Man arrested for currency exchange scam

SINGAPORE - A 59-year-old man has been arrested for allegedly conning others into giving him their money.

The accused was arrested at Geylang Lorong 8 on Wednesday after police received a report of one of the scam cases involving a 60-year-old victim.

He is believed to be involved in at least two such cases of cheating where the victims were cheated of $4,600 in total.

Police believe that the suspect chose potential victims by browsing through the property listings in the newspaper.He then contacted property or sales agents and pretended to be their ex-colleague or long-time friend.

After that, he offered to exchange local currency for foreign currency at a higher rate. Upon receiving the money, the suspect became uncontactable.

He will be charged in Court on Friday for cheating. If convicted, he could face up to 10 years in prison and be fined.