From RCIPS

UPDATE (3 December):

Police have arrested a man, age 19 of George Town, on suspicion of money laundering offenses, as a result of investigations into a currently circulating text message scam targeting local banking customers, which has seen several persons lose significant amounts of money.

He has been bailed as investigations continue.

Update (28 November):

Police have arrested a second man, age 21 of George Town, on suspicion of money laundering offenses, as a result of investigations into a currently circulating text message scam targeting local banking customers, which has seen several persons lose significant amounts of money.

Both men have been bailed as investigations continue.

Initial Release (18 November):

As a result of investigations into a currently circulating text message scam targeting local banking customers, which has seen several persons lose significant amounts of money, the RCIPS has arrested one man, age 24 of Bodden Town, on suspicion of money laundering offenses.

The man remains in custody as the investigation, which is being conducted jointly with the affected local bank, continues.