Elderly man loses $70k to fake investment scheme despite son telling him it's a scam
An elderly man who hoped to grow his nest egg put about $40,000 into an «AI Robot» product over the course of November 2025.While James (pseudonym) saw his projected investment returns surge, he experienced just as quickly various difficulties in managing and withdrawing his funds.Pressured to continue investing, the 68-year-old man attempted to loan money from his son, who flagged the scam.Undeterred, James continued putting money into the bogus website. It was only in mid-December that he realised he had been conned, by which point he had lost around $70,000 — part of his life savings.His son said a police report was lodged but it was too late.Investment scams remain the third highest scam type reported to the police in the first half of 2026, according to the mid-year scam and cybercrime brief released by the Singapore Police Force on Wednesday (Aug 26).