Dec 8): The police in Singapore have identified nearly 400 suspects for alleged involvement in scams and money muling, as authorities in the Asian financial hub double down on checking frauds targeting common citizens.
The suspects are now assisting in investigations following their involvement in more than 1,200 cases, including those spanning investments, e-commerce, loans, jobs and internet love scams, where victims reportedly lost over S$10 million (US$7.5 million or RM34.90 million), according to a statement from the Singapore Police Force.
“The suspects are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence,” the police said. The offence of cheating carries an imprisonment term of as many as 10 years and a fine.
Singapore has cracked down on money-laundering operations, including by seizing more than S$2.8 billion worth of assets in the city state’s largest-ever money-laundering investigation.
That case, which has seen police carry out raids in some of the wealthiest neighbourhoods, has sent shock waves through a usually orderly nation, and raised new questions about Singapore’s decades-long efforts to attract uber-rich foreigners.