Director, secretary of two separate companies charged with money laundering
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The duo were each also handed two charges under the Companies Act.
ST PHOTO: KELVIN CHNG
SINGAPORE – A director and a secretary of two separate companies were hauled to court over their suspected involvement in money laundering activities.
Andrew Poh Wei Yang, 35, and Dennis Poh Wei Song, 36, were each handed two charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act on March 20.
They were each also handed two charges under the Companies Act.
According to charge sheets, Dennis Poh is the secretary of Fioba and Sigma, while Andrew Poh is the director of both firms. Court documents did not state what these companies do.
The police said that between February and August 2023, Fioba and Sigma received fraudulent money totalling US$1,080,328 (S$1,380,000) and €44,808 (S$66,000) in their respective bank accounts.
The money was allegedly derived from investment and inheritance scams perpetrated against victims overseas, the police added.
Investigations revealed that the companies were owned by foreign individuals who required a local resident to be appointed as a director to meet Singapore’s company incorporation requirements.
Dennis Poh, who owns a corporate service provider, assisted with the incorporation and was appointed as secretary of both companies.
He engaged Andrew Poh to serve as the resident director of both companies, and liaised with him to open bank accounts for the firms.
However, Andrew Poh allegedly failed to adequately monitor or supervise the companies’ operations despite his involvement in the opening of the accounts.
The police said he was unable to provide satisfactory explanations for the receipt of fraudulent funds by the companies’ bank accounts.
Dennis Poh is accused of similarly failing to exercise proper oversight and allegedly abetted Andrew Poh’s failure to supervise the companies and their financial activities.
Both men are thus alleged to have enabled the receipt of fraudulent funds by their neglect of their duties as company officers, said the police.
Their cases will be heard in court again on May 8.
Individuals who possess property reasonably suspected to be benefits of criminal conduct can be jailed for up to three years, fined up to $150,000, or both. In the case of a corporate entity committing such an offence, offenders can be given a fine not exceeding $300,000 for each charge.
