PUBLISHED ONJanuary 29, 2026 2:14 PMBYKoh Xing YingWhat started as a modest "investment" ended in a financial nightmare for a woman in her 50s after she lost more than $400,000 to a scam within two months.
Speaking to the media at the Police Cantonment Complex on Thursday (Aug 29), the victim, who wished to be known only as Lim, recounted how she was drawn into the scheme and gradually persuaded to "invest" increasingly large sums of money.
Lim, who works in the healthcare sector, said that at the time, she was an active user of Moomoo, a global investment and trading platform.
"I approached the online customer service by Moomoo and shortly after that I received a WhatsApp group message. I originally thought the people where from Moomoo," said Lim, noting that the group had at least 80 members.
"It (started) as a WhatsApp group before they approached me individually. In the group, they sent investment-related (information) regarding the stocks and sounded very professional," Lim said, explaining that members often posted screenshots showing their profits and how the investments were made.
She also said the scammers claimed to be based locally and linked to a well-known investment firm in Hong Kong, with a UEN number for victims to verify their authenticity.
Lim is among at least 20 reported cases of investment scams involving shell investment applications since October 2025, with total losses amounting to at least $1.7 million.
Police noted that in this scam variant, victims would come across social media advertisements for "investment products" promising lucrative returns.
Convinced by the potential profits, Lim downloaded the investment app to register.
"They asked me to download the app from Apple Store which (made it appear) legitimate. After I downloaded the app, I logged in and registered (using) my email and NRIC," she said.
Lim added that the app was more user-friendly than conventional investment platforms.
Soon after, she made her first deposit of $3,000 using QR codes sent to YouTrip, which were generated by the scammers, and saw returns of around five to 10 per cent.
"They also sent gifts to the group members, such as power banks, watches, earphones," she said, adding that a member named "Elena" would frequently message to check on her.
With guidance from the scammers on when to buy and sell, Lim said she was only able to withdraw a maximum of $1,800.
Due to transfer limits at the bank, Lim said that on one occasion, she met the "investment personnel" in person to hand over cash.
She added that the total amount handed across two meetings was around $340,000, both times to a young Chinese man.
"In the beginning, my husband was doubtful. However, after researching the company, he realised it was legitimate and agreed to accompany me to the bank to make the withdrawal," said Lim.
When asked whether the bank questioned the transfers, Lim said she provided reasons such as personal or family matters.
Things took a turn when Lim's profits purportedly grew to over $1 million. When she tried to withdraw some of her initial capital, she was told that she had to pay a tax before any funds could be released.
"Over the two months of trading, the amount became quite big — more than $1 million. So when I wanted to withdraw a certain amount to get back my capital, they said I had to pay tax for this amount, which is $150,000," said Lim.
She added that she felt helpless due to her lack of cash flow, which raised doubts before she eventually filed a police report.
Reflecting on her ordeal, Lim said that although she can no longer recover any of the "investment", her family remains supportive.
"In my family, I handle the finances. I manage the whole family's financial situation. They were shocked when they first learnt the news, but afterwards they were supportive," said Lim.
"When I first made the police report, they told me that money could still be earned back, but my life would have to go on. I couldn't let it affect my family over what the scammers have done."
"Of course, it is very painful. I hope others don't have to go through what I endured. If they see similar advertisements online, perhaps they'll think twice after hearing my story."
Lim, in her 50s, lost more than $400,000 to a shell investment app scam. She shares her story, in the hope that others wouldn't fall prey like her. #sgnews #Singapore #Police #Investment #Scam
In a statement on Jan 29, Norashikin Hussein, an assessment officer at the police's Anti-Scam Command, said that even if an investment app is available on an official app store, it may not be safe or legitimate.
"The police would like to remind the public to be careful when making investments and especially when being told to download apps to create trading accounts," she said.
"Even when an app is available on an official app store, please take some time to check the user reviews, ratings and verify the developer of the app."
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