Singaporeans lured by alleged pyramid scheme linked to investment opportunities in China
Singaporean citizens are being targeted by a pyramid scheme operating out of Nanning, China. Victims report losing significant sums of money after being lured into the scheme by acquaintances.
Why it matters
This exposes the risks of cross-border financial scams and the vulnerability of individuals to sophisticated investment fraud.
Amid a clampdown by Chinese authorities on pyramid schemes, CNA has learnt of at least a dozen Singaporeans who were approached by fellow Singaporeans over a so-called business and investment scheme in China's southern city of Nanning.
Diagrams presented to a participant in Nanning showing how a proposed investment scheme works and its membership tiers. (Photo: CNA)
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