Two businessmen fell for inheritance scam and lost $2m

The victims were happy to part with their cash even though there was no logic in paying money to secure the release of more money

It was incredulous that the two seemingly business-savvy people would fall for this obvious scam which involved a ludicrous story that various government agencies such as the police, Monetary Authority of Singapore , Inland Revenue Authority of Singapore and top local banks were somehow colluding to prevent the rightful owner from getting his money unless the “release fees” were paid.

The retired building surveyor had no choice but to sue his former business partner in the High Court for the return of his $2.6 million loan. The court found him liable for the fraudulent misrepresentation in 2023 and ordered him to repay the loan plus interest to his former business partner. Similarly, if you have been following the billion-dollar money-laundering saga, you would know that the authorities seize money and assets only from people complicit in activities related to crime and money laundering.

Just think logically: Would you give someone a return of more than 100 per cent just because he is willing to lend you money? So when the victim asked a business partner for a $2.6 million loan, the partner handed over the money due to the promise of a lucrative return of over $1 million.

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