The victims realised that they were scammed when they failed to receive any of their monies back.
A 37-year-old man was arrested on Monday for a series of investment scams in which victims lost more than $36,500.
"The victims, who were formerly the colleagues of the man, had made monetary transfers to his account via PayNow. The victims realised that they were scammed when they failed to receive any of their monies back," police added. Preliminary investigations revealed that the man is believed to be involved in at least seven other cases of investment scams, amounting to more than $36,500 lost islandwide.If found guilty of cheating, the man faces a jail term of up to 10 years and a fine.
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