Fraudsters Pose as Temasek Subsidiary and Singapore's Senior Minister to Promote Fraudulent Investment Scheme in China

On May 12, Temasek reminded investors through its official website that the so-called “Taibai Software” and the WeChat group “Beijing Chamber of Commerce” that recently appeared on the Internet are scams.

Temasek stated that the scam falsely claimed to be its wholly-owned subsidiary, Taibai Investments Pte. Ltd. However, the app and the group have no relation to Temasek or any of its subsidiaries.

Temasek cautioned that “Temasek and Taibai Investments Pte. Ltd. (太白投资有限公司) do not directly sell or market retail investment products or financial instruments in China. We have not authorised any third party to do so on our behalf.”

“Please exercise care and diligence when dealing with parties purporting to represent or be associated with Temasek. Take steps to confirm their authenticity and authority to act,” Temasek added.

_{Low Yen Ling's Facebook post}

Singapore Senior Minister Low Yen Ling, whose photo and image were stolen by the scam, also warned people to beware of the scam via Facebook. The scammers, posing as Taipai Investments Pte Ltd, used photos of her at an event to promote wealth management products.

The doctored photo was actually taken at the Singapore-China Economic Cooperation Conference held on February 1 this year. The Conference was co-organized by the China Council for the Promotion of International Trade and the Singapore Business Federation.

The crooks changed dates, logos, and even the names of organizers of the event in the photo, in an attempt to fake the real things.

“While this scam appears to have largely affected China residents, I strongly encourage all Singaporeans to stay vigilant. If something seems suspicious, be it a message, app, website, or social media post, always verify before engaging,” said Low Yen Ling.