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Police are investigating 228 men and 120 women, aged between 15 and 70, for their suspected involvement in scams, money-laundering and unlicensed moneylending activities.
This follows a nine-day enforcement operation conducted by Bedok Police Division between Oct 31 and Nov 8.
Fifty-six people were arrested for loan scams and loansharking activities involving transactions exceeding $200,000 in the operation.
Eight were arrested for money laundering activities involving transactions exceeding $500,000.
Cash amounting to more than $430,000 were seized as case exhibits.
Police are investigating 217 people for their suspected involvement in various scams, comprising mainly e-commerce scams, investment scams, job scams, tech support scams and phishing scams and money laundering offences, involving transactions exceeding $6 million.
Another 67 people are being investigated for loan scams and loansharking activities involving transactions exceeding S$250,000.
Commander of Bedok Police Division, Assistant Commissioner of Police Justin Wong, said, “This operation reflects Bedok Police Division’s commitment to the fight against scams and commercial crimes. The dozens of investigators worked tirelessly to bring the offenders to justice and prevent more victims from falling prey to scams”.
The offence of cheating carries an imprisonment term of up to ten years and a fine.
The offence of money-laundering carries a jail term of up to ten years and a fine up to $500,000.
First-time offenders found guilty of assisting in carrying on the business of unlicensed moneylending shall be liable to a fine not less than $30,000 and not more than $300,000 with mandatory jail term of up to four years and mandatory caning of up to six strokes.
In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than $30,000 and not more than $300,000 with mandatory jail term of up to seven years and mandatory caning of up to 12 strokes.