Singapore police said the operation with their Malaysian counterparts had busted the transnational syndicate which had caused more than S$1.4 million (RM4.54 million) in losses to the victims.

The suspects, aged 24 to 43, were arrested after a raid on an office complex in Kuala Lumpur on Jan 13, The Straits Times reported.

The syndicate would call potential victims and pretend to be bank officers, specifically from DBS, OCBC, UOB, and Standard Chartered Bank. They would claim that a credit card was issued under the victim’s name or that there were suspicious transactions in their bank accounts.

The call would then be transferred to an accomplice posing as a Singapore police officer or Monetary Authority of Singapore officer.

There were even video calls, with the scammers dressed in the official uniform and the relevant agency’s logo in the backdrop.

The suspects would also be in contact with their victims via WhatsApp, producing fake warrants or documents at times, before accusing them of offences like money laundering.

They would then order the victims to transfer funds to “government-designated” bank accounts to “assist” in their investigations.

More than 1,100 such cases were reported in Singapore from January to October last year, of which more than 50 were believed to be carried out by this syndicate.

The 16 Malaysians have been charged with criminal conspiracy to commit cheating, but it is unclear how they pleaded.