348 suspects being investigated for scams, unlicensed moneylending
About 350 people suspected of being involved in scams, money-laundering and unlicensed moneylending activities involving more than $6 million are under investigation, the police said on Tuesday.
The suspects, who are aged between 15 and 70, were rounded up during a nine-day operation by the Bedok Police Division.
Among the 348 suspects, 217 people are being investigated for their alleged involvement in scams, with transactions valued at more than $6 million. These scams include e-commerce scams, investment scams, job scams, tech support scams, phishing scams, and money laundering offences.
Eight people were arrested for their involvement in money laundering, handling transactions exceeding $500,000.
Another 56 were arrested for loan scams and loan-shark activities, with transactions totalling more than $200,000, while 67 others are under investigation for similar offences, with transactions exceeding $250,000.
The offence of cheating carries a jail term of up to 10 years and a fine, while convicted money launderers face a jail term of up to 10 years, and a fine up to $500,000, or both.
First-time offenders found guilty of carrying out or assisting in unlicensed moneylending can be jailed for up to four years, fined between $30,000 and $300,000, and given up to six strokes of the cane.
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now
