Three teenagers, including two Singaporeans and one Malaysian, have been arrested in Singapore over their suspected involvement in a major business e-mail compromise (BEC) scam worth around S$3.68 million.
According to the Singapore Police Force, the suspects are aged between 16 and 19 years old. Authorities believe the trio played a role in deceiving a United States-based fund remitter into transferring US$2.89 million, equivalent to around S$3.68 million, into a corporate bank account set up in Singapore.
The case highlights the growing sophistication of cybercrime and financial fraud targeting international businesses and remittance firms. Experts have warned that BEC scams are becoming increasingly common across Asia, with organised syndicates exploiting digital banking systems and corporate communications.
DBS Staff Detected Suspicious Banking Activity
Police investigations began on Apr. 22 after suspicious transactions were detected in two corporate accounts linked to DBS Bank.
The account holder allegedly attempted to withdraw about US$2.56 million (approximately S$3.26 million) after some of the funds had already been transferred to overseas accounts.
Alert bank employees from DBS reportedly identified unusual activity and escalated the matter to the authorities. Officers from the Anti-Scam Command subsequently worked with Interpol to contact the American remitter involved in the transfer.
Investigators later confirmed that the victim had fallen prey to a business e-mail compromise scam, a cyber fraud method where criminals impersonate legitimate companies or executives to trick victims into sending money to fraudulent accounts.
Shell Companies Allegedly Used To Receive Scam Proceeds
One of the suspects, believed to be the holder of the corporate account, was arrested in Woodlands on Apr. 23. His two alleged accomplices were detained later the same day.
Preliminary findings suggest the trio worked with a Malaysia-based scam syndicate to establish shell companies between March and April 2026. These entities were allegedly used to open corporate bank accounts intended to receive and move scam proceeds.
Both 19-year-old suspects were charged in court on Apr. 25 for allegedly assisting another person to retain benefits from criminal conduct. If convicted, they could face up to 10 years in prison, fines of up to S$500,000, or both.
The 16-year-old suspect remains under investigation.
Singapore Tightens Laws Against Scam Syndicates
Singapore has intensified its crackdown on scam-related crimes amid rising financial fraud cases affecting businesses and consumers. Since Dec. 30, 2025, individuals convicted of scam syndicate activities or recruitment can face mandatory caning ranging from six to 24 strokes.
Authorities also warned that individuals linked to money mule or scam-related offences may face banking restrictions and mobile line limitations under Singapore’s Facility Restriction Framework.
The Singapore Police Force urged the public to remain vigilant against cybercrime, phishing attacks, and fraudulent financial transactions. Members of the public can seek scam-related assistance through ScamShield or report suspicious activities directly to the police.