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306 people being investigated for involvement in scams where more than $6.4 million was lost

Loan Scams

306 people being investigated for involvement in scams where more than $6.4 million was lost

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SINGAPORE – A total of 306 people are being investigated for being involved in more than 941 cases of scams, said the police on Saturday (May 14).

The scams included business e-mail impersonation scams, China or government officials impersonation scams, e-commerce scams, fake friend call scams, internet love scams, investment scams, job scams, loan scams and tech support scams.

Those who fell victim to them lost more than $6.4 million.

The suspects – 115 men and 191 women – are aged between 15 and 74 and are under investigation for their suspected involvement as scammers or money mules.

They were identified after a two-week operation conducted by officers from the Commercial Affairs Department and the seven police land divisions between April 29 and May 13.

The suspects are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence.

The offence of cheating carries an imprisonment term of up to 10 years and a fine, while money laundering carries an imprisonment term not exceeding 10 years, a fine not exceeding $500,000, or both.

The offence of carrying on a business to provide any type of payment service in Singapore without a licence carries a fine not exceeding $125,000, an imprisonment term not exceeding three years, or both.

The police said they take a serious stance against any person who may be involved in scams and that perpetrators would be dealt with in accordance with the law.

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