According to PANews, a woman in Singapore has reportedly fallen victim to a cryptocurrency investment scam, handing over more than 1.3 million Singapore dollars (approximately 1.01 million USD) to a 23-year-old man since May 2025. Singapore police launched an investigation after receiving a report and arrested the man at the Woodlands Checkpoint on June 20, as he attempted to leave the country.
The police statement revealed that authorities were alerted by a bank when a woman was stopped by bank staff while trying to withdraw a large sum of money. The staff suspected she might be involved in a scam. Upon investigation, the police discovered that the woman might be a victim of a cryptocurrency investment fraud. Preliminary findings indicated that before police intervention, she had withdrawn over 300,000 Singapore dollars from another bank branch and handed it to the man in exchange for cryptocurrency. Since May 2025, the woman has reportedly given the man more than 1.3 million Singapore dollars.