$1.7m lost to fake investment products on shell apps since October
newsare.net
The police are warning members of the public that scammers are using shell investment applications to sell fake products.In a statement on Tuesday (Dec 9), the police revealed that there have been at least 20 reported cases of such scams since October 2025, w$1.7m lost to fake investment products on shell apps since October
The police are warning members of the public that scammers are using shell investment applications to sell fake products.In a statement on Tuesday (Dec 9), the police revealed that there have been at least 20 reported cases of such scams since October 2025, with losses totalling at least $1.7 million.In this fraud variant, scammers put up social media advertisements for «investment products» that promised lucrative returns.Victims who chanced upon these ads and clicked on them were contacted by the scammers via WhatsApp.They were then invited into chat groups with names such as «Interactive Elite Knowledge Academy» and «168 Pursuit».In these chat groups, victims would come across other members who claimed to be successful investors.They are believed to be scammers who would vouch for the authenticity of the «investment products», including their returns. Read more
