Can I get back my money after being scammed?

After police investigations are completed, the freeze on bank accounts will be lifted, and the investigation officer will apply for a disposal order from the courts to return the money to people entitled to them, said Mr Shanmugam in his written reply in parliament.

channelnewsasia.com - What happens to scam proceeds and can victims get back their money?

How good is +200 odds?

Moneyline odds that are listed at +200 mean that a team is a clear underdog in the bet. The favorite will usually be listed at -110 or lower, and...

Last updated Jan 7, 2020

What does a 3/4 handicap mean?

This means in fourball matches, the lowest handicapped player will concede shots to the other three based on ¾ of the difference between the full...

Last updated Aug 27, 2018

Make Your Bookie Cry And Pull The Hair By Generating $23,187

Promotion

SINGAPORE: Scams are on the rise, and have come under the spotlight in Singapore following several high-profile cases. None more so than the Tradenation luxury goods scam, which saw victims lose tens of millions of dollars. The couple allegedly behind it, Singaporean Pi Jiapeng and his Thai wife Siriwipa Pansuk, were charged in court with cheating offences on Aug 12. But the case also left people wondering just what would happen to the money they allegedly scammed.

Latest statistics reveal the crime is showing no signs of abating.

Last year, it drove up Singapore's overall crime levels yet again.

Of the 46,196 reported crimes in 2021, more than half – or 23,931 cases – involved scams, increasing from the year before when scams made up about 40 per cent of all cases. The figure also marked a 53 per cent surge from the reported 15,651 scam cases the year before. Overall, the total amount cheated for the top 10 scam types rose to S$504.4 million last year, from S$175.2 million the year before.

Just how difficult is it to claw back such scam proceeds, and what chance do victims have of getting their money back?

How much money is recovered from scams?

In June 2019, the Anti-Scam Centre (ASC) was set up to disrupt scammers’ operations and help mitigate victims’ losses. Since then, it has received scam reports with losses amounting to more than S$822 million. Of this, it has recovered more than S$200 million to date, or about 25 per cent of the amount lost, said Law and Home Affairs Minister K Shanmugam in a written reply to a parliamentary question last month. Last year alone, the ASC received more than 23,800 scam reports with losses amounting close to S$520 million, according to the 2021 annual crime statistics. In the same period, it recovered more than S$102 million.

What happens to proceeds from a scam?

Bank accounts suspected to be involved in scam operations will be frozen by the police, and the money will be seized as proceeds of crime.

In 2021, the ASC froze more than 12,600 bank accounts.

The ASC also works with the Monetary Authority of Singapore and financial institutions to swiftly freeze bank accounts suspected to be involved in scams, to enhance the chances of recovery. In 2020, the ASC started a collaboration between police and more than 60 institutions. Once the police are notified of a scam, most bank accounts suspected to be involved in scammers’ operations can be swiftly frozen within a day, as opposed to the 14 to 60 working days previously. The time taken for money to be returned to the victims depends on the circumstances. Factors include whether there are multiple claimants and if the money is still relevant for the purposes of investigation or trial or other court proceedings. Lawyer K Anparasan, managing director at Whitefern LLC, said: "In such a scenario where the amount recovered is less and there are multiple victims, the court will then decide how to allocate the recovered monies after hearing the victims who come forward."

Can I bet both over and under?

If you find two different totals at different sportsbooks, or the line moves enough, you have an opportunity to win both the over and the under...

Last updated Jun 7, 2022

Why is soccer not popular in the US?

There are all sorts of reasons people will cite for soccer's failure to fully take off in the US: the lack-lustre performance of men's national...

Last updated Jan 17, 2019

Promotion

How much money does a gambling addict lose?

That addiction can lead to serious economic consequences. For example, U.S. consumers experience over $100 billion per year in total gambling losses. Individually, a male gambling addict accumulates an average debt of between $55,000 and $90,000 whereas a female averages $15,000.

wallethub.com - Most Gambling-Addicted States - WalletHub

Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are WalletHub advertising partners. Our content is intended for informational purposes only, and we encourage everyone to respect our content guidelines. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

What does 2 dimes mean in gambling?

Dime: Jargon for a $1,000 bet. If you bet "three dimes," that means a $3,000 wager. 'Dog: Short for underdog. Dollar: Jargon for a $100 bet....

Last updated Feb 7, 2018

What does a withdrawal look like?

Physical effects Withdrawal symptoms can affect how the body works. Fatigue and lethargy are typical symptoms caused by many addictive...

Last updated Mar 10, 2021

Promotion

What does 25 1 odds mean?

25-1 Betting Odds means that out of 26 possible outcomes, the 25/1 odds are that there will be 25 of one kind of outcome and 1 of another kind of...

Last updated Feb 27, 2019

Promotion

Do Millennials go to casinos?

According to a report, 70 percent of millennials in the U.S. visit casinos with less than $100 to last them the entire night. Most of this money is...

Last updated Jun 30, 2022