A man lost over $1.1 million to scammers posing as Monetary Authority of Singapore (MAS) officials between 14 Oct and 22 Oct 2025.
The Singapore Police Force arrested 24 people aged 15 to 34 in an islandwide anti-scam operation on 23 and 24 Oct 2025. Another nine people, aged 16 to 70, remain under investigation. Two of them turned out to be scam victims themselves.
How the Scam Started
The victim got an unsolicited call from someone pretending to be M1 staff on 14 Oct 2025. The caller said the victim had an existing mobile plan contract.
The victim said he had no such contract. The scammer offered to help terminate it and said the matter would be referred to MAS for an investigation into an alleged information leak.
People claiming to be MAS officers then contacted the victim. They said a bank account under his name was frozen. They told him he needed to safeguard all his money and assets.
Victim Handed Over Cash, Gold, and Cryptocurrency
Between 14 Oct and 22 Oct 2025, the victim surrendered more than $1.1 million after being told to hand over his funds and valuables for “investigative purposes.”
He bought gold bars worth about $350,000. He handed them to an unknown woman on two separate occasions.
The scammers told the victim to register for a cryptocurrency account. He purchased and transferred about $124,900 worth of cryptocurrency to wallet addresses they provided.
The victim also made multiple payments through YouTrip QR codes generated on the platform for “payment” or “verification purposes.” He scanned the codes using his banking app and transferred money straight into the scammers’ YouTrip wallets.
Over $600,000 went through more than 60 YouTrip QR codes. Another $26,500 was transferred to a PayNow number linked to a local bank account.
Bank Stopped Further Losses
The bank contacted the victim at least twice when suspicious transfers were flagged for verification. The scammers had coached him on how to respond. He claimed the funds were for investments and gifts.
On 22 Oct 2025, the victim was told to make a second PayNow transfer of $26,500 to the same account. OCBC Bank spotted the suspicious transaction pattern and alerted the Anti-Scam Centre.
The Anti-Scam Centre contacted the victim and convinced him he’d fallen for a scam. Police tracing showed that funds in the YouTrip accounts were mostly withdrawn at ATMs overseas on the same day of transfer.
23 Arrested for Selling Payment Accounts
Out of the 24 people arrested, 23 allegedly sold or rented their payment accounts to criminal syndicates for money. These accounts included payment cards or login credentials.
One person was arrested for allegedly helping to facilitate the sale of someone’s payment account to a criminal syndicate.
The nine people under investigation include two who were government official impersonation scam victims themselves. They had opened YouTrip accounts under the scammers’ instructions and lost approximately $1,600 and $210,000, respectively.
Potential Penalties
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.
Cheating carries a jail term of up to three years, a fine, or both. Facilitating unauthorised access to computer material can lead to up to two years in jail, a fine, or both, for a first conviction. Assisting another to retain benefits from criminal conduct can result in up to three years in jail, a fine, or both.
Police Warning
Singapore government officials, including those from MAS, will never tell members of the public to transfer money over a phone call. They will never ask people to share 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. People with information on scams can call the police hotline on 1800-255-0000, or submit information online.
