12 people arrested for scam-related money-laundering activities involving over $2m, Latest Singapore News - The New Paper
Singapore

12 people arrested for scam-related money-laundering activities involving over $2m

Eleven men and a woman aged between 17 and 30 were arrested this week for suspected involvement in scam-related money-laundering activities involving more than $2 million.

During a three-day operation between Wednesday (July 13) and Friday, islandwide raids were conducted to nab the 12, the police said in a statement on Saturday.

Another 11 men and three women aged between 17 and 67 are also assisting with investigations.

These 14 individuals had allegedly handed over their personal bank accounts to scammers or relinquished their Singpass accounts which were then used by the scammers to open bank accounts.

The suspects are being investigated for helping with unauthorised access to computer material and cheating.

The police said money mules help scammers by receiving and transferring proceeds of scams through their bank accounts, or by surrendering their bank accounts to scammers.

The police added that money mules play a key role in scams, as scammers rely on these bank accounts as conduits for their ill-gotten gains.

To avoid becoming involved in money-laundering activities, members of the public should always reject requests from others to use their personal bank accounts, reminded the police.

They should also avoid relinquishing their Singpass accounts to others, as scammers are able to use those accounts to access various digital facilities, which includes opening bank accounts.

Those guilty of facilitating unauthorised access to computer material can be jailed for up to two years and fined.

Those convicted of unlawfully disclosing access codes can be jailed for up to three years and fined.

And those convicted of cheating can be jailed for up to three years and fined.

SCAMSmoney launderingPOLICE RAIDS