Victims in Singapore have lost more money to fake investment schemes than any other scheme in the last three years. Notably, he lost SGD 190.9 million last year to a Chinese cryptocurrency scam, the slaughter of pigs. This is more than five times his 36.9 million SGD in 2019. According to a Sunday Times report, scammers spend months building relationships with victims before asking them to invest in such schemes.
A recent variant that emerged in Singapore was a “pig slaughter” scam, the report said, adding that the Chinese word “sha zhu pan” means fattening up a pig before slaughter.
As the population expanded into Europe and the United States, fraud tactics evolved to keep up with the growing popularity of investing in cryptocurrencies. According to Singapore police, the victims mostly sent money to banks in China, including Hong Kong. “They were asked to pay administrative fees, security fees, or taxes in order to make a profit. was there,” the police said. There are no official data on how many pig slaughter scams are discovered each year in Singapore.
A term coined to describe fraud. Scammers spend months building relationships with their targets before persuading them to invest in bogus investment schemes. A Singaporean daily cited news reports that a pig slaughter scam in China began in 2016. At the time, scammers tricked victims into betting on fake gambling websites. The Chinese government cracked down on illegal gambling in 2018. But then scammers…
