SINGAPORE - A 54-year-old man has been arrested for his suspected involvement in a series of cheating offences related to a purported investment.

He also allegedly used forged documents and counterfeit seals, purportedly issued by the Subordinate Courts of Singapore - now known as the State Courts - the Supreme Court and the Insolvency and Public Trustee Office of Singapore.

He allegedly cheated his victim of $3,949,989 between 2011 and 2013, by making the latter believe that he would gain substantially from the "investment" and also receive a huge payout after paying penalties and charges imposed by the authorities.

The man will be charged in court on Thursday (Aug 31), with 221 charges of cheating, forgery and possession of counterfeit seals to commit forgery.

He could be jailed for up to 10 years and fined for each of the charges, if found guilty.

To avoid becoming a scam victim, the police urged people to be cautious of promises of high returns, in a statement on Wednesday.

"Investments with high returns usually come with high risks. Always check with a licensed financial adviser before engaging in any investment."

It also advised people not to provide personal information such as identification numbers, passport details, contact details, bank account or credit card details, to someone they do not know.

When dealing with unregulated entities, the police said victims have little recourse if things go wrong.

"If the entity is based outside of Singapore, check with the respective overseas authority if the entity is regulated."

Members of the public can call the anti-scam helpline on 1800-722-6688 for more information or go to www.scamalert.sg.

Anyone with information on scams may call the police hotline on 1800-255-0000, or submit it online at www.police.gov.sg/iwitness.