Over 100 Victims Affected by Job and Fixed Deposit Scams; Losses Exceed S$1.5 Million
A joint operation between Singapore and Malaysian authorities has successfully dismantled two transnational syndicates believed to have targeted over 100 victims in both countries through job and fixed deposit scams. The Singapore Police Force (SPF) announced on December 10 that the syndicates were responsible for more than S$1.5 million in reported losses.
Between Monday and Friday, coordinated raids were executed in Singapore, Johor, and Kuala Lumpur, leading to the arrest of seven individuals in Singapore and eight in Malaysia. Investigations suggest that these syndicates operated by laundering their illicit proceeds in Malaysia, targeting victims across both nations.
Modus Operandi of the Scams
SPF reported that since October, a new variant of job scams has been circulating in Singapore. The scammers typically post advertisements on social media, promising quick cash through simple jobs. They then befriend victims on messaging apps and recruit them to perform tasks such as boosting sales or visibility for online products. Victims were asked to create accounts on platforms controlled by the scammers and top up funds to perform the tasks, with the promise of commissions ranging from 0.6% to 20%.
Initially, the scammers reimbursed the victims and paid them the promised commissions to establish trust. However, the victims were later induced to deposit larger sums in exchange for more substantial commissions. Eventually, they discovered that they were unable to withdraw any funds, realising they had been defrauded.
The syndicates also used a fixed deposit scam, where victims received SMS messages claiming to be from banks, advertising high interest rates on fixed deposits. The messages encouraged victims to call a number for further details, where they were subsequently manipulated into revealing personal banking information or transferring money to unknown accounts.
Crackdown on the Syndicates
The operation was the result of extensive cooperation and information-sharing between the SPF and the Royal Malaysia Police (RMP). In Malaysia, several locations were raided by the Commercial Affairs Department (CAD) from SPF and the Commercial Crime Investigation Department of RMP. Arrested individuals, aged between 22 and 24, were found to be involved in facilitating the crimes by making bank transfers or using their bank accounts for the syndicates.
In Singapore, the operation led to the arrest of six men and one woman, aged between 17 and 44, who are believed to have been involved in carrying out transactions or laundering money for the syndicates. Authorities warned that such transnational crime syndicates target vulnerable individuals and exploit their trust by offering deceptive schemes promising high returns with minimal effort.
SPF reiterated that it would continue collaborating with Malaysian authorities to combat transnational syndicates that use the anonymity of the Internet to commit crimes. The police also stressed the importance of job seekers remaining cautious of fraudulent job offers that promise large salaries for simple tasks, especially those requiring bank account usage or upfront payments.
