SINGAPORE, April 25 -- Police in Singapore arrested three teenagers, including a Malaysian, over their suspected involvement in a US$2.89 million (RM11.4 million) business e‑mail compromise scam.

Investigators found that the trio - two Singaporeans aged 19 and 16, and a 19‑year‑old Malaysian - conspired with a syndicate in Malaysia to set up shell companies in March and April, opening DBS corporate bank accounts to receive illicit proceeds, according to The Straits Times.

The suspects duped a US fund remitter into transferring US$2.89 million to one of the corporate accounts, police said.

DBS staff raised the alarm on April 22 when one account holder attempted to withdraw US$2.56 million, prompting officers from the A...