Telco SCAM alerts on the rise as we recieve another case within 2 weeks!!!!
Please Take Extra Precaution Before Getting Involved in
Financial Transactions with Acquaintances.
This is a case of 26-year-old Jerald Low Jing Yong, who scammed a victim named TY over the month of January 2019.
TY got to know Jerald from an online forum in December 2018. On the forum, Jerald mentioned about doing business with others. This interested TY, who does his own business. They began communicating over Telegram, where Jerald shared about his bubble tea business, and his plans to open a new bubble tea shop at Marina Bay Sands.
1. Telco Line Scam
The pair met on 3 Jan 2019 for the first time at Tampines Mall. Over dinner, Jerald shared that he wanted new telco lines for his business. He asked TY if he could use his personal details, while paying for the initial sign-up costs himself. TY thought that it was a small matter and obliged.
That day, using TY’s personal details, Jerald purchased 5 lines from different telcos and obtained 5 smartphones, which he likely sold for a profit. Jerald told TY that he would transfer the ownership of the lines to his own business, but he never did. For months, TY received the telco bills and even legal letters demanding for the payment of the lines.
2. Loan Request
From 5 to 9 Jan, Jerald shared with TY about his grandmother’s hospitalization. Jerald said that he had lost his bank cards and could not pay the hospital bills. He asked TY for help, and TY transferred him up to $20,581 as a loan.
3. Car Purchases and Rentals
On 13 Jan, Jerald told TY that he wanted to replace his existing cars. TY has an interest in cars and accompanied Jerald to the showrooms. They visited the Audi and Volvo showrooms, where Jerald gave cheques to purchase up to 5 cars. However, without explaining much, he asked TY for his personal details again, which he used to sign the sales agreements.
The next few days, on 14 and 15 Jan, the pair visited the Kia, Volkswagen and Alfa Romeo showrooms, where Jerald purchased 6 cars using the same method: handing a cheque but sealing the deals with TY’s information. TY obliged as he had seen Jerald’s wealth and thought that Jerald just needed some help – perhaps, there could be potential business opportunities together too.
On 16 Jan, they met at a coffeeshop at Toa Payoh, where Jerald told TY that he wanted to rent a car. He reminded TY about his lost bank cards and asked TY to help pay first. TY used his credit card, which is shared with his mother. About 10 days later, TY’s mother received an SMS that a rental car company had charged their credit card a total of $6,420. TY called Jerald about the charge, and Jerald said he was unaware of it. TY’s mother immediately called the bank to file a dispute and suspend the charge.
Eventually, Jerald’s cheques for all the car purchases bounced too. TY called the car dealers, who by now were getting wary of the pair. The car dealers said the purchases would be voided; but for the Audi purchase, TY would have to bear a penalty fee.
4. An Impression of Wealth
TY had visited Jerald at the Riversails condominium and was told that the scammer owned 2 units there. TY also saw Jerald driving 5 different cars – from Audi A3s in different colours to a Mazda 3. Jerald also showed TY what was apparently his bank statement with a $1.5 million balance.
5. JMS Rogers’ Intervention
After the bounced cheques and Jerald’s failure to pay TY back for the hospital bill and transfer the telco line ownership, TY realized he had been scammed over just 3 weeks. He filed a police report. While the police can help to investigate the case, they cannot assist with any recovery of debts from the scammer, which has to be done via a civil suit (mainly bankruptcy filing by another creditor).
TY approached JMS Rogers for intervention. JMS Rogers immediately managed to achieve communication with Jerald, following the phone call with Jerald he agreed to sign an agreement promising to return the monies owing to TY by instalment. JMS Rogers will be keeping a close eye on his monthly debt repayments.
We urge the public:
❗️❗️ Do not easily give out your personal details to friends for sales agreements or transactions. You will automatically be part of the contract and become financially involved.
❗️❗️ Do not offer to help people whom you barely know in their large purchases. You may think that you are doing a kind act or impressing them; but without much information on their background, you are putting yourself at great risk.
❗️❗️Do not be easily taken in by people who promise big business opportunities or financial rewards. Check for their credentials in the business world – even a lack of presence on LinkedIn or when you do a basic Google search spells trouble.
❗️❗️ Do not be convinced by the impression that others give you while they seek your help. For example, their displays of wealth may not be authentic and likely put up to scam others.