Over 500 people under probe in Singapore for scams and illegal lending involving S$12.2 million in losses

Singapore police are investigating 536 individuals for suspected roles in scams, money laundering, and unlicensed moneylending activities linked to more than S$12.2 million in losses.

According to the Singapore Police Force (SPF), the group — comprising 352 men and 184 women aged between 16 and 81 — was rounded up in a two-week enforcement operation by the Bedok Police Division from 30 June to 11 July.

Of the total, 391 individuals are suspected of involvement in more than 2,400 scam cases, including e-commerce, investment, job, rental, and phishing scams. Police said these suspects were also connected to money laundering offences involving over S$12 million.

The remaining 145 people are being investigated for alleged participation in loan scams and unlicensed moneylending activities, which caused losses exceeding S$250,000.

Additionally, 36 individuals were arrested for various other offences, which have not yet been specified by the authorities.

If convicted of cheating, offenders can face up to 10 years in jail and a fine. Those found guilty of assisting in unlicensed moneylending for the first time may face up to four years’ imprisonment, a fine of up to S$300,000, and up to six strokes of the cane. Repeat offenders face harsher penalties of up to seven years in prison, fines up to S$300,000, and up to 12 strokes of the cane.

Commander of Bedok Police Division, Senior Assistant Commissioner Justin Wong, said the operation highlights the SPF’s commitment to tackling scams and illegal lending networks.

“The police will continue to work tirelessly to disrupt such criminal networks and act firmly against those who misuse bank accounts or digital platforms for crime,” he said.

Members of the public were reminded to be wary of schemes that promise easy money in exchange for using their Singpass or bank accounts. “Allowing others to use your bank account or Singpass may make you complicit in a crime,” the police warned.

Those with information about scams can call the police hotline at 1800-255-0000 or submit reports online via www.police.gov.sg/iwitness.

According to the SPF’s Annual Scams and Cybercrime Statistics Report 2024, scam and cybercrime cases in Singapore rose by 10.8 per cent last year, with victims losing a total of S$1.1 billion — a 70 per cent increase from 2023.

E-commerce scams were the most common, with 11,665 cases reported. However, cryptocurrency-related scams accounted for a disproportionate share of financial losses, making up 24.3 per cent of the total amount lost in 2024 — up sharply from 6.8 per cent in 2023.

Just four major cryptocurrency cases accounted for S$237.9 million in losses, the police said.

Authorities have reiterated their call for the public to stay vigilant, verify sources before transferring money, and avoid sharing personal or banking details online.