Over 300 people being investigated for suspected involvement in scams; S$9 million reportedly lost

THE police are investigating 304 people for their suspected involvement in over 1,300 scams, which saw victims reportedly losing more than S$8.9 million.

The 91 women and 213 men, aged between 16 and 75, were picked up by the police in the past two weeks. They are assisting in investigations for their suspected involvement in scams as scammers or money mules.

“The suspects are believed to be involved in more than 1,300 cases of scams, comprising mainly investment scams, e-commerce scams, impersonation scams, job scams, government official impersonation scams, and Internet love scams..” the police said in a press statement on Friday (Sep 15).

The suspects are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence, the statement added.

For cheating, one faces an imprisonment term of up to 10 years and a fine.

The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act has prescribed a maximum punishment of an imprisonment term of 10 years and a fine of S$500,000 for money laundering offences.

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For unlicensed payment services, the maximum punishment is a fine of S$125,000 and an imprisonment term of three years, under the Payment Services Act.

Last month, the police’s Commercial Affairs Department arrested 10 foreigners in an anti-money laundering bust, taking control of some S$1.8 billion in assets.