The Police have arrested a 31-year-old woman for her suspected involvement in cheating offences and money-laundering activities.
On 28 February 2023, the Police received a report where it was discovered that a sum of USD 4.2 million worth of United States Dollar Tether (USDT) belonging to a company were purportedly misappropriated by an employee between May and August 2022 into cryptocurrency accounts allegedly belonging to the woman.
Through follow-up investigations, officers from Bedok Police Division established the identity of the woman. Investigations revealed that between May and August 2022, the 31-year-old woman had transferred the alleged sum to her cryptocurrency wallets and used the sum for various purchases. A pair of slippers, a pair of sunglasses, a bag and a car were seized as proceeds of crime.
The woman will be charged in court on 28 February 2024 for the offence of Cheating under Section 420 of the Penal Code 1871, for the offences of converts of transfers under the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act 1992 (“CDSA") as well as offence under furnishing false information under Section 177(2) of the Penal Code 1871.
The offence and punishments are as follows:
- The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to 10 years and a fine.
- For converts of transfers under Section 54(1)(b) of the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act 1992 (“CDSA"),the offence carries an imprisonment term of up to 10 years, a fine of up to $500,000, or both.
- The offence of furnishing false information under Section 177(2) of Penal Code 1871 carries an imprisonment term of up to 3 years, a fine of $1,000, or both.
Items seized as proceeds of crimes ▼
SINGAPORE POLICE FORCE
27 February 2024 @ 10:55 PM