3 men arrested for allegedly cheating payment processing company of more than S$653,000
Case exhibits seized by police after three men were arrested for allegedly cheating a payment company of more than S$653,000. (Photo: Singapore Police Force)
SINGAPORE: Three men have been arrested for their suspected involvement in a case of abetment by conspiracy to cheat a payment processing company of more than S$653,000, the Singapore Police Force (SPF) said on Saturday (Sep 4).
The case was reported to the police on Aug 25, and officers from SPF’s Commercial Affairs Department identified the three men, aged between 27 and 30. They were arrested on Thursday.
Preliminary investigations revealed that two of the men purportedly handed over their personal and company bank accounts to the third man, a 29-year-old, who then allegedly used two accounts to conduct more than 10 online transactions via the payment processing company between June and July this year, police said.
“The two men had allegedly received commissions or rewards amounting to more than S$9,000 by handing over their bank accounts,” SPF said in a news release.
On Aug 12, the 29-year-old man allegedly filed disputes on the online transactions to seek refunds amounting to more than S$653,000 from the payment processing company.
SPF did not name the payment processing company. Investigations against the three men are ongoing.
The offence of abetment with conspiracy to cheat carries a jail term of up to 10 years and a fine.
For assisting another to facilitate the retention of benefits from criminal conduct, offenders face up to 10 years in prison, a fine of up to S$500,000, or both.
“The police would like to warn members of the public that they should not give their personal or company bank accounts to any persons,” SPF said.
“By doing so, they may be liable for assisting others to launder money from criminal activities.
“Their bank accounts will be frozen, and they will be subjected to criminal investigations and possible prosecution in court.”
