Repeat offender cheated 3 victims of over $200k in investment scams
A recalcitrant offender committed investment scams and cheated three people of more than $200,000 in total, shortly after completing a jail sentence for similar crimes.
The prosecution said that Muhammad Farhan Zamali, who was given 16 months’ jail in August 2018, returned to his old ways within about a year of his release from prison.
He cheated his latest victims in 2020 and 2021.
Farhan, 34, pleaded guilty on Thursday to four cheating charges and was sentenced to 3½ years’ jail.
After serving his earlier sentence, he borrowed money from family members and friends in 2019 as he wanted to run his own e-commerce business.
Deputy Public Prosecutor Lee Zu Zhao said: “However, after a few months, the accused lost a lot of money and could not sustain his business. His relatives and friends also began chasing him for repayment of their loans to him.
“The accused then hatched a plan to create a fake investment package to cheat others into giving him their money so that he could repay his loans.”
In 2020, Farhan bumped into a 47-year-old friend, who was then working as an engineering technician, and spoke to the latter about a purported group investment scheme.
The friend told a colleague – a 64-year-old engineering supervisor – about Farhan, and the trio later met at a coffee shop.
Farhan then lied to the two men that he was a trader. He also told them about the purported scheme and promised returns of 20 per cent.
The engineering technician later handed $25,000 to Farhan while the engineering supervisor transferred $104,000 to the scammer.
DPP Lee told the court: “The accused also deceived the victims into believing that there was a short-term scheme where (they) would be able to get the same benefits – capital protection and 20 per cent returns – for a three-month investment... Again, the accused was well aware that this was a fictitious scheme.”
As a result, the engineering technician gave Farhan $10,000 and the engineering supervisor transferred to the conman $42,000 for this other purported scheme.
When the pair later asked Farhan for their returns, he sent them fake screenshots, purportedly from banks, as a delaying tactic.
The police were alerted on May 11, 2022.
By using similar methods, Farhan also cheated a 62-year-old retiree of $71,000 in late 2021.
This third victim made a police report on Jan 11, 2022.
For each count of cheating, an offender can be jailed for up to 10 years and fined.
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