By AML Intelligence Correspondent
Officials in Singapore have arrested 41 people for various criminal offences as part of an investigation into more than 500 people linked to scams and loan sharking.
The suspects, aged between 14 and 72 years old, were apprehended in an enforcement operation carried out by the Bedok Police Division between July 1 and 10.
The Singapore Police Force said those arrested are among 528 suspects involved in over 2,200 scam and unlicensed moneylending cases.
Up to 425 were probed for scam and money laundering offences. The police said victims lost over 10 million Singapore dollars (US$7.4 million) in the cases.
Another 103 suspects are under investigation for loan scams and loansharking activities.
There were almost 47,000 scam cases reported in 2023, the highest number since the police started tracking such cases in 2016. It was also a 47% increase compared to the 32,000 cases in 2022.
Scam victims in Singapore lost 651.8 million Singapore dollars in 2023.
In a statement, the Singapore Police Force said: “The Police takes a serious view of these offences and will not hesitate to take action against individuals who may be involved in unlawful acts such as scams and unlicensed moneylending activities.”
The organisation also reminded the public to reject “seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts [or] bank accounts”.
“The police would like to remind members of the public that individuals will be held accountable if they are found to be linked to such crimes,” it said.
Bedok Police Division commander Justin Wong said that scams and unlicensed moneylending “destroy lives”.
“Through their irresponsible actions, these individuals commit crime and become the conduit for illegal activity,” he said.
“Through operations like this one, we send a signal that such acts have no place in our community, and the police will do all that we can to bring these individuals to justice.”
Singapore recently concluded criminal cases brought against a group of foreigners found guilty in a $2.2 billion money laundering case.
The state is now planning to introduce new laws to make it easier to prosecute money laundering offences.
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