A 32-year-old beautician lost S$5,000 after falling for a scam promising an attractive exchange rate for Malaysian ringgit. The scammer later told her there was a “system problem” and to wait another three days — a delay that was repeated time and again.
Ms Cai, a 32-year-old beautician, told reporters that on 3 August, she believed a woman she had met online who said she could exchange money for ringgit at an attractive rate. She then contacted a man named Elvis through WhatsApp and, following his instructions, transferred money to him via an ATM.
“The market rate at the time was about 3.19, but he offered 3.22, which was very attractive.”
After transferring S$5,000, Ms Cai asked for an update when the ringgit failed to arrive. “He said the finance department was pooling the money with funds from other customers. Then he said there was a system fault and I would have to wait another three days.”
During their conversations, the man also sent what appeared to be highly professional data displays to explain the status of the funds and show that there was a system problem.
Three days later, the man claimed the system had been fixed, but the total amount to be exchanged was insufficient, and asked Ms Cai for more money. “He said that to get the earlier, higher rate, the total amount exchanged had to reach S$20,000. Even with all the customers’ money combined, it was still S$9,500 short.” He tried to persuade her to make another transfer.
Ms Cai said she could not transfer any more money and asked for her S$5,000 back, but the man claimed he did not have the authority to refund it.
“I tried asking the bank to reverse the transfer, saying I had ‘sent it to the wrong account’, but the bank also needed three working days.”
On 1 September, the man contacted Ms Cai again, saying she needed to transfer another S$6,000. Otherwise, she would have to pay 9% GST and wait another three to five working days for a refund.
At her friends’ urging, Ms Cai finally lodged a police report on 7 September.
In response to queries, the Singapore Police Force confirmed that a report had been lodged and investigations were ongoing.
For the full report, see the 7 November 2026 edition of Shin Min Daily News (《新明日报》).
