The Police have arrested three men, aged between 27 and 30, for their suspected involvement in a case of abetment by conspiracy to cheat a payment processing company of more than $653,000.
On 25 August 2021, the Police received a report on cheating of a payment processing company. Through investigations, officers from the Commercial Affairs Department established the identities of the three men and arrested them on 2 September 2021.
Preliminary investigations revealed that two of the men were believed to have handed over their personal and company bank accounts to the 29-year-old man, who purportedly made use of the two bank accounts to conduct more than 10 online transactions via the payment processing company, between June and July 2021. The two men had allegedly received commissions or rewards amounting to more than $9,000, by handing over their bank accounts. On 12 August 2021, the 29-year-old man had then allegedly filed disputes on the online transactions to seek refunds amounting to more than $653,000 from the payment processing company.
Investigations against the three men are ongoing. The offence of abetment with conspiracy to cheat under Section 420, read with Section 116 of the Penal Code, carries an imprisonment term of up to ten years and a fine. The offence of assisting another to facilitate the retention of benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act, carries an imprisonment term of up to ten years, a fine of up to $500,000, or both.
The Police take a serious view against any person who commits fraud and offenders will be dealt with firmly in accordance with the law.
The Police would like to warn members of the public that they should not give their personal or company bank accounts to any persons. 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.
Case Exhibits Seized
SINGAPORE POLICE FORCE
04 September 2021 @ 5:20 PM