A 24-year-old man in Singapore, Josh Zhuang Zihui, was sentenced to a year and 10 months in jail for cheating 14 victims of over S$122,000. Zhuang lured investors with promises of high returns through artificial intelligence stocks, cryptocurrency, gold, and business acquisitions. He fabricated an AI software and manipulated investment data to deceive victims, even paying some with funds collected from others. His scheme unraveled when victims realized they couldn't receive their promised returns, leading to his arrest.
Josh Zhuang Zihui was sentenced to a year and 10 months’ jail on Feb 5 after he pleaded guilty to seven counts of cheating. - Photo: ST
But all these claims turned out to be false, and he was sentenced to a year and 10 months’ jail on Feb 5 after he pleaded guilty to seven counts of cheating.Deputy Public Prosecutor Janessa Phua said that Zhuang used his ill-gotten gains for his personal expenses and to buy gifts for live streamers. To deceive the victims into believing that the schemes were genuine, he paid some of them the purported returns from their investments using the capital collected from other victims.After handing two of his victims more than $12,000 as “investment returns”, Zhuang caused losses totalling over $110,000. He has made no restitution.
On Feb 5, DPP Phua urged the court to sentence Zhuang to two years and a month in jail, adding: “The accused was motivated by the desire for wrongful gain. The offences were committed in a sophisticated and calculated manner, and were difficult to detect.”
CHEATING INVESTMENT SCAM SINGAPORE AI CRIMINAL SENTENCE
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