Foo Siang Wee, 34, received an 18-month and 49-day prison sentence in Singapore on May 12 after pleading guilty to multiple charges, including cheating, criminal breach of trust and selling access to his Singpass account. The court also noted that unidentified parties had illicitly used his bank account.
According to The Straits Times, Foo is a repeat offender. In 2021, he ran a similar scam on Carousell by advertising fake Rolex watches. In February 2025, he listed what he claimed was a Rolex Submariner “Half Gold” for S$10,000 (RM35,000). He persuaded two buyers to transfer S$4,000 (RM14,000) and S$8,000 (RM28,000), then invented excuses—such as needing his wife to verify the funds—before disappearing once the money was received.
Separately, while working as a food court manager at Koufu in Toa Payoh’s HDB Hub, Foo embezzled over S$29,000 (RM101,500) between January and February 2025. When his employer confronted him, he apologised and vowed to repay the money, but he soon vanished without a trace.
In another incident from November 2023, Foo gave his Singpass login details to an unknown Telegram user for a promised S$400–S$500 (RM1,400–RM1,750), but he never received any payment. Investigators later found that he had gambled away all the proceeds from his various crimes before his arrest on March 24, 2025.
Deputy Public Prosecutor Nivethaa Ravintharan told the court that Foo had been involved in cheating and property-related offences since 2016. His criminal history includes a 2021 conviction for the Rolex scam, which netted S$7,000 (RM24,500), and a 2018 case involving fraudulent Marina Bay Sands hotel package deals.
Although the prosecution requested a compensation order for Foo’s victims, the court refused, noting that he is unemployed and lacks the means to repay. Under Singapore law, the cheating offences alone carry a maximum penalty of 10 years’ imprisonment and a fine.
📊 Market Context & Insight
Investors can consider rental properties, affordable housing developments, commercial units and Bursa-listed REITs. With rising urban migration and stronger demand for rental housing, diversifying across physical real estate and listed REITs may help manage risks while capturing growth opportunities.
💡 What This Means for Malaysian Investors
The Malaysian property market is influenced by urban demand in Kuala Lumpur, Selangor and Penang, government initiatives like PR1MA, interest rate shifts by Bank Negara Malaysia and infrastructure projects such as MRT3 and LRT expansions. REITs listed on Bursa Malaysia also reflect overall economic trends.
🔗 Useful Resources
Note: This article is for informational purposes only and does not constitute financial advice. Please consult licensed property agents or financial advisors in Malaysia before investing.
