Three teenagers linked to S$3.68 million business scam arrested after DBS bank flagged suspicious withdrawal
Three teenagers – two Singaporeans and one Malaysian – have been arrested in relation to a massive Business Email Compromise (BEC) scam, involving nearly US$2.89 million (S$3.68 million).
The arrests were made following a tip-off from DBS Bank, which flagged a suspicious withdrawal attempt of nearly USD 2.56 million (S$3.26 million) from a corporate account.
Suspicious withdrawal attempt flagged by DBS
According to a press release by SPF, DBS Bank alerted the SPF to suspicious activity involving two corporate bank accounts on 22 April.
The account holder attempted to withdraw US$2.56 million after the remaining funds had already been transferred overseas.
Source: DBS, for illustration purposes only
When DBS staff suspected fraudulent activity, the matter was immediately escalated to the authorities.
Following the alert, the SPF’s Anti-Scam Command worked in coordination with INTERPOL to contact the individual who had initiated the transfer of US$2.89 million from the United States.
The investigation revealed that the US-based victim had fallen victim to a BEC scam
Trio allegedly set up shell companies to funnel scam proceeds
Following investigations, the corporate bank account holder, a 19-year-old Singaporean, was subsequently arrested in the vicinity of Woodlands on 23 April.
His two accomplices, a 19-year-old Malaysian citizen and a 16-year-old Singaporean, were also arrested on the same day.
Source: 4711018 on Canva, for illustration purposes only
Preliminary investigations suggest the trio had been working in conjunction with a Malaysian-based scam syndicate.
Between March and April 2026, they allegedly set up shell companies and opened corporate bank accounts to receive scam proceeds.
Teens face up to 10 years in jail
According to SPF, the two 19-year-old teens will be charged with the offence of assisting another to retain benefits from criminal conduct under Section 51(1)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.
If convicted, they face up to 10 years’ jail, a fine of up to S$500,000, or both.
Meanwhile, investigations into the 16-year-old are ongoing, SPF said.
Serious stance against scams
From 30 Dec 2025, scammers and members of scammers or recruiters of scam syndicates face mandatory caning of at least six strokes, or up to 24 strokes.
Individuals linked to such crimes may also face restrictions under the Facility Restriction Framework, SPF said.
Under the framework, individuals assessed to be involved in mule-related activities could have their banking services and mobile lines restricted to prevent further scams.
SPF reiterated that individuals found to be linked to such crimes will be held accountable.
Source: SPF
Members of the public are also advised to stay vigilant and informed about scams.
More information can be found on the ScamShield website or by calling the ScamShield Helpline at 1799.
Also read: Man arrested after alleged Apple products scam via Carousell, 32 victims lost S$19.5K
Man arrested after alleged Apple products scam via Carousell, 32 victims lost S$19.5K
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Featured image adapted from arthurmarciniecphotos on Canva and pixelshot on Canva, for illustration purposes only.
