3 men to be charged for involvement in money laundering activities; victims lose more than $500k

SINGAPORE - Three men will be charged in court on Friday (July 29) for their suspected involvement in money laundering activities that led to victims losing more than $500,000.

In a statement on Thursday (July 28), the police said the three men, aged between 17 and 22, had allegedly responded to a Telegram message to disclose their Singpass user IDs and passwords to unknown individuals for monetary gains and to cheat banks into opening bank accounts.

These newly opened bank accounts were then handed over to the unknown individuals to enable unauthorised access to the banks' computers.

"These compromised bank accounts were employed to launder proceeds of crime derived from various scams. At least eight individuals became victims in these scams, and a total of more than $500,000 was lost," said the police.

The police added that three men were allegedly promised amounts ranging from $200 to $2,000 each, in return for giving up their Internet banking login credentials and Singpass credentials to the unknown parties.

Those found guilty of unauthorised disclosure of access codes can be jailed up to three years or fined up to $10,000, or both. For repeat offenders, the jail term can go up to five years and they can be fined up to $20,000, or both.

The offence for unauthorised access to computer material is a jail term not exceeding two years or a fine of up to $5,000, or both. Repeat offenders can be jailed up to three years and fined up to $10,000, or both.

Those found guilty of cheating can be jailed up to three years or fined, or both.

"The police take a serious stance against any person who may be involved in scams, and perpetrators will be dealt with in accordance with the law," said the spokesman.

To avoid being an accomplice in such crimes, the police said that members of the public should always reject seemingly attractive money-making opportunities promising fast and easy payouts for the use of their Singpass accounts, bank accounts or for allowing their personal accounts to be used to receive and transfer money for others.

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