Singapore-Based Company CEO & CFO Became Victims to Scam by Transferring $36.3 Million in Corporate Bank Account to 2 OCBC Bank Accounts in Singapore after Receiving Fake Whatsapp Call from Chairman from Headquarters in 2026 April, Singapore Anti-Scam Centre (ASC) Seized $9.7 Million in Singapore & Hong Kong Assisted to Seize $11.1 Million (Total $26.5 Million Transferred to Hong Kong), 2 Singapore Citizens Arrested for Opening OCBC Corporate Bank Account to Receive Funds
23rd May 2026 | Hong Kong
A Singapore-based company CEO & CFO became victims to scam by transferring $36.3 million in corporate bank account to 2 OCBC bank accounts in Singapore after receiving a fake whatsapp call from Chairman from headquarters. Singapore Anti-Scam Centre (ASC) seized $9.7 million in Singapore & Hong Kong assisted to seize $11.1 million (Total $26.5 million transferred to Hong Kong). 2 Singapore citizens have been arrested for opening OCBC corporate bank account to receive the funds. Operation FRONTIER+ III – Hong Kong & Singapore are among 10 Asian countries in 2-month anti-scam operation (Operation FRONTIER+ III), resulting in arresting 3,018 individuals for $752 million losses from 138,000 scam cases, and froze 102,000 bank accounts & seized $161 million funds. More details below:
“ Singapore-Based Company CEO & CFO Became Victims to Scam by Transferring $36.3 Million in Corporate Bank Account to 2 OCBC Bank Accounts in Singapore after Receiving Fake Whatsapp Call from Chairman from Headquarters in 2026 April, Singapore Anti-Scam Centre (ASC) Seized $9.7 Million in Singapore & Hong Kong Assisted to Seize $11.1 Million (Total $26.5 Million Transferred to Hong Kong), 2 Singapore Citizens Arrested for Opening OCBC Corporate Bank Account to Receive Funds “
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Two-Month Crackdown On Transnational Scams Resulted In More Than 3,000 Arrests Across Ten Jurisdictions
20/5/26 – The Anti-Scam Centre (ASC) of the Singapore Police Force (SPF), in partnership with nine foreign law enforcement agencies namely Hong Kong SAR’s Anti-Deception Coordination Centre (ADCC), the Republic of Korea’s National Counter Scam Centre, Malaysia’s National Scam Response Centre, Republic of Maldives’s Anti-Scam Centre, Thailand’s Anti Cyber Scam Center, Macao SAR’s Anti-Fraud Co-Ordination Centre, Indonesia’s Anti-Scam Centre, Brunei’s Anti-Scam Centre and Canada’s Anti-Fraud Centre, deployed more than 3,200 officers to conduct a two-month anti-scam operation, codenamed Operation FRONTIER+ III, from 10 March 2026 to 7 May 2026, targeting a wide range of scam typologies, including e-commerce scams, job scams, investment scams, government officials impersonation scams (GOIS), and friend impersonation scams.
Across the ten jurisdictions, the operation resulted in the arrest of 3,018 subjects, aged between 13 and 85, and the investigation of 7,553 subjects linked to over 138,000 scam cases amounting to roughly USD 752 million (approximately SGD 963 million) in losses. As part of the operation, FRONTIER+ members froze close to 102,000 scam-tainted bank accounts, resulting in the seizure of more than USD 161 million (approximately SGD 207 million) in illicit funds.
Key outcomes in Singapore
In Operation FRONTIER+ III, the ASC of the SPF arrested over 130 subjects in Singapore and investigated more than 1,000 subjects, all of whom were linked to more than 3,000 scam cases involving more than SGD 69.3 million (approximately USD 54.7 million) in losses. The ASC had frozen 2,315 bank accounts and seized SGD 34.9 million (about USD 27.5 million). The FRONTIER+ network proved pivotal in cross-border fund-recovery efforts, as demonstrated by four successful cases during the period of the operation.
The facts of the four cases are as follows:
Case 1 – Business Email Compromise Scam
On 9 April 2026, the Chief Executive Officer (CEO) of a Singapore-based company received a WhatsApp call from a scammer masquerading as the Chairman of the firm’s headquarters, instructing him to assume responsibility for an acquisition project. The CEO subsequently directed his Chief Financial Officer (CFO) to arrange the funding. Between 13 and 17 April 2026, a total of USD 36.3 million was transferred from the company’s overseas and local bank accounts into two local OCBC accounts – USD 27.1 million originating from the Luxembourg subsidiary and USD 9.7 million from the Singapore entity. The deception was uncovered on 17 April 2026 after the CEO verified the acquisition with the actual Chairman.
Following the report, the ASC intervened swiftly, seizing USD 9.7 million in the local accounts, while approximately USD 26.5 million had already been wired to bank accounts in Hong Kong. The ASC immediately sought assistance from Hong Kong SAR’s ADCC, resulting in the seizure of more than USD 11.1 million from Hong Kong SAR bank accounts and associated cryptocurrency wallets.
Investigations subsequently led to the arrest of two Singaporeans who facilitated the opening of a corporate bank account to receive the illicit funds. Investigations are ongoing.
Case 2 – Business Email Compromise Scam
On 30 April 2026, the Police received a report that a Singapore-based commodity trading firm had been deceived into transferring USD 6.6 million to a fraudulent bank account in Oman. On 28 April 2026, the victim’s staff received an email that appeared to be from its legitimate supplier, but the domain name had been subtly altered by transposing two letters, making the spoofed address virtually indistinguishable from the genuine one. Believing that the request was authentic, the staff initiated the transfer of the full amount to the fraudulent bank account on 29 April 2026. On 30 April 2026, the staff discovered the fraud after the genuine supplier notified them that they had not changed their bank account.
Upon the report, the ASC immediately engaged the UAE Ministry of Interior, Dubai Police Anti-Fraud Centre, a member of the FRONTIER+ coalition, to facilitate liaison with Omani authorities. Through coordinated efforts with the Royal Oman Police (NCB Muscat), and HSBC Singapore, the fraudulent funds were traced and fully recovered.
Collaboration with Malaysia resulting in the crippling of Money Laundering Cell with three Malaysians arrested in Johor Bahru, Malaysia & Enforcement Operations against Money Mules of Implicated Accounts
In a joint operation conducted by the SPF and the Johor Commercial Crime Investigation Department (CCID) of the Royal Malaysia Police (RMP), one transnational scam syndicate was dismantled, resulting in the arrest of three Malaysians in Johor Bahru. Close information-sharing between MariBank and the ASC identified the Malaysian-based syndicate as the source of a series of scam-linked bank accounts. Acting on the intelligence supplied by the ASC, the Johor CCID raided the syndicate’s premises on 17 March 2026, seizing 83 mobile phones, 45 bank tokens, and a computer containing the syndicate’s operating software.
Following the raid, officers from the SPF and RMP convened a case conference during which the CCID/RMP disclosed further details of the scam-linked accounts. Between 23 and 31 March 2026, officers from the SPF conducted coordinated local enforcement actions, apprehending 18 subjects who had knowingly opened or surrendered bank accounts, or relinquished their Singpass credentials for monetary gain.
Arrest of three Malaysians perpetrating GOIS by the Commercial Crime Investigation Department (CCID) of the Royal Malaysia Police (RMP) in Malaysia
A joint operation by officers from the Commercial Affairs Department (CAD), the Criminal Investigation Department (CID) and the Police Intelligence Department of the SPF, in close cooperation with the Royal Malaysia Police (RMP), led to the arrest of three Malaysian nationals suspected of perpetrating GOIS targeting victims in Singapore. After sustained intelligence-gathering and investigative work, the location of a suspected scam-operations centre in Kuala Lumpur was pinpointed. Acting on this shared intelligence, officers from the CCID/RMP raided the premises on 7 April 2026, seizing 17 mobile phones, a computer, a router and two walkie-talkies, and taking three male suspects into custody.
In recognition of the operation’s strong nexus to Singapore, CAD and CID officers convened a case conference with their Malaysian counterparts, identifying 22 Singapore-based victims who had suffered losses totalling more than SGD 877,000. The seized devices yielded fake court orders, handwritten notes and photographs that linked the suspects to the fraud.
Strengthening Our Fight Against Scams
Director of Commercial Affairs Department, Ms Peggy Pao said, “Our ability to curb cross-border scams hinges on the depth of the relationships we build with the FRONTIER+ network. When agencies share real-time alerts, pool analytical resources and conduct synchronised raids, this accelerates the identification of illicit fund flows and the dismantling of scam operations. Scammers quickly learn that there is no jurisdiction where they can operate unchecked. Looking ahead, we will continue to build on our FRONTIER+ partnerships, so that Singapore and the wider region remain resilient against the ever-evolving tactics of scam syndicates.”
Project FRONTIER+
The FRONTIER+ cross-border anti-scam collaboration platform, comprising representatives from anti-scam centres of 14 law enforcement agencies, namely Singapore, Hong Kong SAR, the Republic of Korea, Malaysia, the Republic of Maldives, Thailand, Australia, Macao SAR, Canada, Indonesia, Brunei, South Africa, UAE Dubai and the United States is essential to bolster international cooperation and combat the growing threat of scams. The FRONTIER+ initiative serves as a crucial cross-border alliance, enabling law enforcement agencies to work seamlessly together in dismantling scam syndicates and their operations.
Building on this foundation, FRONTIER+ will maintain its core functions of real-time intelligence exchange and analysis, whilst conducting periodic joint operations across jurisdictions. The platform aims to broaden its reach by welcoming new member countries and regions, ultimately enhancing the effectiveness of enforcement efforts against transnational crime.
Singapore-Based Company CEO & CFO Became Victims to Scam by Transferring $36.3 Million in Corporate Bank Account to 2 OCBC Bank Accounts in Singapore after Receiving Fake Whatsapp Call from Chairman from Headquarters in 2026 April, Singapore Anti-Scam Centre (ASC) Seized $9.7 Million in Singapore & Hong Kong Assisted to Seize $11.1 Million (Total $26.5 Million Transferred to Hong Kong), 2 Singapore Citizens Arrested for Opening OCBC Corporate Bank Account to Receive Funds
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