Indian national gets jail after using forged profile to open bank account for money laundering activities

Indian national gets jail after using forged profile to open bank account for money laundering activities

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SINGAPORE: An Indian national was sentenced to 10 months' jail after he submitted false information to open a bank account in Singapore to carry out money laundering activities, the police said in a news release on Wednesday (Jan 8).

Grecils Fredrick Badges, who was an employee of a foreign corporate service provider, V2P Solutions, pleaded guilty on Monday.

While Grecils worked for V2P solutions in India, he was involved in selling shell companies and their corporate bank accounts.

He recruited locals who were willing to be appointed as directors of newly incorporated companies and to open bank accounts in the companies’ name, the police said.

These individuals would then give up control of the accounts in return for a fee.

“Grecils understood that V2P Solutions is in the business of selling shell companies and their corporate bank accounts, which are often used to facilitate money laundering activities,” the police added.

SETTING UP A UOB BANK ACCOUNT IN SINGAPORE

To facilitate this scheme, Grecils recruited Jadhav Vishal Vijaykumar to be a registered director of Moore Pte Ltd and to apply for its corporate bank accounts in Singapore.

Both men travelled to Singapore between Dec 25 and Dec 29 in 2018 to carry out the crime.

On Dec 27, 2018, Grecils accompanied Vishal to United Overseas Bank (UOB) in Singapore to apply for a corporate bank account for Moore Pte Ltd.

“Grecils instructed Vishal to submit forged business profile resume of the latter’s purported company in India to give UOB the impression that he is a successful businessman in India,” the police said.

After UOB approved the opening of the account, the Internet banking access token, together with the user ID and pass code were couriered to V2P Solutions.

The bank account was then used for money laundering activities – including receiving US$50,000 in criminal proceeds, the police said.

Vishal pleaded guilty to his crime on Nov 7, 2018 and was sentenced to five months' jail.

“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds,” the police said.

“Action will be taken against individuals who have broken laws within our jurisdiction.

“The offence of assisting another to retain or control benefits from criminal conduct … carries a fine not exceeding S$500,000 and/or a jail term not exceeding 10 years.”

Source: CNA/aa

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