Man loses $20k to woman over ‘investment scheme’, spends another $5k chasing debt
A man who invested $20,000 after meeting a woman online ended up losing his money — and spent nearly $5,000 more trying to get it back, only to be told she was bankrupt.
Mr Chen (transliterated), 37, said he the met a woman known as “Jessie” on social media platform MiChat in 2024.
“We chatted online for about a week before meeting up,” he told Shin Min Daily News.
When they met, the woman allegedly introduced him to an investment opportunity, claiming that a $20,000 investment could yield returns of $4,000 a month for eight months.
“She said after that, I could get back my capital and earn a net profit of $12,000,” he added.
Although doubtful at first, Mr Chen said he was convinced after she showed him personal documents, including her identity card, income statements and CPF records.
He eventually issued her a $20,000 cheque under his company’s name in April 2024.
However, when he tried to collect his returns in early May, the woman allegedly began making excuses and avoided meeting him.
“She said she was sick, then said her salary hadn’t come in. There were many excuses,” he said, adding that she subsequently stood him up twice after they arranged to talk.
Mr Chen later found out that the woman is a single mother with three children.
“She told me she had no money to support her kids and even showed me her bank account with just over $1 left,” he said.
“I felt bad and didn’t push her to repay me. Looking back, she may never have intended to return the money.”
Private investigator and debt collection agency engaged
Mr Chen later went to her home but could not find her, and ended up speaking to her parents instead.
Jessie’s mother initially repaid a few hundred dollars a month, but stopped after returning a total of $600 over two months.
“When I went to clarify, they even reported me to the police for harassment” he said.
Over the past year, Mr Chen said he hired a private investigator and a licensed debt collection agency in an attempt to recover the money, spending close to $5,000.
Eventually, he was told that Jessie was bankrupt and unable to repay him. Mr Chen has since made a police report and decided to share his experience to warn others.
‘We, as parents, will not take responsibility’
When Shin Min reporters visited the woman’s home, her father said he was aware of the debt but would not repay it on her behalf.
“(Mr Chen) should look for the person he loaned the money to,” he said. “We, as parents, will not take responsibility for her debts.”
He added that the family is already struggling financially.
“(Jessie) depends on me for food and lodging, and I also have to help raise her three children. How can I afford to repay her debts?” he added, appearing helpless.
Shin Min’s attempts to contact the woman were unsuccessful.
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