Scam Alert: Beware of Chat Groups That Offer Fake Opportunities to Learn Investing

The Singapore Police Force (SPF) has recently issued an advisory to alert the public to be vigilant against investment scams, where victims were invited to join chat groups claiming to offer opportunities to learn investing for free. Since May 2026, at least 48 cases were reported, with total losses amounting to at least $3.6 million.

In this scam variant, scammers would lure victims using fake social media advertisements that offered opportunities to learn investing for free. Victims who were interested in the “offer” would be invited into a WhatsApp chat group. Posing as "mentors", the scammers would provide "investment advice" or "bonuses" to entice victims to start “investing”, while other “members” would share screenshots of purported trading profits.

Customers are also strongly advised to never transfer or hand over money or other valuables to any unknown individuals whose identities you have not verified. For more information on the above scam variant and the precautionary measures, please refer to the SPF’s advisory: https://www.police.gov.sg/Media-Hub/News/2026/06/20260604_police_advisory_on_investment_scams_involving_chat_groups

Should you receive any advertisements, including social media advertisements, claiming that State Bank of India, Singapore Branch, offers free investment education or training, please contact our Hotline 6228 1116 for verification or assistance.