The operation was prompted by a noticeable uptick in suspicious activities in local bank accounts opened by foreigners
SINGAPORE: In a groundbreaking operation, authorities have frozen over 300 OCBC bank accounts with suspected ties to scam-related activities, confiscating more than $1.8 million in the process., in collaboration with OCBC Bank, embarked on a joint operation from May to August, targeting money mules – individuals who unwittingly or knowingly allow their bank accounts to be used for illicit financial transactions.
The joint operation successfully identified and froze over 300 bank accounts within OCBC, exhibiting dubious transactions and activities. The seized funds, amounting to over $1.8 million, are believed to be proceeds from scams transferred in and out of these accounts. Similarly, unauthorized disclosure of access codes can result in up to three years in jail, a fine of up to $10,000, or both.2023 has been particularly challenging, with 46,563 scam cases reported – a 46.8% increase from the previous year and the highest since records began in 2016. The financial impact was equally staggering, with scam victims in Singapore losing $651.8 million.
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