Chinese Individual Faces Prison Time for Singapore-based Gambling Scam
A Chinese woman who swindled two individuals in Singapore out of millions of dollars was recently handed a 12-year prison sentence. During the sentencing process, the judge presiding over the case called the 41-year-old Wu Hong a "cold-hearted con artist" involved in a phony investment scheme she told her victims was funding Chinese gamblers coming to the country.
At the court session for Wu this week, she was convicted of five fraud charges. Each of these charges could've resulted in a maximum penalty of 10 years behind bars and significant monetary fines.
Back in 2013, Wu had come across her first victim, Tam Kwong Yoeng, in a bar. She didn't initiate the fraud for another three years, eventually entangling a 61-year-old victim, Soh Choon Heong, too.
Wu persuaded her victims to part with money for investments from 2016 to 2019, with The Strait Times reporting on the incidents. Tam had given up over SGD1.4 million (US$1.05 million), whereas Soh provided SGD734,000 (US$550,133) over the span of the scam. Soh also recruited contributions from his friends, including some high-profile media figures.
It was only when Wu couldn't produce any returns that the victims started to grow suspicious.
The Great Gambling Investment Scheme
The scam centered around the promise of profitable returns from gambling on behalf of anonymous Chinese gamblers. The potential investors would get massive payouts as a result. Tam later admitted he was duped by Wu, willingly handing over money since he trusted her unequivocally. He never demanded a receipt, and despite being doubtful, he still handed over more money.
It wasn't until his patience ran out that Tam took action. He began recording his conversations with Wu, later giving them to authorities in 2018. Investigations started then, but no steps were taken until February 2020 when Soh reported her own experiences. Wu was detained shortly after.
When Wu initially appeared in court, she argued that the pair was attempting to frame her.
Loot Box Lust
It's not uncommon for con artists to use the allure of gambling to create deceitful enterprises. However, it is unusual for someone as young as 16 to have the wits to pull it off.
That's the tale of a 16-year-old boy in Singapore who swindled his friends out of funds. He claimed he had substantial money via cryptocurrency investments and could aid them in doing the same.
He swayed his friends into giving him SGD330,000 (US$248,884), which he squandered on online gambling and purchasing in-game loot boxes. This was five years ago, and the scammer made his first court appearance last year to face the consequences of his actions.
He was initially facing 84 charges, but ultimately pleaded guilty to three. Due to his age, he only served a brief stint of a couple of years in prison, dodging the maximum penalty he could've incurred.
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Source: www.casino.org
