According to the Police media release 35 people consisting of 29 men and 6 women, from the ages of 16 and 66 were arrested after a 4 day anti scam raid.
255 people are also assisting the authorities for investment.
Singpass
Some of then sold their Singpass to scammers and the Singpass is used to open up bank accounts to receive scam proceedings.
As scammers do not want to use their bank account to perform the transactions.
Investment scams
The victim will be approached by scammers claiming of an opportunity and after conniving the victim.
The victims would believe that it is easy money and go deeper into the “investments” and later be told to pay all sorts of non-existence fees and taxes inorder to withdraw their earnings.
However one payment is made, the scammers are long gone.
Penalties
The suspects are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence. The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to 10 years and a fine.
The offence of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 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 under Section 5 of the Payment Services Act 2019 carries a fine not exceeding $125,000, an imprisonment term not exceeding three years, or both.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. All information will be kept strictly confidential.