Why is it so difficult to recover the money from scammers?
Mr Danny Ong, a partner in law firm Rajah & Tann's Fraud, Asset Recovery & Investigations and Dispute Resolution practices, said that most modern-day scams will involve the transfer of money overseas and the laundering of such money. And this adds to the complexity of the recovery efforts. If the scam involves cryptocurrencies, this adds significantly to the challenges in a successful recovery, said Mr Ong.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.
If money is recovered due to the scammers providing restitution to the victims, then that may be considered as a mitigating factor by the courts in considering the sentence, said Mr Ong.
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