Between the 11th and 24th of February 2022, officers from the Commercial Affairs Department and the seven Police Land Divisions undertook a two-week operation.
A total of 167 males and 77 women, aged 15 to 77, are now aiding in investigations for their alleged involvement in frauds as money mules or scammers.
They are suspected of being involved in over 510 incidents of scams, mostly Internet love scams, e-commerce scams, tech support scams, China/Government Officials impersonation scams, investment scams, employment scams, and loan scams, in which victims lost over $4.3 million.
The individuals are being probed for suspected cheating, money laundering, and offering payment services without a license.
Cheating is punishable by up to ten years in jail and a fine
Money laundering is punishable by up to ten years in jail, a fine of up to $500,000, or both under the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act of 1992.
Carrying on a company to provide any sort of payment service in Singapore without a licence is punishable by a fine of up to $125,000, imprisonment for up to three years, or both under Section 5 of the Payment Services Act 2019.