SINGAPORE - Seven men were arrested and over $1 million was seized during police raids on alleged unlicensed payment service providers in the Little India area. The police said on Wednesday that officers from the Commercial Affairs Department raided two offices between May...
SINGAPORE - Seven men were arrested and over $1 million was seized during police raids on alleged unlicensed payment service providers in the Little India area.
The police said on Wednesday that officers from the Commercial Affairs Department raided two offices between May 5 and 11 along Veerasamy Road and Upper Dickson Road. The men, aged between 26 and 64, are suspected of being involved in a cross-border money transfer service which was operating without a valid licence from the Monetary Authority of Singapore .
Besides the cash, eight mobile phones, three currency counting machines as well as remittance records were seized as case exhibits.It is an offence for an individual to provide payment services, such as cross-border money transfer services, without a licence, unless exempted.
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