Is the Singapore stock scam true?

This kind of scam usually induces investors to buy so-called "internal stocks" through false propaganda and fraudulent means, thus defrauding their funds. These scams usually use investors' enthusiasm for the stock market and their pursuit of high returns to attract them to buy by exaggerating the returns and potential of stocks. However, these stocks often do not exist, or are just false transactions manipulated by insiders, with the aim of defrauding investors of funds.