S'pore man loses over S$1.1 million in a week to scammers allegedly posing as MAS officers. 24 people, aged 15 to 34, arrested.

A man was scammed out of over S$1.1 million in just one week in an elaborate Government Officials Impersonation Scam (GOIS), authorities revealed in a press release.

Started with a scammer who pretended to be from M1

The victim first received an unsolicited call on Oct. 14 from someone claiming to be from M1, stating there was an existing mobile plan under his name.

When the victim denied this, the caller offered assistance to terminate the plan and claimed the case would be referred to the Monetary Authority of Singapore (MAS) for an alleged information leak.

Subsequently, individuals impersonating MAS officers contacted the victim, claiming a bank account under their name was frozen and that all funds and assets had to be safeguarded.

Lost S$1.1 million in just a week

Over a few days, between Oct. 14 and Oct. 22, the victim was instructed to surrender money and valuables, resulting in a loss exceeding S$1.1 million.

Funds were transferred through multiple channels, including:

• Gold bars valued at approximately S$350,000, handed over to an unknown woman on two occasions
• Cryptocurrency transfers of approximately S$124,900
• YouTrip QR codes totaling over S$600,000
• PayNow transfer of about S$26,500

On at least two occasions, the bank had contacted the victim when suspicious transfers were flagged for verification.

However, the victim was coached by the scammers on how to respond to bank alerts, claiming the transfers were for investments or gifts, the police news release stated.

OCBC alert triggers islandwide hunt for scammers

Suspicious transactions flagged by OCBC on Oct. 22 led the bank to alert the Anti-Scam Centre, which quickly intervened and prevented further loss.

The police subsequently received a report involving the impersonation of officials from the MAS.

This prompted an islandwide anti-scam enforcement operation conducted between Oct. 23 and 24.

The operation resulted in the arrest of 24 individuals, aged 15 to 34, and the investigation of another nine suspects, aged 16 to 70.

Authorities found that some were selling or renting their payment accounts to criminal syndicates.

Others had unknowingly become victims themselves after opening accounts under scammers’ instructions.

Police advisory

The police stressed that they take a serious stance against anyone involved in scams and that perpetrators will be dealt with in accordance with the law.

Members of the public should never allow others to use their bank accounts or mobile lines, as they can be held accountable if linked to criminal activity.

They are reminded not to transfer money or valuables to unknown persons, place funds at collection points, or share device screens with strangers.

Do note that Singapore government officials, including the ones from MAS, will never:

• Ask you to transfer money;
• Ask you to disclose banking log-in details;
• Ask you to install mobile apps from unofficial app stores; or
• Transfer your call to the police

For more information on scams, click here or call the ScamShield Helpline at 1799.

Top image via SPF