https://www.police.gov.sg/media-room/news/20241024_joint_operation_between_the_police_and_gxs_bank_led_to_four_persons_arrested

The Police have arrested two men and two women, aged between 18 and 22, and are investigating 20 other persons for their suspected involvement in money mule activities. Over $440,000 in suspected scam proceeds was seized during the operation.

In collaboration with GXS Bank, officers from the Anti-Scam Command and the seven Police Land Divisions conducted an island-wide operation against suspected money mule activities between 14 and 17 October 2024. Acting on information provided by GXS Bank, the Police identified the persons suspected of being involved in scams as money mules.

These persons are alleged to have relinquished newly-opened bank accounts, mostly over Telegram, for as much as $500 per account. Some of them are alleged to have responded to online advertisements for new bank account applications with attractive cashback opportunities and had given scammers access to their mobile phones to open the new GXS bank accounts. Some also allegedly relinquished their Singapass credentials for as high as $500 per set of credentials. Their Singpass credentials were then purportedly used by criminal syndicates to open corporate bank accounts for use in money laundering.

Investigations are ongoing into various offences, including assisting another to retain benefits of criminal conduct and unauthorised disclosure of access code. The offence of assisting another to retain benefits of criminal conduct under Section 55A of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries an imprisonment term of up to 3 years, or a fine of up to $50,000, or both. The offence of unauthorised disclosure of access code under Section 8A of the Computer Misuse Act 1993 carries an imprisonment term of up to 3 years, a fine up to $10,000, or both.

The Police take a serious stance against any person who is involved in facilitating scams, and perpetrators will be dealt with in accordance with the law. To avoid being an accomplice to crime, members of the public should always reject requests by others to use their Singpass credentials, bank accounts or mobile lines as one could be held accountable if these are linked to crimes.