Page 22 - Payment Services Act News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Officers from the Commercial Affairs Department and the seven Police Land Divisions conducted a two-week operation between 12 May 2023 and 26 May 2023. A total of 261 men and 115 women, aged between 16 and 80, are assisting in investigations for their suspected involvement in scams as scammers or money mules. The suspects are believed to be involved in more than 1,400 cases of scams, comprising mainly fake friend call scams, phishing scams, loan scams, job scams, investment scams, internet love scams and Government Officials impersonation scams where victims reportedly lost over $7 millio...

Seven men and three women, aged between 18 and 47, will be charged in court on 25 May 2023 for their suspected involvement in various offences linked to money mule activities which includes cheating, facilitating unauthorised access to computer material and carrying on unlicensed businesses of providing payment services.

On 19 May 2023, a 26-year-old man, Das Ashish Kumar (“Ashish”), was sentenced to five weeks’ imprisonment for an offence under Section 5(1) of the Payment Services Act 2019 and punishable under Section 5(3)(a) of the same Act read with Section 109 of the Penal Code, Chapter 224. He was convicted of the same offence on 17 May 2023.

The Police have disrupted the activities of two unlicensed payment service providers operating along Veerasamy Road and Upper Dickson Road.

Seven men, aged between 26 and 64, were rounded up to assist in investigation into their suspected involvement in providing a cross-border money transfer service without a valid licence issued by the Monetary Authority of Singapore. Two offices at Veerasamy Road and Upper Dickson Road were raided by police officers from the Commercial Affairs Department between May 5 and 11.