21 cases of ‘pump and dump’ stock market manipulation scams recorded in two months: Police

Victims lost over $700,000 after shares they purchased in a HK-listed company nosedived. Read more at straitstimes.com.

The Straits TimesAnn Chen2026-09-05 09:25查看原文 ↗

Scammers would introduce themselves investment experts before pressuring them into purchasing stocks.

PHOTO: DILENJIT SINGH

Published Sep 05, 2026, 09:25 AM

Updated Sep 05, 2026, 09:25 AM

SINGAPORE – A total of 21 cases of stock market manipulation scams involving companies listed overseas has been reported in Singapore since July, with one involving a Hong Kong-listed firm recording losses of over S$700,000.

In an advisory on Sept 5, the police said they have noticed a resurgence in the scam variant, which they last warned the public about in 2021.

Commonly known as “pump and dump” scams, scammers posing as investment experts would promote selected shares using false or misleading claims, creating an appearance that there is strong market interest in the company.

After demand and prices for these shares are driven up through this “pump” phase, scammers would then sell off their holdings at the inflated price in the subsequent “dump” phase, causing share prices to collapse rapidly.

Victims who invested in these companies will then be left with substantial financial losses.

Victims in the recent cases were approached mostly through social media or messaging platforms such as WhatsApp, the police said.

Scammers would create chat groups on these platforms, sometimes using Singapore-registered numbers, and introduce themselves as experienced investors or trading mentors with insights on investments.

At first, they may recommend shares that performed well or generated profits for the victims

Once they have gained the victims’ trust, the scammers will urge victims to buy shares of a supposedly “high-potential” company listed on either Hong Kong or US stock exchanges.

To maintain pressure on participants, scammers may also plant accomplices in the chat group who pose as administrators to contact victims privately and provide additional instructions.

Victims may be instructed to provide proof of their trades via private chats once they have bought the shares. It is believed that these accomplices were rewarded based on the number of victims who invested, which led to them needing these proofs to claim their rewards, the police said.

In another case, five victims collectively bought 1,037,000 shares in a Hong Kong-listed company after receiving advice from the scammers. The share price fell by almost 75 per cent within a week, resulting in combined losses exceeding HK$4.6 million ( S$744,000 ), the police said.

Scammers would also promise to reimburse trading losses incurred in some cases. However, when victims seek compensation after suffering losses, scammers become uncontactable or provide excuses for not honouring these promises.

In its advisory, the police urged the public to be cautious of stock tips provided online or by individuals they have not met personally.

“No investment or trading strategy can guarantee profits,” the police said.

The public should also be wary of “buy now” tactics which create high pressure by convincing victims that they will never get another chance of profiting if they do not act immediately.

The police also reminded the public to be particularly sceptical of overseas-listed shares with low liquidity and small market capitalisation, as these shares may be more susceptible to price manipulation.

骗子会先冒充投资专家，然后施压让受害者购买股票。

照片：迪伦吉特·辛格

发布于 2026 年 9 月 5 日上午 9:25

更新于2026年9月5日上午9:25

新加坡——自7月以来，新加坡共报告了21起涉及海外上市公司的股市操纵诈骗案，其中一起涉及一家香港上市公司，损失超过70万新元。

警方在 9 月 5 日发布的一份公告中表示，他们注意到这种诈骗手段再次抬头，他们上一次就此向公众发出警告是在 2021 年。

这种骗局俗称“拉高出货”，骗子冒充投资专家，通过虚假或误导性的说法来推销选定的股票，制造出市场对该公司兴趣浓厚的假象。

在“拉高”阶段，这些股票的需求和价格被推高后，诈骗者会在随后的“抛售”阶段以虚高的价格抛售他们持有的股票，导致股价迅速暴跌。

投资这些公司的受害者将遭受巨大的经济损失。

警方表示，最近几起案件中的受害者大多是通过社交媒体或WhatsApp等即时通讯平台被接近的。

诈骗分子会在这些平台上创建聊天群组，有时会使用新加坡注册的号码，并把自己介绍为经验丰富的投资者或交易导师，对投资有独到的见解。

起初，他们可能会推荐一些表现良好或为受害者带来利润的股票。