Fraud victims thank CCB
Two Singaporeans, who were victims of an investment fraud, have made their way o Hong Kong and presented a banner to Commercial Crime Bureau (CCB) for cracking the fraud and recovering all the crime proceeds.
In 2009, victims in Singapore received cold-calls from fraudsters, enticing them to invest in a non-existent stock trading with a reduced stock price and a guaranteed high yield. The victims remitted their money to a bank account in Hong Kong. The investigation was subsequently taken over by CCB.
After an exhaustive investigation, CCB succeeded in arresting and prosecuting two fraudsters and fully recovering the crime proceeds totalling $0.8 million. The fraudsters were convicted of money laundering and jailed for 33 months and nine months respectively at District Court.
