Police warn of fake fund-recovery services targeting victims of Fun Coffee investment scam

The Straits TimesParty-aligned🔒Centeryesterday

Singaporean authorities have warned the public about a new scam targeting victims of the Fun Coffee investment scheme, which was originally based in Vietnam and exposed as a Ponzi scheme in Hong Kong. Fraudsters posing as representatives of Fun Coffee or third-party recovery services are asking victims to pay deposits, taxes, or fees via bank transfer under the pretense of helping them recover their lost funds. Many victims only realize they've been scammed after failing to receive any refunds. In Singapore, several investors have already filed police reports after losing substantial sums of money. According to police statistics from the first half of 2026, investment scams were the third most common type of scam, resulting in 2,256 cases and over $169.8 million in losses. Cryptocurrency-related scams accounted for $65.5 million of this loss. Authorities emphasized the importance of verifying the legitimacy of fund-recovery services and using tools like the ScamShield app to protect against fraudulent activity.

Bias read (Center): The article provides a factual account of a financial scam and associated law enforcement actions without overtly favoring any political perspective. It includes data from official sources and does not present biased language or selective information that would indicate a clear ideological lean.