DBS Bank's collab with police against money mules results in 5 arrests, over $680,000 seized

Four men and one woman, aged between 16 and 43 years old, in an island-wide enforcement operation against money mule activities between Nov 1 and 7, said the police.

Conducted by the Commercial Affairs Department (CAD), the operation involved a collaboration with DBS Bank’s Anti-Mule Team, which was established this year as part of the bank’s ongoing efforts against scams and money laundering.

Acting on information shared by DBS, officers from CAD arrested the five for their suspected involvement in scam cases.

Another 47 individuals, aged between 17 and 67, are also assisting with investigations.

These individuals are alleged to have handed over their personal bank accounts to scammers or relinquished their Singpass accounts which were then used by the scammers to open bank accounts.

More than $680,000 was seized.

Money mules are typically people who facilitate the dissipation of criminal benefits by receiving and transferring proceeds of scam through their bank accounts, or by relinquishing their bank accounts to scammers for such purposes.

They play a key role in the way scams are perpetrated, as scammers rely on these bank accounts as conduits for their ill-gotten gains.

Investigations are ongoing into the offences of facilitating unauthorised access to computer material as well as cheating.

The offence of facilitating unauthorised access to computer material carries an imprisonment term of up to two years, or fine, or both.

The offence of unauthorised disclosure of access code for any wrongful gain or unlawful purpose carries an imprisonment term of up to three years, or fine, or both.

The offence of cheating is punishable with imprisonment of up to three years and fine.