Average Duration to Investigate Scam-related Case and Resolution and Release of Bank Accounts Frozen and Proportion of Funds Lost Recovered
Ministry of Home AffairsSpeakers
Summary
This question concerns inquiry by Mr Saktiandi Supaat about scam investigation durations, bank account freezes, and the proportion of recovered funds. Minister for Home Affairs K Shanmugam stated that the Police do not track average investigation times, as durations depend on scam complexity and overseas links. He explained that bank accounts are frozen as proceeds of crime and funds are returned through court disposal orders upon the conclusion of investigations. Since June 2019, the Anti-Scam Centre has successfully recovered over $200 million, which accounts for approximately 25% of the total $822 million lost. Minister for Home Affairs K Shanmugam noted that recovery is difficult for international transfers, but the Centre works with financial institutions to accelerate the freezing process.
Transcript
102 Mr Saktiandi Supaat asked the Minister for Home Affairs (a) what is the average duration taken to investigate a scam-related case; (b) how are cases which involve freezing of bank accounts resolved and the freeze eventually released; and (c) on average for a scam case, what proportion of funds lost will typically be recovered.
Mr K Shanmugam: The Police do not track the time they take to complete scam investigations. It depends on many factors, including the type of scam and how well the scammer covers his tracks. In cases where the scammer is based outside Singapore, which is the case for most scams here, investigations can take much longer. Every case could differ significantly.
Bank accounts suspected to be involved in scam operations will be frozen by the Police, with monies seized as proceeds of crime. Upon completion of investigations, the investigation officer will apply for a disposal order from the courts to return the monies to person(s) entitled to them. The time taken for the monies to be returned to the victims will depend on the facts and circumstances of the case. For example, whether there are multiple claimants and whether the monies are still relevant for the purposes of investigation or trial or other court proceeding. The freeze on the bank accounts will be lifted upon completion of investigations.
In June 2019, the Anti-Scam Centre (ASC) was set up with a focus on mitigating victims’ losses through interdiction of the proceeds of the scam. Since then, the ASC has received scam reports with losses amounting to more than $822 million. Of this, the ASC has recovered more than $200 million to date, or about 25% of the amount lost.
Where the monies have been transferred outside Singapore, recovery is even more difficult. The ASC works with the Monetary Association of Singapore and financial institutions to swiftly freeze bank accounts suspected to be involved in scams, so as to enhance the chances of recovery.