A 38-year-old Malaysian man is set to face charges in Singapore after allegedly participating in a scam that resulted in a victim losing more than S$130,000 worth of gold.
According to the Singapore Police Force (SPF), the suspect was arrested in connection with a scheme where a woman was manipulated into purchasing gold under the false belief that she was assisting authorities in a money laundering investigation.
The case highlights a growing concern about transnational scam syndicates operating across borders and targeting victims through sophisticated impersonation tactics.
The suspect is expected to be charged in court following his arrest.
Victim Told She Was Under Investigation For Money Laundering
The scam reportedly began when the victim received a phone call from someone claiming to represent HSBC.
The caller informed her that suspicious and unauthorised transactions had been detected on her credit card account. Shortly after, the call was transferred to another individual who introduced himself as an officer from Singapore’s Commercial Affairs Department (CAD).
The impersonator allegedly told the woman that her bank accounts were connected to a money laundering case and that she needed to cooperate with the investigation to prove her innocence.
Under pressure and believing the situation was legitimate, the victim followed the instructions given by the caller.
At one point, S$15,000 was deposited into her bank account. She was instructed to withdraw the money and use it to purchase gold from a local pawnbroker, Maxi-Cash.
Victim Purchased Gold Worth Over S$130,000
Following the scammer’s instructions, the woman ended up purchasing more than S$130,000 worth of gold.
She was then told to place the gold in her unlocked vehicle at a carpark near Upper Boon Keng Road. According to the instructions given, the arrangement was meant to lure the supposed scammer involved in the case.
After leaving the area, the victim received another call informing her that the “suspect” had allegedly been arrested and that the gold had been moved to the boot of her car.
The caller then instructed her to head to the Police Cantonment Complex to meet with an investigating officer.
However, when she arrived at the location, no officer showed up. When she checked her car again, the gold was no longer there, and she realised she had been deceived.
Police Arrest Suspect Near Woodlands
Following the police report, officers from the Commercial Affairs Department conducted investigations and eventually identified the suspect.
He was arrested near Woodlands on Mar. 6.
Police believe the man may have been working as a money mule for a transnational scam syndicate. His alleged role involved collecting valuables, documents or cash from victims and handing them over to other individuals involved in the operation.
During the arrest, authorities also seized various fraudulent materials believed to have been used in the scam. These included fake identification documents and staff passes that the suspect allegedly used to impersonate officials when dealing with victims.
The Singapore Police Force also warned that there has been an increasing trend of foreigners entering Singapore to act as couriers or money mules for organised scam networks.
Members of the public are advised to remain vigilant and verify the identity of anyone claiming to represent government agencies. Officials will never ask individuals to transfer money, hand over valuables, reveal banking credentials or install applications from unofficial sources.