Case Study #004: Product Investment Scam - Best Singapore Debt Collection Service
JMSRG070324 Case Study 4 Page 1

Case Study #004: Product Investment Scam

JMS Rogers received a call from a client who sounded desperate for help as she wanted to know when our earliest appointment date would be. We instructed her to bring all the supporting evidence she had with her and invited her to our office in the evening on the same day.

Our client shared with our DY CEO her situation. She was asked to invest SGD$18,000 into a company by an acquaintance that she barely knew. The investment was for the purchase of products and once the products were sold in the retail market, the profits would be shared with her. These transactions were supposed to happen within 2 months.

Our client willingly agreed and transferred the amount through bank transfer. She received her share of the profits and initial capital for the first deal. The profits amounted to about 20% of what she invested initially. Subsequently, our client participated again for 3 more deals. When the 4th deal was done, she didn’t receive her profits after a few months. She began to stress out as she invested about SGD$80,000 into the 4th deal.

Our investigations team studied the evidence she provided and found out that the account she transferred to for the 4th deal was a personal bank account and not the company account. This is a breach of contract and could be deemed fraudulent. Our Client Relationship Manager updated this new finding to her while we sent our Asset Recovery Team to locate the debtor. We managed to get a hold of him and with the new evidence in hand, our recovery team explained to him that he can be investigated for fraud. He decided to make restitution and over 6 months, our Asset Recovery Team collected back the full amount on behalf of our client.

What can we learn from this:

1.⁠ Always check the bank account and company details before investing or making multiple transfers. Seek professional help if you are in doubt.

2.⁠ Investments always carry a form of risk. Only invest if you are confident in what you are investing into and not based on the recommendations of friends or family.

If you find yourself in similar situations, or you have another situation that requires our help, please contact us through Call/Whatsapp at +65 8100 8880 or email us at enquiries@jmsrogers.com.sg

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