Home Dating asia Police and banks intervene in over 150 cases of investment scams and...

Police and banks intervene in over 150 cases of investment scams and fake gambling


SINGAPORE: The police anti-scam center and six banks responded to more than 150 cases of investment scams and bogus gambling platforms during a three-day joint operation between the 5 and July 7, Singapore Police (SPF) said on Saturday (July 10).

The banks involved in the island-wide operation were DBS, UOB, OCBC, HSBC, Citibank and Standard Chartered.

During the three-day execution operation, agents from the Anti-Scam Center, the seven police ground divisions and the six banks carried out a live intervention by analyzing the cash flows from the bank accounts, which have been exposed in scam reports, “SPF said in a statement. Press release.

“The Anti-Scam Center agents and the community policing units of the Police Land Divisions then worked together to engage the unsuspecting victims who had transferred money to scammed bank accounts.”

A total of 81 people between the ages of 16 and 77 are participating in investigations for their alleged involvement in more than 360 cases of investment scams and scams on fake gambling platforms.

“The suspects allegedly facilitated the operations of the unions by opening bank accounts, transferring money for the union, or had ceded control of their own bank accounts to the unions,” SPF said.

Victims of scams were often cultivated through online dating platforms.

READ: “People are gullible to believe anything they are told”: in the mind of an ex-con

READ: Over S $ 201 million cheated in top 10 types of scams last year: Police

investment scams

In the investment scams, the crooks pretended to be financial professionals and presented the victims with investment websites or mobile apps, police said.

The victims were then enticed to invest and instructed to transfer money to banks mainly in Hong Kong and China. They were also asked to pay administrative fees, security fees or taxes in order to gain profit.

“In many cases, victims will profit from the investment at the initial stage, leading them to believe that the investment is legitimate and lucrative,” police said.

“Once larger amounts of money are deposited into the designated accounts, the crooks will become unreachable.”


Victims of scams on fake gambling platforms have been introduced into online betting apps or websites and in some cases have been convinced by scammers that these platforms have ‘loopholes’. Which would allow them to easily make a profit.

READ: Over 722,000 text messages reported on ScamShield app in past six months

“To place bets, victims are required to open a betting account with said platform. They would then receive a bank account number to deposit their money in exchange for betting credits and cash out their winnings, ”said SPF.

“However, victims will subsequently be informed that their betting accounts have been frozen and that they will need to deposit more money in order to cash out their winnings. The crooks would become unreachable afterwards and the websites would be inaccessible once the additional funds were transferred. “

Victims of scams on bogus gaming platforms who opened betting accounts and placed bets are also liable to offenses under the Remote Gambling Act, police added.

Police have advised the public to be wary of befriending strangers on social media or dating platforms, to consult licensed financial advisers before making any investments, and to exercise caution when dealing with them. unregulated entities.

They also reminded the public not to place bets on illegal betting sites and apps, and to report them to the authorities.

“Victims can be attracted by promises of easy payoffs. However, these platforms are often programmed and rigged by the crooks. “

Anyone found cheating and dishonestly inducing the delivery of goods can face up to 10 years in prison and a fine.

Those convicted of money laundering can be jailed for up to 10 years and fined up to S $ 500,000.

Anyone in Singapore convicted of gambling using remote communication and using a remote gambling service that is not provided by an otherwise exempt person may be fined up to 5,000. $ S, up to six months in prison, or both.