Bank accounts with over $1.28m seized over suspected scam

Three people were arrested for their suspected involvement in scam-related activities, following a joint operation by the police and DBS Bank.

Forty corporate bank accounts with more than $1.28 million in all were also seized for investigations, following the June 20-27 operation to clamp down on corporate money mules.

Officers from the Commercial Affairs Department and seven police land divisions acted on information from the bank’s anti-mule team, resulting in the arrest of the man, 21, and two women, aged 21 and 39.

Preliminary investigations found that the trio had allegedly facilitated scams by giving up their Singpass credentials to scammers for as much as $2,000 per account. These Singpass credentials were used to open fake sole proprietorships and corporate bank accounts, which were then used to facilitate the receipt and transfer of money from scam victims.

Another 37 people, aged between 18 and 59, are assisting the police with investigations. They are suspected to have let scammers open corporate bank accounts using their Singpass credentials.

Preliminary findings found these people had unwittingly facilitated the scams in these ways:

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• The majority of these 37 people handed their Singpass credentials to unknown persons, or clicked on phishing links provided by unknown persons, purportedly for the application of fake jobs or loans.
• Two people responded to advertisements on Telegram and provided their Singpass credentials by clicking on dubious links or scanning a QR code provided by unknown persons in return for money.

Investigations are ongoing for various offences, including assisting another to retain benefits of criminal conduct and unauthorised disclosure of access code.

Those convicted of assisting another to retain benefits of criminal conduct can be jailed for up to three years or fined up to $50,000, or both.

The offence of unauthorised disclosure of access code carries a jail term of up to three years or a fine of up to $10,000, or both.

The police warned that those who allow others to use or access their Singpass accounts may find themselves implicated in money laundering activities.

For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline on 1800-722-6688.

Anyone with information on such scams may submit information online at www.police.gov.sg/i-witness or call the police hotline on 1800-255-0000. All information provided will be kept confidential.