The Anti-Scam Centre (ASC) of the Singapore Police Force, together with six banks, including DBS, UOB, OCBC, HSBC, Citibank and Standard Chartered, conducted a three-day joint enforcement operation between 5 and 7 July 2021. More than 150 cases of investment scam and fake gambling platform scam were successfully intervened.
In investment scams, the scammers would claim to be financial professionals and cultivate victims on online dating platforms. Once lured, the scammers will introduce victims to investment websites or mobile applications. Victims are then enticed to invest and asked to transfer money to banks predominantly in Hong Kong and China. Victims will also be asked to pay administrative fees, security fees or taxes in order to reap profits. In many instances, victims will earn a profit from the investment at the initial stage, leading them to believe that the investment is legitimate and lucrative. Once larger amounts of monies are deposited into the designated accounts, the scammers will become uncontactable.
In fake gambling platform scams, victims often befriend scammers through online dating platforms before they are introduced to online betting applications or websites. In some instances, victims are convinced by the scammers that these online betting platforms have loopholes, which would allow those placing bets to reap easy profits. To place the bets, victims are required to open a betting account with the said platform. They would then be given a bank account number to deposit their money in exchange for betting credits and to cash out their winnings. However, the victims will subsequently be informed that their betting accounts had been frozen and that they will need to deposit more money in order to cash out their winnings. The scammers would become uncontactable thereafter, and the websites would be inaccessible after the additional monies are transferred.
During the three-day enforcement operation, officers from the ASC, the seven Police Land Divisions and the six banks conducted live intervention by analysing the fund flow of bank accounts, which were surfaced in scam reports. Officers from the ASC, and the Police Land Divisions’ Community Policing Units then worked together to engage the unsuspecting victims who had been transferring monies to scam-tainted bank accounts. The victims were informed that they could have fallen prey to scams and were advised to stop any further monetary transfers. Many of them were completely unaware that they had been scammed, prior to the engagement.
58 men and 23 women, aged between 16 and 77, are currently assisting with investigations for their suspected involvement in more than 360 investment scams and fake gambling platform scams. The suspects purportedly facilitated the syndicates’ operations by opening bank accounts, transferring monies for the syndicate, or had relinquished control of their own bank accounts to the syndicates. Further investigations revealed that victims of fake gambling platform scams, who had opened betting accounts and placed bets on online betting applications or websites are liable of offences under the Remote Gambling Act.
Under Section 420 of the Penal Code, an individual who cheats and dishonestly induce a delivery of property shall be guilty of an offence and shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.
The offence of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act carries an imprisonment term of up to 10 years and a fine of up to $500,000.
Under Section 8(1)(b) of the Remote Gambling Act 2014, an individual who, in Singapore, gambles using remote communication and using a remote gambling service that is not provided by a person otherwise exempt shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 6 months or both.
Members of the public are advised to adopt the following crime prevention measures:
- Be wary when befriending strangers on any social media or dating platform;
- Understand that investments with high returns come with high risks;
- Always check with a licensed financial advisor before making any investment;
- Check if an entity is blacklisted on the Monetary Authority of Singapore (MAS) Investor Alert List. Deal with companies that are licensed and regulated by MAS;
- Be careful when dealing with unregulated entities as you will have little recourse if things go wrong. If an entity is based outside of Singapore, check if it is regulated with the respective overseas authority;
- It is an offence to place bets on illegal online betting sites or applications. Do not engage in such services and report them to the authorities; and
- If it sounds too good to be true, it probably is. Victims may be lured with the promises of easy winnings. However, such platforms are often programmed and rigged by the scammers.
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.
Officers from the ASC conducting investigations
SINGAPORE POLICE FORCE
10 July 2021 @ 12:10 PM