Investment Opportunity - Andrew Tiew Siew Ing, 44, who had managed to convince the victim to take part in an “investment opportunity” that did not exist. Tiew, whose employment with an insurance firm was terminated in May 2018, has since made more than $16,000 in restitution to the 44-year-old victim.
The scammer was working as a bank relationship manager when he got to know the victim’s mother, who became his customer. He later joined an insurance firm, and he told the woman’s son in January 2018 about an “investment scheme” linked to insurance policies.
Tiew claimed that he was working with a team at another insurance firm and that the scheme provided “good returns”. According to him, the scheme involved creating insurance policies using the names of fake clients.
Incredible Returns - The accused informed the victim that the investment opportunity would provide the victim with returns of between 10 per cent and 40 per cent on the sums invested.
The victim knew from the accused’s representations that the investment schemes required creating insurance policies with fake credentials. But he nevertheless agreed to participate in the investment scheme, as it guaranteed high returns for him.”
This “investment opportunity” did not exist, and the unsuspecting victim later transferred more than $543,000 in total to Tiew. In 2019, Tiew cheated the victim of another $30,400.
This time, he claimed that he needed money to process the sale of his properties in Malaysia, and that the funds raised would purportedly be used to repay the victim’s “investment monies”.
But Tiew did not own any properties in Malaysia, and he instead used the ill-gotten gains to gamble at the Marina Bay Sands casino.
Believing the lies, the victim transferred the $30,400 to Tiew over five occasions between April and June 2019. The victim alerted the police in May 2020.
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