The Malaysian police conducted an operation in Kuala Lumpur, resulting in the arrest of 16 individuals suspected of involvement in an international fraud network. The victims of the group suffered losses exceeding $41 million.
The perpetrators posed as bank employees, targeting residents of Singapore. The suspects, aged between 24 and 43, were apprehended in an office building. They are implicated in more than 50 criminal acts and have already appeared before a Malaysian court on charges of conspiracy to commit fraud.
The criminal scheme involved phone calls made to victims under the guise of representing DBS, OCBC, UOB, or Standard Chartered Bank. Cybercriminals falsely reported suspicious activities on the victims’ bank accounts. The calls were then transferred to another member of the group who impersonated a police officer or a representative of the Monetary Authority of Singapore.
To enhance the credibility of their deception, the fraudsters sent counterfeit identification documents or certificates via WhatsApp. Victims were accused of money laundering and coerced into transferring funds to “government accounts,” purportedly for investigative purposes.
From January to October 2024, Singapore recorded at least 1,100 similar fraud cases, with total losses amounting to no less than $88.8 million.
In 2024, Interpol reported the seizure of over $41 million stolen from a Singaporean commodities firm through a business email compromise scam. The fraudsters gained access to the company’s email or forged it to deceive employees into transferring funds to their accounts.
