Between 10 and 24 February 2023, officers from the Commercial Affairs Department and the seven Police Land Divisions conducted two separate island-wide operations and prevented losses of more than $260,000 from more than 680 victims. One of the operations was conducted in collaboration with six banks, namely CIMB, DBS, HSBC, OCBC, Standard Chartered Bank and UOB.
First Operation
In the first operation, officers from the Commercial Affairs Department and the seven Police Land Divisions rounded up a total of 358 men and 142 women, aged between 16 and 76, to assist in investigations for their suspected involvement as scammers or money mules. The suspects are believed to be involved in more than 1,712 cases of scams, comprising mainly investment scams, job scams, e-commerce scams, phishing scams, loan scams, and Government Officials impersonation scams, where victims reportedly lost over $8.6 million.
Police investigations are ongoing for the alleged offences of cheating, money laundering or providing payment services without a licence.
- The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to 10 years and a fine.
- The offence of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries an imprisonment term of up to 10 years, a fine of up to $500,000, or both.
- The offence of carrying on a business to provide any type of payment service in Singapore without a licence under Section 5 of the Payment Services Act 2019 carries a fine of up to $125,000, an imprisonment term of up to three years, or both.
Second Operation
In the second operation, the Anti-Scam Centre (ASC) of the Commercial Affairs Department and the six banks conducted live interventions by analysing the fund flows of more than 80 bank accounts, which were surfaced in investment and job scam reports. The ASC, seven Police Land Divisions and six banks worked together to engage unsuspecting victims who had been transferring money into these scam-tainted bank accounts.
More than 680 unsuspecting victims were alerted that they could have fallen prey to scams and were advised to stop any further monetary transfers. Many of these victims only realized that they had been deceived after they were engaged and convinced by the Police. Scam proceeds amounting to more than $76,000 were seized and the Police further prevented these scam victims from financial losses amounting to more than $260,000.
The Police take a serious stance against any person who may be involved in scams, and perpetrators will be dealt with in accordance with the law. To avoid becoming involved in money laundering activities, members of the public should always reject requests to use their personal bank accounts to receive and transfer money for others.
Members of the public are advised to remain vigilant and adopt the following crime prevention measures:
- Be wary when receiving unsolicited offers of investment or job opportunities via social media platforms or chat applications;
- Understand that investments with high returns will come with high risks,
- Always check with a licensed financial advisor before making any investment;
- Do not be enticed by ‘jobs’ that promise the convenience of working from home and unusually high salary for relatively easy responsibilities. No legitimate business will require employees to utilise their own bank accounts to receive monies on the business’ behalf.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. All information will be kept strictly confidential.
Fake Investment Platforms
Police officers rounding up the scammers and money mules
SINGAPORE POLICE FORCE
25 February 2023 @ 8:25 PM