3 arrested and SGD 1.28 million seized in joint anti-scam ops by Singapore Police and DBS

Close on the heels of Singapore internet hosting the Financial Action Task Force plenary and (*3*), the island nation noticed joint operations by the Singapore Police Force and DBS Bank in which three folks had been arrested and SGD 1.28 million seized.

A report by The Straits Times immediately stated that these three had been arrested “for his or her suspected involvement in scam-related actions”. The information each day reported that 40 company financial institution accounts with greater than SGD 1.28 million in complete had been seized for the aim of investigations.

These developments got here after weeklong operations in opposition to company cash mules; they collectively kind one of many key hyperlinks in the cash laundering and terrorism financing chain.

Two ladies, aged 21 and 39, and a person, aged 21, had been arrested by Singapore Police Force officers from the Commercial Affairs Department and a number of police land divisions. They labored in co-ordination with the anti-mule workforce of DBS Bank.

The Singapore Police Force had additionally lately undertaken anti-mule joint ops with the United Overseas Bank (UOB). A police media release dated June 27 stated: “Officers from the Anti-Scam Centre (ASC) collaborated with UOB to conduct a joint operation focusing on cash mules from 17 to 24 June 2024. More than 110 suspicious financial institution accounts containing a complete quantity over $400,000, which had been allegedly used to facilitate rip-off associated actions, had been blocked or seized in the course of the joint operation.”

In the police ops with DBS, it was discovered that the arrested trio bought their Singpass credentials to scammers for SGD 2,000 per account. Using the Singpass credentials, the scammers arrange faux sole proprietorships and company financial institution accounts — these had been pathways for transferring cash stolen from victims.

ST reported that one other 37 folks had been aiding with police investigations. Most of them had given their Singpass credentials to strangers or bought tricked into clicking on malicious hyperlinks.

Handing over entry to Singpass credentials can land an individual in critical hassle, as they’re prone to get sucked right into a prison operation.

In the case of UOB joint ops, the police press launch stated: “Using UOB’s in-house knowledge analytic fashions and community detection capabilities, suspicious transactions and financial institution accounts exhibiting potential cash mule behaviour had been recognized.

“ASC officers then labored carefully with UOB to additional determine account holders whose financial institution accounts had been suspected to have been used for cash laundering exercise. More than 40 UOB financial institution accounts containing over $210,000 had been seized by police for investigations or internally blocked by UOB throughout this joint operation.”

Alongside, there have been island-wide raids and investigations, which led to extra suspects being questioned and extra accounts being seized. “Stemming from the joint operation and by data sharing, UOB recognized and blocked an extra 74 financial institution accounts with cash laundering issues and withheld over $195,000 of tainted funds,” stated the police launch.