Chinese student, 20, in S'pore tried to exchange 5,480 yuan for S$2,000 with someone he met on Xiaohongshu, gets S$100

A 20-year-old student in Singapore decided to meet up with a Xiaohongshu user on May 15 after being enticed by the user's claim of being able to offer a better exchange rate for Chinese yuan.

Upon meeting the Xiaohongshu user in Dhoby Ghaut, the student, surnamed Xue, transferred 5,480 yuan (S$981.65) to the user via Alipay, hoping to exchange for S$2,000, reported Shin Min Daily News.

However, the Xiaohongshu user allegedly failed to transfer the S$2,000 amount to Xue's account five hours after their meet-up and only transferred Xue S$100 to "test whether his account can receive money".

The next day, another man who apparently claimed to be the owner of Chandra Exchange at Tampines Mall also asked Xue to pay a visit to the shop, but he never showed up.

As the amount that Xue transferred was intended to cover his living expenses for the month, he lodged a police report.

Xiaohongshu user apparently proposed to meet offline

Speaking to Shin Min, Xue, a Chinese national, shared that he came to Singapore to study in March 2025.

While scrolling through Xiaohongshu recently, he came across a post that claimed to offer currency exchange services between renminbi (RMB) and Singapore dollars.

When Xue reached out to the Xiaohongshu user who made the post, the user apparently said he could offer better exchange rates and that they could meet up offline to exchange currencies.

"The other party said it is very fast and convenient to do so. All I need to do is make him a transfer, and he will transfer the Singapore dollars to me via PayNow," recounted Xue.

Allegedly failed to transfer promised amount

On May 15 afternoon, Xue and the Xiaohongshu user met up near Dhoby Ghaut MRT station, reported Shin Min.

Although Xue made the transfer at around 1:30pm, the Xiaohongshu user allegedly failed to transfer the promised amount to his account five hours later.

When asked about the reason, the Xiaohongshu user apparently insisted that there was something wrong with Xue's account, claiming that "Xue might have made too many transactions".

"But I am a student, and the transactions under my account were transfers made by my parents. My food expenses also did not exceed S$1,500," rebutted Xue.

Scammer apparently posed as money changer owner

On May 16, Xue visited Chandra Exchange at Tampines Mall at the invitation of another man, who allegedly claimed to be the owner of the business, Shin Min reported Xue as saying.

Xue waited for three hours, but the man apparently never showed up.

"He kept on pushing back the time for our meet-ups and asked me to find him at various places. But he never appeared," lamented Xue.

As the amount Xue transferred included his rent, Xue said the scam left him in a financial predicament.

Eventually, Xue lodged a police report.

In response to Shin Min's queries, the Singapore Police Force confirmed that a report was lodged and that investigations are ongoing.

Money changer also lodged police report

Likewise, Chandra Exchange at Tampines Mall also lodged a police report after they had received at least three complaints from scam victims in May 2025 who shared similar experiences as Xue.

Speaking to Shin Min, a manager of the shop said it has been in business for 23 years, and its mode of payment has always been cash.

The shop has also put up a sign that reads,"Cash only," and it does not offer payment methods, such as PayNow.

The shop's website also does not include any contact numbers, added the manager.

"We do not understand why someone would suddenly impersonate us. As we were worried about our reputation being tarnished, we have lodged a police report," said the manager.

The manager reiterated that the numbers sent to scam victims do not belong to the shop.

He also encouraged all victims to report their cases to the police as soon as possible so that the police could investigate.

Top images via Shin Min Daily News & Unsplash