed company. The victims were targeted via social media and pressured into investing through fake trading groups.
Why it matters
This highlights the growing prevalence of sophisticated financial fraud targeting retail investors through social media platforms.
The couple were led into pumping $650,000 into buying stocks of a Hong Kong-listed company whose value then nosedived.
Listen SINGAPORE – A Singaporean couple are holding on to more than $500,000 in losses on paper after they said they were led into pumping $650,000 into buying stocks of a Hong Kong-listed company whose value then nosedived.
They believe they are victims of a so-called “pump-and-dump” scam and made a report to the Singapore police in early August. The police told The Straits Times they are looking into the matter.
The company – CMBC Capital Holdings – had, in a statement posted on its and the Hong Kong Exchanges and Clearing website on Aug 25, said that its name might have been misused in relation to “suspected investment scams”, and it had reported the matter to the Hong Kong police and “relevant regulators”.
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