The Police have arrested 12 men, aged between 21 and 36, for their suspected involvement in a spate of banking-related malware cases.
Between June and August 2023, the Police received multiple reports of banking-related malware cases, which typically involved unauthorised transactions from victims’ bank accounts even though they did not divulge their one-time passwords to anyone.
Through extensive probes and follow-up investigations, Police established the identities of the 12 men believed to be involved in a money-laundering syndicate responsible for the reported cases. On 27 and 28 September 2023, officers from the Criminal Investigation Department and Police Intelligence Department conducted an enforcement operation at multiple locations island-wide, leading to the arrests. An array of items, including cash amounting to more than $13,000, two laptops, 32 bank cards, 23 mobile devices, drug paraphernalia and a knife were seized during the operation. 60 bank accounts were also frozen to prevent further misuse.
The 12 men are being investigated for multiple offences, such as assisting another to retain benefits from criminal conduct, possession and consumption of controlled drugs, possession of drug paraphernalia, unlawful possession of offensive weapon, unauthorised access to computer material and acting as a member of an unlawful society and locally-linked organised criminal group.
Six of the men will be charged in court on 29 September 2023 for the offence of transferring benefits from criminal conduct, punishable under section 54(5) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992. If convicted, the offence carries an imprisonment of up to 10 years, a fine of up to $500,000, or both. The Police will be seeking a court order to remand them for further investigations. Police investigations are ongoing against the other six men.
Members of the public are advised against downloading applications from third-party or dubious sites that can lead to malware installed into victims’ mobile phones, computers, and other Information Communications Technology devices. Such malware has resulted in confidential and sensitive data, such as banking credentials, being stolen. To avoid being an accomplice to crimes, members of the public should reject requests by others to use your bank account or mobile lines, as you will be held accountable if these are found to be linked to unlawful activities.
The Police will continue to take tough enforcement action against those involved in perpetrating banking-related malware cases, and will ensure that they face the full brunt of the law.
SINGAPORE POLICE FORCE
28 September 2023 @ 8:20 PM