Shell Apps Push Fraudulent Investments, Triggering S$1.7M Losses in Singapore

Singapore police have sounded the alarm over a new wave of investment scams that use fraudulent applications to peddle fraudulent investment products. Since October, at least 20 cases have been reported to the police, with total losses exceeding S$1.7 million. 

How the Scam Works

Victims encounter slick social media advertisements promising high returns on “investment products.”

After clicking the ads, they are contacted via WhatsApp and added to group chats with names such as “Interactive Elite Knowledge Academy” and “168 Wealth Pursuit”.

Within these groups, supposed “successful investors” vouch for the schemes. In reality, these individuals are part of the fraud ring, reinforcing the illusion of credibility.

Victims are then persuaded to open trading accounts by downloading apps including FPTUP, FPTEX, NOVIQ, FPCAP, SDXA, SJ NEXUS, WHG ROUP, and GINKO PLUS. These apps, appearing on the Apple App Store and Google Play Store, mimic genuine trading platforms but are designed to steal funds. 

Source: Singapore Police Force (applications used to peddle fraudulent investment products as seen on app stores)

BrokersView Reminds You

These fraudulent apps exploit the trust users place in official app stores, making them harder to detect. Once installed, the apps create convincing dashboards showing fake profits, further luring victims to deposit more money.

WhatsApp-driven investment scams are frequently exposed, with one recent case involving DBS impersonation through a group titled “531 DpBS Stock Profit Growth Wealth Group” and a counterfeit website masquerading as DBS Bank.

Verify the legitimacy of any investment platform with official sources. Avoid downloading apps promoted through unsolicited ads or social media links.