Singapore charges 6 men in loan syndicate tied to 25,500 scam reports
What's new: Police froze 29 bank accounts, seized more than S$410,000 in cash and over US$25,000 in crypto.
Singapore police charged six men over their alleged roles in an unlicensed moneylending syndicate that investigators say was linked to at least 25,500 ScamShield reports and 1,509 police reports, including 883 tied to illegal lending. The six were among 11 people arrested in simultaneous raids across the city-state on Aug. 12. Police said the group helped the syndicate by sending bulk SMS pitches for "fast cash" and "easy loans," topping up mobile lines, acting as runners and providing bank accounts for transactions. Officers seized more than S$410,000 in cash, 22 phones, 14 SIM cards and 24 bank cards, and froze 29 linked accounts holding more than S$106,000. Cases for the six men were adjourned to Aug. 20.