A man lost more than $1.1 million to scammers who impersonated Monetary Authority of Singapore (MAS) officials between 14 Oct and 22 Oct 2025.
The Singapore Police Force arrested 24 people, aged 15 to 34, following an islandwide anti-scam enforcement operation conducted on 23 Oct and 24 Oct 2025.​
Another nine people, aged 16 to 70, are under investigation over the case. Two of these nine individuals were found to be scam victims themselves.​
The Scam Began with a Fake M1 Call
The victim received an unsolicited call from a scammer posing as M1 staff on 14 Oct 2025. The scammer claimed the victim had an existing mobile plan contract.​
When the victim denied having such a contract, the scammer offered to help terminate it and claimed the matter would be referred to MAS for a purported investigation into an information leak.
The victim was subsequently contacted by individuals claiming to be MAS officers, who alleged that a bank account under his name was frozen and that he was required to safeguard all his money and assets.​
Victim Transferred Money Through Multiple Methods
Between 14 Oct and 22 Oct 2025, the victim surrendered more than $1.1 million after being directed to hand over his funds and valuables for “investigative purposes”. He purchased gold bars valued at approximately $350,000 and handed them over to an unknown woman on two separate occasions.​
The scammers instructed the victim to register for a cryptocurrency account to purchase and transfer cryptocurrency to wallet addresses they specified. About $124,900 worth of cryptocurrency was transferred to these wallet addresses.​
The victim was also instructed to make multiple payments through YouTrip QR codes generated on the YouTrip platform for “payment” or “verification purposes”. He used his banking app to scan the QR codes and transferred the money directly into the scammers’ YouTrip wallets.​
Over $600,000 was transferred through more than 60 YouTrip QR codes. About $26,500 was transferred to a PayNow number linked to a local bank account.​
Bank Intervention Stopped Further Losses
The bank contacted the victim on at least two occasions when suspicious transfers were flagged for verification. The victim had been coached by the scammers on how to respond, claiming that the funds were meant for investments and gifts.​
On 22 Oct 2025, the victim was directed to make a second PayNow transfer of $26,500 to the same account. OCBC Bank identified the suspicious transaction pattern and alerted the Anti-Scam Centre.​
The Anti-Scam Centre contacted the victim and convinced him that he had fallen prey to a scam. Police tracing efforts revealed that the funds in the YouTrip accounts were mostly withdrawn at ATMs overseas on the same day of transfer.​
23 Arrested for Selling Payment Accounts
Among the 24 people arrested, 23 were allegedly selling or renting their payment accounts, such as payment cards or login credentials, to criminal syndicates for monetary gains.
One person was arrested for his alleged involvement in facilitating the sale of an individual’s payment account to a criminal syndicate.​
The nine people under investigation include two who were found to be government official impersonation scam victims themselves.
According to a statement from the Singapore Police Force, the suspects had opened YouTrip accounts under the instructions of scammers and lost approximately $1,600 and $210,000, respectively.​
Suspects Face Multiple Charges
All 33 people are being investigated for alleged offences of cheating, abetting unknown persons to secure unauthorised access to a bank’s computer system, and money laundering. The offence of cheating carries a jail term of up to three years, a fine, or both.​
For facilitating unauthorised access to computer material, offenders can be jailed up to two years, fined, or both, for a first conviction. Those found guilty of assisting another to retain benefits from criminal conduct can be jailed for up to three years, fined, or both.​
Police Warning on Government Official Scams
Singapore government officials, including those from MAS, will never instruct members of the public to transfer money over a phone call. They will never ask people to disclose banking login details or install mobile apps from unofficial app stores.​
Government officials will also never transfer calls to the police. The police advised people not to transfer or hand over money or valuables to unknown individuals whose identities have not been verified.​
Those with doubts can call the ScamShield helpline on 1799 to check. People with information on scams can call the police hotline on 1800-255-0000, or submit information online.
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