Trio jailed for investment fraud
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Three men, aged between 45 and 60, were convicted of investment fraud offences and sentenced to imprisonment ranging from 12 to 18 months at the District Court today (June 24).

The Court heard that in 1998, a man claiming to be an insurance agent approached a female victim and persuaded her to join an investment scheme providing participants with very high yield of return in 10 months. The victim was subsequently introduced to two other men, who claimed to be a lawyer and an experienced investor respectively, and both of them encouraged victim to participant in the scheme.

The victim invested about US$ 0.5 million into the scheme and received a bank guarantee. In 1999, she presented the guarantee to the bank in order to redeem her investment but found that the bank guarantee was fake. The victim then made a report to the police.

Officers of the Commercial Crime Bureau conducted an in-depth investigation and arrested the three men last year (2008). They were jointly charged with one count of conspiracy to defraud and sentences were handed down today.

Police remind members of the public to beware of investment fraud and urge them to report any suspicious circumstances.

Police Report No.15
Issued by PPRB

Ends/Wednesday, June 24, 2009
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