348 HAULED UP IN ENFORCEMENT OPERATION AGAINST SCAMS AND UNLICENSED MONEYLENDING ACTIVITIES

General

Following a nine-day enforcement operation conducted between 31 October and 8 November 2022, officers from Bedok Police Division are investigating 228 men and 120 women, aged between 15 and 70, for their suspected involvement in scams, money-laundering and unlicensed moneylending activities.

 

During the operation, eight subjects were arrested for their suspected involvement in money laundering activities involving transactions exceeding $500,000. 56 subjects were arrested for loan scams and loansharking activities involving transactions exceeding $200,000. Cash amounting to more than $430,000 were seized as case exhibits.

 

217 subjects are being investigated for their suspected involvement in various scams, comprising mainly e-commerce scams, investment scams, job scams, tech support scams and phishing scams and money laundering offences, involving transactions exceeding $6 million. Another 67 subjects are being investigated for their suspected involvement in loan scams and loansharking activities involving transactions exceeding S$250,000.

 

Police investigations are ongoing.

 

Commander of Bedok Police Division, Assistant Commissioner of Police Justin Wong, said, “This operation reflects Bedok Police Division’s commitment to the fight against scams and commercial crimes. The dozens of investigators worked tirelessly to bring the offenders to justice and prevent more victims from falling prey to scams”.

 

The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to ten years and a fine. The offence of money-laundering under the Corruption, Drug-Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries a jail term of up to ten years and a fine up to $500,000.

 

Under the Moneylenders Act 2008, first time offenders found guilty of assisting in carrying on the business of unlicensed moneylending shall be liable to a fine not less than $30,000 and not more than $300,000 with mandatory jail term of up to four years and mandatory caning of up to six strokes. In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than $30,000 and not more than $300,000 with mandatory jail term of up to seven years and mandatory caning of up to 12 strokes.

 

The Police take a serious view against those involved in unlawful acts such as scams and unlicensed moneylending activities. This would include taking action against those who open or give away their bank account/s or mobile lines to aid unlicensed moneylenders. For more information on scams, members of the public can visit scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. If members of the public suspect or know anyone who could be involved in unlicensed moneylending activities, they can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664.

 

 

Source: Singapore Police Force