Elderly man nearly loses S$3.7 million to scammers; was targeted thrice in under 2 months

SINGAPORE — An 82-year-old man who was targeted by scammers three times in less than two months averted a loss of S$3.7 million following the intervention of the authorities and banks. 

The cases took place over February and March, with the Anti-Scam Centre working with CIMB Bank and Hong Leong Finance to foil the attempts. 

A 20-year-old involved in all three scam cases targeting the elderly man was arrested, said the police in a news release on Tuesday (March 19).

On Feb 6, CIMB’s fraud management team detected transactions amounting to S$2.1 million being made from the victim’s bank account.

This prompted the Anti-Scam Centre and CIMB officers to jointly engage the elderly victim at his home. While CIMB’s fraud management team suspended the victim’s bank account to prevent further losses, the Anti-Scam Centre sought the victim’s son’s assistance to provide family support to the elderly man.

“A sum of S$1.3 million was recovered with the remaining sum being dissipated overseas prior to the police report,” police said.

The next day, the Anti-Scam Centre was alerted by the elderly man’s son that three cheques amounting to S$1.2 million were issued by Hong Leong Finance under the victim’s instruction to three individuals. 

The Anti-Scam Centre instructed Hong Leong Finance to hold the cheques, pending further verifications.