Man arrested for cheating more than 3 million yuan through remittance services

Man arrested for cheating more than 3 million yuan through remittance services

Chinese yuan currency
File photo: AFP/Fred Dufour

SINGAPORE: A 32-year-old man was arrested for his suspected involvement in multiple cases of cheating through remittance services he offered, the police said in a news release on Wednesday (Jul 17).

The Singapore Police Force (SPF) received two reports of cheating - between April and July this year - where the suspect would offer remittance services to victims by providing a favourable exchange rate from yuan to Singapore dollars. 

"After the victims transferred the money to an overseas bank account, the suspect failed to deliver the Singapore dollars and became evasive," SPF said. 

He was arrested on Tuesday after the police established his identity.

Preliminary investigations found that he is believed to be involved in more than 10 other similar cases reported islandwide amounting to more than 3 million yuan (S$593,800). 

The man will be charged in court on Thursday with cheating. If found guilty, he could be jailed up to 10 years and fined.

Source: CNA/mn(cy)

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