SINGAPORE – Three teenagers, including a Malaysian, were arrested for their suspected involvement in a US$2.89 million (S$3.7 million) scam, with two of them set to be charged in court on April 25, the police said.
Preliminary investigations found that the three teens – two Singaporeans aged 19 and 16, and a 19-year-old Malaysian – conspired with a scam syndicate in Malaysia to set up shell companies in March and April.
They also opened DBS corporate bank accounts as part of efforts to receive their illicit scam earnings, the police said.
The trio duped a US fund remitter via a business e-mail compromise scam into transferring US$2.89 million to one of the corporate accounts they had set up.
The DBS corporate bank account holder later attempted to withdraw US$2.56 million of the funds, raising suspicions among DBS staff, who informed the police of the fraudulent activity on April 22.
