PUBLISHED ONAugust 28, 2026 1:12 AMUPDATEDAugust 28, 2026 3:22 AMBYSean LerMembers of the public should be wary of fund recovery service scams, which claim to be able to help victims of the alleged Ponzi scheme — involving Fun Coffee — to help recover their funds.
Police said in an advisory on Thursday (Aug 28) night that scammers have been impersonating as representatives of Fun Coffee or third-party service providers, offering to assist victims in recovering funds lost to the alleged Ponzi scheme.
Victims were instructed via online messages to make payments through bank transfers, after scammers claimed these were deposit, tax payment, or fees required to facilitate funds recovery.
They would only realise that they have been scammed after they did not recover their funds despite making the payments.
Based in Phu Quoc, Vietnam, Fun Coffee claimed to have assets of more than US$1 billion (S$1.28 billion) and a team of more than 5,000.
Investors were asked to install the Fun Coffee app and transfer Tether, a cryptocurrency pegged to the US dollar, into wallet addresses provided through the app.
They were purportedly promised unrealistically high returns and offered additional commissions for recruiting others to join the scheme.
"Participants of the investment scheme in Singapore were subsequently unable to withdraw their funds through the 'Fun Coffee' application," the police said in an earlier statement on Aug 6.
About 200 people have reportedly lost nearly HK$100 million (S$16.3 million) through the scheme.
A 49-year-old woman was arrested in Singapore in August for having actively promoted the Fun Coffee investment scheme and recruiting others to join it.
The police also advised members of the public to exercise caution with individuals, online services or websites offering to help recover funds lost to scams or investments.
They can also call the ScamShield helpline at 1799 for more information.
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