Man to be charged for allegedly facilitating money transfers of more than S$1.6 million from scam victims

SINGAPORE: A 36-year-old man will be charged on Thursday (Jan 27) for allegedly helping to receive more than S$1.6 million transferred to him by scam victims.

The police said they received 22 reports about investment scams between September and November 2020, in which victims were deceived into making about 150 local transfers amounting to more than S$1.6 million.

The money was transferred to two virtual accounts and one Singapore bank account belonging to the 36-year-old man, said the police on Wednesday.

He had purportedly arranged to receive funds for a fee on behalf of a person known to him as “Kenny”.

"The man is believed to have facilitated the receipt of money transfer services amounting to more than S$1,600,000 and subsequent local transfers via third-party bank accounts," said the police.

"On Sep 30, 2020, the man purportedly delivered cash withdrawals amounting to S$237,000 to a person unknown to him as well."

The man will be charged with carrying on a business of providing unlicensed domestic transfer services. The offence carries a jail term of up to three years, a maximum fine of S$125,000, or both.

He will also be charged with the offence of being involved in an arrangement to facilitate another person’s control of benefits from criminal conduct. If convicted, he could be jailed for up to 10 years, fined up to S$500,000, or both.

The police said they take a serious view of the misuse of the financial system to launder proceeds of crime.

"To avoid being an accomplice to crimes, members of the public should reject requests from others to use your bank accounts as you will be held accountable if these are linked to crimes," they added.