Singapore’s international investment firm, Temasek, issued a formal statement on May 12, 2025, exposing recent financial fraud activities within China.
Scammers have been impersonating its wholly-owned subsidiary, “Taibai Investment Co., Ltd.,” to promote fraudulent financial products through an application named “Taibai app software” and a WeChat group called “Jingshanghui,” claiming association with Temasek.
In response, Temasek has explicitly stated that neither the company nor its subsidiaries have ever directly sold any retail investment products or financial instruments in the Chinese market, nor have they authorized any third party to conduct such business on their behalf.
Singaporean Member of Parliament, Ms. Low Yen Ling, also publicly disclosed on social media that images of her attending a public event were maliciously altered.
The original photo was taken at the “China-Singapore Economic Cooperation Forum” held on February 1, 2024, an event co-hosted by the China Council for the Promotion of International Trade and the Singapore Business Federation.
The fraudsters not only changed the event date and organizer logos on the backdrop but also replaced the original signing parties’ names with “China Jingshanghui” and “Taibai Asset Management Co., Ltd.” to fabricate a false partnership.
Ms. Low Yen Ling emphasized that while these fraudulent tactics primarily target Chinese residents, Singaporeans should also heighten their vigilance and verify the authenticity of any suspicious investment information, applications, or social media posts.
Temasek further pointed out that this is not the first time such fraudulent activities have occurred.
In April 2024, similar cases of impersonation occurred in the Vietnamese and Indian markets, which were clarified through official statements at the time.
According to statistics, the amount involved in this incident is estimated to be as high as 500 million RMB. The scammers exploit investors’ trust in well-known institutions, combining forged documents, altered images, and fraudulent social group operations to form a highly organized fraud network.
Temasek advises the public to proactively verify the identity and authorization scope of any individuals claiming to represent the company or its affiliates through official channels.
If you have already suffered losses due to false information, you should report it to local law enforcement authorities immediately.
The company reiterated that its global portfolio covers sectors such as transportation, financial services, technology, and life sciences. As of the financial year ending March 2024, its net portfolio value reached S$389 billion (approximately 2.08 trillion RMB). All business updates are disclosed through its official website and formal announcements.
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