SINGAPORE, June 12 — Singapore police are investigating 49 individuals suspected of being involved in money laundering activities using cryptocurrency accounts, following a recent island-wide crackdown.
According to The Straits Times, the group, made up of 35 men and 14 women aged between 18 and 58, was rounded up during a series of operations conducted between May 13 and 30 by the Anti-Scam Command.
Officers were supported by digital payments platform StraitsX, which helped flag suspicious activity. Over S$200,000 (RM660,000) has been seized so far.
Preliminary findings suggest the suspects may have sold access to their cryptocurrency accounts or Singpass credentials for payments ranging from S$400 to S$3,000.
Contact was often initiated via messaging apps such as Telegram or WhatsApp, through which unknown parties instructed them on how to proceed.
These instructions reportedly included submitting screenshots, personal details, and login access, which were then exploited to channel proceeds from scams.
In a statement today, police said their partnership with StraitsX “enhanced capabilities to detect suspicious financial activities”, ultimately leading to the identification of those under investigation.
Authorities reiterated their zero-tolerance approach to money laundering.
“Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes,” police warned.
They urged the public to be wary of offers that promise fast, easy money in exchange for the use of personal accounts and to reject such requests outright.
Under Singapore law, those found guilty of helping someone retain benefits from criminal conduct can face up to three years in jail, a fine of up to S$50,000, or both.
