The Police have arrested four men and one woman, aged between 27 and 52, for their suspected involvement in providing payment services without licence, under the Payment Services Act 2019.
Acting on reports received, the Police commenced investigations into the five individuals for allegedly offering a service of buying or selling of Worldcoin accounts and tokens. Preliminary findings are that three of the men purportedly acted as recruiters on behalf of various third parties to recruit individuals to sign up for Worldcoin accounts, before taking over the accounts and tokens in exchange for cash. Some of these accounts and Worldcoin tokens were then handed over to the fourth man and woman who were believed to be involved in buying and facilitating the receipt or delivery of the Worldcoin accounts and Worldcoin tokens. During the operation, items including more than 200 mobile phones were seized as evidence.
Investigations against the five individuals are ongoing. The offence of carrying on a business to provide any type of payment service in Singapore without a licence under Section 5 of the Payment Services Act 2019 carries a fine of up to $125,000, an imprisonment term of up to 3 years, or both.
The Police would like to caution members of the public against giving away or selling your Worldcoin accounts. Allowing other persons to use or access your accounts may result in them misusing the accounts for criminal activity, and you will be held liable. You should always reject such requests, whether for your Worldcoin or other banking or payment accounts.
The Police will not hesitate to take action against individuals or entities involved in providing payment services without a licence, as there is a risk that this could be used as a conduit for money laundering, terrorism financing, or other criminal activity.
Electronic devices seized as case exhibits ▼
SINGAPORE POLICE FORCE
07 August 2024 @ 11:15 AM