PANews reported on June 21 that according to Lianhe Zaobao, a woman was suspected of falling into a cryptocurrency investment scam and had handed over more than 1.3 million Singapore dollars (about 1.01 million US dollars) to a 23-year-old man since May. After receiving the report, the Singapore police quickly launched an investigation and arrested the man at Woodlands Checkpoint on June 20 before he tried to leave the country.

The police said in a statement that the authorities received a report from a bank that a woman was stopped by bank staff when she tried to withdraw a large sum of money. The staff suspected that she might be a victim of a scam. The police then successfully found the woman to understand the situation and found that she might be a victim of a cryptocurrency investment scam. Preliminary investigations showed that before the police intervened, she had withdrawn more than 300,000 Singapore dollars from another bank branch and handed the money to the man in exchange for cryptocurrency. The police said that the woman had handed over more than 1.3 million Singapore dollars to the man since May 2025.