SINGAPORE - Major Scam Network Exposed

In a significant crackdown against scamming operations, authorities are investigating a staggering 266 individuals aged from 16 to 78 years who are suspected of involvement as scammers or money mules. The alarming revelation came from the police on November 1, indicating the seriousness of the situation.

Details of the Scam

Among those investigated, there are 173 men and 93 women connected to over 1,011 reported scams, which have collectively swindled victims out of a hefty $5.55 million. The police revealed that these scams primarily included deceptive investment schemes, fake job offers, friend impersonation, online romance tricks, e-commerce fraud, and counterfeit buyer scams.

Operation and Arrests

The suspects were apprehended during a robust two-week operation conducted between October 18 and October 30, involving officers from the Commercial Affairs Department alongside seven police land divisions. They face grave charges including cheating, money laundering, and operating payment services without the necessary licenses.

Legal Consequences

The legal consequences for these crimes are severe. Individuals found guilty of cheating may face imprisonment for up to 10 years and hefty fines. In cases of money laundering, convicts also face a potential jail term of up to 10 years, accompanied by significant financial penalties reaching $500,000, or both. Moreover, those conducting unauthorized payment services risk up to three years of imprisonment or fines up to $125,000, or both.

Police Statement

"The police firmly stand against those involved in scams, and any perpetrators will face stringent legal action," a police representative asserted.

Increasing Scam Incidents

The urgency of this crackdown comes in light of alarming statistics released in August, which detailed a disturbing rise in scam-related incidents. The mid-year report indicated that from January to June 2024, a record high of 26,587 cases was reported, marking a 16.3% increase from the previous year's figures. Astonishingly, victims lost over $385.6 million during these first six months alone, demonstrating a staggering 24.6% increase compared to the $309.4 million lost in the same timeframe of 2023.

Investment Scams

Particularly troubling, investment scams, while representing only 12.5% of all scam cases, accounted for the largest financial losses – a staggering $133.4 million in just six months.

Public Warning

To protect themselves from becoming unintentional accomplices, the police urge the public to reject any requests asking them to lend out their bank accounts or mobile numbers, cautioning that they may be implicated in criminal activities connected to these scams.

Get Help and Report Scams

For further insights and protective measures against scams, the public is encouraged to visit [www.scamshield.gov.sg](http://www.scamshield.gov.sg) or to reach out to the ScamShield Helpline at 1799. Those armed with information about ongoing scams should contact the police at 1800-255-0000 or submit tips online at [www.police.gov.sg/iwitness](http://www.police.gov.sg/iwitness). All reports will be treated with the utmost confidentiality.

Conclusion

Stay vigilant and protect yourselves against scammers lurking in the shadows of a digital age!