288 suspects under investigation for fraud in which victims lost more than $6.54 million

SINGAPORE – A total of 189 men and 99 women, aged between 16 and 76, are under police investigation on suspicion of being fraudsters or money couriers involved in more than 1,000 scams in which victims lost more than $6.54 million.

Officers from the Commercial Affairs Department and seven ground units of the Singapore Police Force carried out a two-week operation between October 31 and November 14, police said in a statement on November 16.

The suspects are believed to be involved in more than 1,208 cases, mostly business fraud, e-commerce fraud, friend impersonation fraud, investment fraud, online romance fraud and fake buyer fraud.

They are under investigation for allegedly cheating, money laundering or providing unlicensed payment services.

People found guilty of cheating can be imprisoned for up to 10 years and fined. Those found guilty of money laundering could be sentenced to up to 10 years in prison, a fine of up to $500,000, or both. People found guilty of operating a business that provides payment services without a license could be fined up to $125,000, imprisoned for up to three years, or both.

Scam victims in Singapore disappeared $385.6 million in the first half of 2024Figures announced in August showed that the number of cases increased by 16.3 percent to 26,587.

Many of the cases involved victims being directed to transfer money to criminals.

The most common type of e-commerce scam reported was followed by job scams, phishing scams, investment scams and fake friend call scams.

Police said on 16 November that they “take a serious stance against any person who may be involved in fraud and perpetrators will be dealt with in accordance with the law”.

People were also advised to always decline requests from others to use their bank accounts or mobile phone lines; because they would be held responsible if they were linked to a crime.