Man loses $1.1 million after scammers posing as MAS officers tell him to 'safeguard' his assets
The police have arrested 24 people, aged between 15 and 34, and are investigating another nine, aged between 16 and 70, for their suspected involvement in a government officials impersonation scam (GOIS).
The arrests followed an islandwide anti-scam enforcement operation conducted between Oct 23 and 24, 2025.
Victim loses $1.1 million after scammers pose as MAS officers
On Oct 22, police received a report involving scammers impersonating officers from the Monetary Authority of Singapore (MAS).
Preliminary investigations revealed that on Oct 14, the victim received an unsolicited call from a scammer claiming to be from M1, who said the victim had an existing mobile plan contract. After the victim denied this, the scammer offered to assist with the termination and claimed the matter would be referred to MAS for an investigation into an alleged information leak.
The victim was later contacted by individuals posing as MAS officers, who claimed that a bank account under his name had been frozen and that he was required to "safeguard" all his assets. Between Oct 14 and Oct 22, the victim was scammed of over $1.1 million after being instructed to surrender his funds and valuables for "investigative purposes".
These included:
- About $350,000 in gold bars handed to an unknown woman on two occasions
- About $124,900 in cryptocurrency transfers
- Over $600,000 through more than 60 YouTrip QR code transactions
- About $26,500 transferred via PayNow to a local bank account
Scam involved YouTrip QR codes and cryptocurrency transfers
The scammers instructed the victim to register for a cryptocurrency account to buy and transfer cryptocurrency to wallet addresses they provided. They also generated YouTrip PayNow QR codes, which the victim scanned to make payments that were supposedly for verification purposes.
When suspicious transfers were flagged, the victim's bank contacted him twice, but he had been coached by scammers to claim the transactions were for investments and gifts.
On Oct 22, while attempting another transfer, OCBC detected unusual patterns and alerted the Anti-Scam Centre, which successfully intervened before further losses occurred.
Funds traced overseas
Investigations found that funds in the YouTrip accounts were mostly withdrawn from ATMs overseas within the same day, while others were depleted through online transfers or payments.
Following the police report, officers from the Anti-Scam Command conducted an island-wide operation.
A total of 23 people were arrested for allegedly selling or renting their payment accounts to criminal syndicates. Another nine are assisting with investigations.
Two of those investigated were found to be victims themselves, having opened YouTrip accounts under scammer instructions, losing about $1,600 and $210,000 respectively.
Another person was arrested for allegedly facilitating the sale of an account to the syndicate.
Offences and penalties
Those involved are being investigated for cheating, abetting unauthorised access to computer systems, and money laundering.
Police advisory
Police reminded the public never to transfer or hand over money or valuables to unknown persons, or to leave them at designated locations for collection.
Government officials, including those from MAS, will never:
- Ask for money transfers.
- Request banking log-in details.
- Tell you to install apps from unofficial stores.
- Transfer your call to the police.
Members of the public are advised to ADD, CHECK, and TELL to protect themselves:
- ADD - Install the ScamShield App, set transaction limits, and activate the Money Lock feature.
- CHECK - Verify suspicious messages with official sources. Legitimate M1 calls display only 1622, 1627, 1623, or 1693.
- TELL - Inform authorities, family, and friends about scams.
For more information, visit www.scamshield.gov.sg or call the ScamShield Helpline at 1799.
Anyone with information on such scams may call the police hotline at 1800-255-0000 or submit details at www.police.gov.sg/i-witness.
All information will be kept confidential.
