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Singapore Authorities Seized $1.3 Million & Froze More than 300 OCBC Bank Accounts Related to Scam Proceeds from Illegal Activities & Money Laundering

21st August 2024 | Hong Kong

In 2024 August, Singapore authorities had been reported to have seized $1.3 million (S$1.8 million) and froze more than 300 OCBC bank accounts related to scam proceeds from illegal activities & money laundering.  On 16th August 2024, Singapore Police Force had released a statement: “The Singapore Police Force (SPF), in collaboration with the Hong Kong Police Force (HKPF) and INTERPOL, had successfully crippled a transnational money laundering syndicate operating in Hong Kong, which was responsible for laundering criminal proceeds deriving from Technical Support Scams perpetrated in Singapore and other scams in Hong Kong.  Between January and July 2024, the SPF had received 185 reports pertaining to Technical Support Scams, resulting in total losses of at least SGD 17.9 million. In this scam variant, the victims would receive screen pop-ups on their laptops or desktops, claiming that their electronic devices had been compromised by malware and to seek immediate help from Microsoft or Apple technical support. The pop-up alerts would contain contact number(s) for victims to call for technical support. When victims called the number(s), scammers impersonating Microsoft or Apple tech support employees would claim that the victims’ devices had been compromised by “hackers” and were being used for illegal activities. Following this, the scammers would instruct victims to access websites and/or download software that would grant scammers remote access to their devices.  Subsequently, the scammers would direct the victims to log into their i-Banking accounts on the pretext of helping to apprehend the “hackers”. When victims did so, the scammers would capture the victim’s internet banking ID and password. Thereafter, the scammers would use the remote access function to perform unauthorised transactions using the victim’s bank account. In some cases, the scammer would guide victims to create cryptocurrency accounts or provide One-Time Passwords to authorise i-Banking transactions. Victims would only realise that they had been scammed when they discovered unauthorised transfers or deductions from their bank accounts.  Between 9 and 12 August 2024, following extensive information sharing and joint investigations by Commercial Affairs Department (CAD) of the SPF and HKPF, officers from the HKPF raided three premises in Hong Kong and arrested one mastermind of the syndicate, three syndicate members and three money mules, aged between 33 and 43. Cash amounting to HK$300,000 and over 60 bank cards were recovered and seized as case exhibits. Through further follow-up investigations, another HK$1.3 million of crime proceeds were successfully recovered.  Through intelligence sharing from HKPF, the SPF have arrested a 23-year-old male Singaporean for his involvement in money laundering activities. Investigations revealed that he had relinquished his bank account to a criminal syndicate associated with the money-laundering syndicate which was busted by HKPF. Investigations are ongoing.”

“ Singapore Authorities Seized $1.3 Million & Froze More than 300 OCBC Bank Accounts Related to Scam Proceeds from Illegal Activities & Money Laundering “

 

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Singapore Authorities Seized $1.3 Million & Froze More than 300 OCBC Bank Accounts Related to Scam Proceeds from Illegal Activities & Money Laundering UOB & OCBC Headquarters, Singapore


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