ABOUT 50 people, mostly from the Western Division, were swindled out of $30,000 over a period of two months by individuals posing as LTA officers.
The discovery of the scam has prompted the Financial Intelligence Unit to warn members of the public.
In a statement released on Thursday, FIU director Razim Buksh said the scam was carefully planned and executed.
"The scam involves an organised group of a few individuals who pose as LTA officers and convince customers to deposit cash into personal bank accounts of the conspirators in return of LTA services," he said.
"Money deposited is immediately withdrawn at various ATMs, mostly in the Western Division."
Mr Buksh said their team had identified some of the victims and was working with police to establish whether the victims had prior knowledge of the scam and yet got involved to seek LTA services dishonestly or by illegal means.
He said the general public needed to exercise diligence when approached by individuals posing as LTA officers and warned against depositing money into personal bank accounts for payment of LTA services.