Police warn against fake online articles of PM Lee endorsing investment in cryptocurrencies

SINGAPORE: The police on Saturday (Apr 30) warned against fake online articles showing Prime Minister Lee Hsien Loong purportedly endorsing investment in cryptocurrencies such as Bitcoin and Ethereum.

These fake online articles portray the investments to be “safe and highly lucrative”, said the police in a news release.

“The online articles are usually paid online advertisements that are disguised as news articles. They act as ‘clickbait’,” the police added.

Once someone clicks on the link within the article, they will be taken to a different website, offering investments through the trading of cryptocurrency or other financial products.

Those who provided contact details on the website would usually receive a call from someone from the scheme.

“The police would like to inform the public not to deal with such companies that use false or misleading advertisements,” they said.

People should ask as many questions as they need to fully understand the investment opportunity, and be wary if the company is unable to or avoids answering their questions, said the police.

They should check on the company, its owners, directors and management members to assess if the opportunity is genuine, and confirm the company’s and representative’s credentials by using the available resources, including the Financial Institutions Directory.


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