7 arrested for refundable deposit scams targeting commercial services providers

Six men and one woman, aged between 22 and 54, were arrested for their suspected involvement in refundable deposit scams targeting commercial services providers.

The arrests were made in an islandwide anti-scam enforcement operation conducted on July 4 by the Anti-Scam Command of the Singapore Police Force.

Preliminary investigations show that to facilitate the scams, SIM cards were supplied, messaging accounts were set up, and money mule bank accounts were acquired to receive the payments. Cash withdrawals of scam proceeds were made from these bank accounts.

A total of 50 SIM cards were seized during the raid.

The police said in a statement that have been receiving reports since May this year of scammers posing either as tenants of commercial units or residential management entities.

They had approached victim businesses or companies to provide services such as cleaning and painting on an urgent basis.

The victims that were keen on providing these services were then led into paying a refundable security deposit of at least $3,000 to the respective building management corporation bank account to facilitate the approval process.

Victims realised that they had been scammed when they showed up at the venue on the appointed day or when they were unable to contact the counterparty after paying the security deposit.

The police remind members of the public to adopt the following precautionary measures when securing appointments to view properties:

1. ADD - ScamShield App and set security features (e.g., enable two factor (2FA) or multifactor authentication for banks, social media, Singpass accounts; set transaction limits on internet banking transactions, including PayNow)

2. CHECK - for scam signs with official sources. Verify the legitimacy of a client. When in doubt, always verify the authenticity of the information with the relevant parties involved through alternative means, such as:

   • Verifying that the client is indeed a tenant at the building;

   • Checking on the building management through official contact details provided on its official website

3. TELL - authorities, family, and friends about scams.