2-1-2024 (SINGAPORE) A comprehensive investigation is underway, targeting 411 individuals suspected of involvement in scams that resulted in a staggering loss of over $13 million for the victims.
Among the 411 individuals being investigated, 292 are men and 119 are women, ranging in age from 16 to 75, as announced by the police on January 2.
These individuals are believed to have played various roles in more than 1,500 cases, acting as scammers or money mules. The investigation stems from a two-week operation conducted in December 2023 by the Commercial Affairs Department and seven Police Land Divisions.
The victims of these scams fell prey to a wide range of fraudulent schemes, including job scams, investment scams, internet love scams, e-commerce scams, phishing scams, and scams involving impersonation of government officials.
The suspects are now under scrutiny for their alleged involvement in offenses such as cheating, money laundering, or providing payment services without a license.
In Singapore, the penalties for cheating or money laundering can be severe, with potential sentences of up to 10 years in prison, fines, or both.
Individuals found guilty of providing payment services without a license can face imprisonment for up to three years, a maximum fine of $125,000, or both.
The period between January and June 2023 saw a staggering total of $334.5 million lost in 22,339 reported scam cases. Shockingly, more than half of the victims, accounting for 55 percent, incurred losses of up to $2,000.
