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300 Suspected Scammers and Money Mules Probed by Police for S$9M Losses

A Report by CYS Global Remit Legal & Compliance Office 



In Singapore, the police have announced the initiation of an investigation into over 300 individuals suspected of involvement in various scams and money laundering activities, following a two-week operation. Among them, there are 214 men and 95 women ranging in age from 16 to 75 years old. 


These individuals are allegedly linked to more than 1,600 scam cases, which include investment scams, internet love scams, job scams, friend impersonation scams, and e-commerce scams. Victims of these fraudulent activities have reportedly suffered losses exceeding S$9 million (US$6.6 million). 


The suspects are being probed for offenses such as cheating, money laundering, or providing payment services without the necessary license. If convicted of cheating, perpetrators could face up to 10 years in jail along with fines. Similarly, money laundering carries penalties of up to 10 years' imprisonment, a fine of up to S$500,000, or both. Providing payment services without a license could lead to fines of up to S$125,000, a jail term of up to three years, or both. 


Considering the above, CYS Global Remit Pte Ltd will refrain from engaging with individuals offering payment services or any unlicensed non-banking financial institutions. A complete CDD assessment is obligatory for any interaction with non-banking financial institutions. 

 



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