Singpass misused to register companies and create bank accounts for scammers, 3 men arrested

Three men, aged between 20 and 50, were arrested for their suspected involvement in perpetrating scams, said police.

Another 15 men and seven women, aged between 26 and 65, are also assisting with investigations after an island-wide anti-scam enforcement operation conducted from May 30 to 31.

Since March 2023, the police observed that Singpass credentials were misused to open corporate bank accounts online.

Investigations indicated that these corporate account holders had relinquished their Singpass credentials and passwords to the scam syndicates to register companies and open corporate bank accounts, which served as conduits to receive funds from victims of investment scams and job scams.

During the two-day island-wide operation, officers from the Commercial Affairs Department and seven Land Divisions arrested three individuals and hauled up 22 others for investigations.

Thirty bank accounts were frozen for investigations, and more than $189,000 in scam proceeds were seized.

Preliminary investigations revealed that they had allegedly facilitated criminal activities by selling their bank accounts and or relinquishing their Singpass credentials to scam syndicates to create new bank accounts, and in some cases, for returns as much as $700 for each bank account sold.

Some are also believed to have rented their bank accounts to scammers or assisted them with bank transfers and withdrawals for monetary benefits.

Police investigations are ongoing.