Seventeen men have been arrested for misappropriating fuel from Shell Singapore, the police said in a statement yesterday.
During the operation, police seized cash totalling about $3.05 million and a tanker weighing about 12,000 tonnes.
The men, aged between 30 and 63, are suspected of misappropriating fuel from Shell's Pulau Bukom manufacturing site.
Shell Singapore had lodged a report in August and the police conducted extensive investigations.
Officers from the Criminal Investigation Department, Police Intelligence Department and Police Coast Guard conducted simultaneous raids islandwide on Sunday and arrested the 17 suspects.
The police have also begun freezing the bank accounts of the suspects to prevent suspected criminal proceeds from being dissipated.
When contacted, Shell Singapore said the arrests include a limited number of Shell employees.
A spokesman said the company anticipates a "short delay" in the supply operations at Pulau Bukom, but expects to continue to meet contractual supply obligations.