Singapore Police have arrested three individuals for their alleged involvement in a Business Email Compromise (BEC) scam involving about S$3.68 million (approximately RM12.1 million).
The suspects include a 19-year-old Singaporean, a 19-year-old Malaysian, and a 16-year-old Singaporean, who are believed to have played roles in facilitating the fraudulent scheme.
Authorities said the trio allegedly deceived a United States-based fund remitter into transferring S$3.68 million (RM12.1 million) into corporate bank accounts that were set up as part of the scam operation.
The case came to light on April 22 when suspicious transactions were detected in two corporate accounts held with DBS Bank. Staff flagged unusual withdrawal attempts amounting to US$2.56 million (S$3.26 million) after part of the funds had already been moved overseas.
Bank employees alerted authorities after identifying potential fraud, prompting swift action from the police. The matter was escalated to Singapore’s Anti-Scam Command, which worked with Interpol to trace the victim and confirm the fraudulent transfer from the United States.
Investigations revealed that the main account holder was arrested near Woodlands on April 23, while the two alleged accomplices were detained on the same day.
Police said preliminary findings suggest the suspects were working with a Malaysia-based scam syndicate and had set up shell companies between March and April 2026 to facilitate the laundering of scam proceeds.
Following coordination with international authorities, Interpol confirmed that the US-based remitter had fallen victim to the BEC scam.
The two 19-year-old suspects were charged in court on April 25 for allegedly assisting in retaining benefits from criminal conduct. If convicted, they face up to 10 years in jail, fines of up to S$500,000 (around RM1.65 million), or both.
The 16-year-old suspect remains under investigation as authorities continue probing the wider syndicate network.
Singapore authorities also reminded the public that stricter penalties, including mandatory caning for scam-related offences, have been in effect since late 2025, alongside banking and telecom restrictions aimed at disrupting mule account activities.
