A recent operation targeting money mule schemes led to multiple arrests and substantial seizures.
In an islandwide operation between October 14 and 17, 2024, Singapore authorities arrested four individuals, including two men and two women aged 18 to 22, in connection with suspected money mule activities. Over $440,000 in suspected scam proceeds were seized during the operation.
The arrests followed an investigation triggered by information from GXS Bank, a digital bank backed by Grab Holdings and Singtel, which identified the suspects as money mules. These individuals are accused of opening new GXS bank accounts, often through Telegram, for scammers in exchange for payments of up to $500 per account. Some suspects also allegedly provided their SingPass credentials for similar sums, allowing criminal syndicates to open corporate accounts used in money laundering.
The police are investigating 20 other individuals for their involvement and have charged those arrested with assisting in the retention of criminal benefits and unauthorized disclosure of access codes. If convicted, offenders could face up to three years in prison, fines up to $50,000, or both, under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Unauthorized disclosure of access codes carries penalties of up to three years in jail, a fine of up to $10,000, or both under the Computer Misuse Act.
Authorities urge the public to remain vigilant against scams, with statistics revealing a surge in scam and cybercrime cases in 2024, with losses totaling over $385.6 million in the first half of the year. For further details on scams, the public is advised to visit the ScamShield website or contact the ScamShield Helpline.
