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A total of 273 men and 153 women, aged between 15 and 83, are assisting in investigations for their suspected roles as scammers or money mules, said the police.
The 426 suspects are believed to be involved in more than 1,600 cases of scams, comprising mainly investment scams, phishing scams, Internet love scams, government officials impersonation scams and job scams, where victims reportedly lost over $14 million.
Officers from the Commercial Affairs Department and the seven Police Land Divisions conducted the two-week operation between July 21 and Aug 3.
The suspects are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence.
The offence of cheating carries an imprisonment term of up to 10 years and a fine.
The offence of money laundering carries an imprisonment term of up to 10 years, a fine of up to $500,000, or both.
The offence of carrying on a business to provide any type of payment service in Singapore without a licence carries a fine of up to $125,000, an imprisonment term of up to three years, or both.