In February 2020, the Commercial Affairs Department commenced investigations against three business entities after receiving information that their bank accounts in Singapore had received fraudulent remittances totalling about SGD 1.6 million from overseas victims of an investment fraud from November 2018 to October 2019. Another business entity was subsequently uncovered to have received about SGD 64,000 from the same victims in October 2019. These business entities were sole proprietorships set up in Singapore by a 39-year-old man, a 53-year-old man and a 63-year-old man (“trio”).
Investigations revealed that around 2018 to 2019, the trio were separately introduced by another 35-year-old man to an unidentified individual (“Person X”) in Singapore to be part of a consultancy business. Pursuant to the business venture, they set up their respective sole proprietorships and opened bank accounts to receive and withdraw monies from purported clients. The 35-year-old man also allegedly functioned as an intermediary to relay instructions from Person X to the trio. In return, the trio would keep a portion of the monies withdrawn and hand the balance to the 35-year-old man.
Investigations also revealed that the 35-year-old man and the 39-year-old man had allegedly conspired to cheat the bank by submitting fictitious invoice, payment voucher and quotation in response to the bank’s query about the withdrawal of SGD 279,740 from the bank account.
The four men will be charged in court with the following offences:
The 35-year-old man:
- One count of abetment to commit money laundering under Section 47(3) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A, 2000 Rev Ed)(“CDSA”) read with Section 109 of the Penal Code (Chapter 224, 2008 Rev Ed)(“Penal Code”);
- One count of abetment to cheat a bank under Section 417 read with Section 109 of the Penal Code;
- Two counts of money laundering under Section 44(1)(a) of the CDSA.
The 39-year-old man:
- One count of abetment to commit money laundering under Section 47(3) of the CDSA read with Section 109 of the Penal Code;
- One count of abetment to cheat a bank under Section 417 read with Section 109 of the Penal Code;
The 53-year-old man:
- Two counts of money laundering under Section 47AA(1) of the CDSA.
The 63-year-old man:
- One count of money laundering under Section 47AA(1) of the CDSA, which is amalgamated under Section 124(4) and 124(8)(a)(ii) of the Criminal Procedure Code 2010.
Any person convicted of an offence under Section 417 of the Penal Code may be punished with an imprisonment for a term of up to 3 years, or with fine, or with both.
Any person convicted of an offence under Section 47(3) or Section 44(1)(a) of the CDSA may be punished with an imprisonment for a term of up to 10 years, a fine of up to SGD 500,000, or with both.
Any person convicted of an offence under Section 47AA(1) of the CDSA may be punished with an imprisonment for a term of up to 3 years, a fine of up to SGD 150,000, or with both.
The Police take a serious stance against any person who may be involved in money laundering and the deception of our financial institutions using forged documents, and perpetrators will be dealt with in accordance with the law.
SINGAPORE POLICE FORCE
25 June 2024 @ 3:25 PM