Police said Tuesday they were investigating about 350 people suspected of involvement in fraud, money laundering and unauthorized lending of more than $6 million.
The suspects, between the ages of 15 and 70, were rounded up during a nine-day investigation by the Bedok Police Department.
Of the 348 suspects, 217 are under investigation for alleged involvement in fraud, with transactions exceeding $6 million. These scams include e-commerce fraud, investment fraud, job fraud, tech support fraud, phishing scams, and money laundering crimes.
Eight people were arrested for their involvement in money laundering and making transactions exceeding $500,000.
Another 56 people were arrested for loan fraud and loan shark activities, with transactions totaling over $200,000. Also, 67 of his others are under investigation for similar crimes, with deals exceeding his $250,000.
Fraud charges carry up to 10 years in prison and fines, while convicted money launderers face up to 10 years in prison, fines of up to $500,000, or both. .
A first-time offender convicted of conducting or aiding an unauthorized moneylender can face up to four years in prison, fines of $30,000 to $300,000, and up to six lashes.
https://www.tnp.sg/news/singapore/348-suspects-being-investigated-scams-unlicensed-moneylending 348 Suspects Under Fraud, Unlicensed Money Lenders, Singapore Latest News