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Police warn of fake online articles claiming Prime Minister Lee endorses cryptocurrency auto-trading schemes

SINGAPORE: Police warned on Friday (June 3) of fake online articles showing Prime Minister Lee Hsien Loong allegedly endorsing cryptocurrency auto-trading programs, such as BitIQ.

The fake online articles claimed the trading schemes were generating “massive profits” and also described the investments as “very lucrative”, police added.

These online articles are usually paid online advertisements that act as “clickbait”.

When someone clicks on a link in the article, they are eventually redirected to another website, offering investments through cryptocurrency trading or other financial products.

Those who provided their contact information on the website usually received a call from someone in the program, police said.

Members of the public were urged to exercise caution when making investment decisions.

In April this year, police issued a similar notice of fake online articles showing Mr Lee allegedly approving investments in cryptocurrencies such as Bitcoin and Ethereum.

“Police wish to advise the public not to deal with such companies that use false or misleading advertisements, they said.

More information about scams is available on the Scam Alert website or through the Anti-Scam Helpline at 1800-722-6688.

Those with information about these scams can call the police hotline at 1800-255-0000 or submit information online.