SINGAPORE - A 31-year-old man has been arrested for his suspected involvement in the recent spate of phishing scams targeting OCBC Bank customers.

The police said in a statement on Monday (July 18) that they received a report from a victim of an OCBC Bank phishing scam on Dec 26 last year.

The victim realised that there were unauthorised transactions made from his bank account that resulted in a loss of more than $100,000.

The police said preliminary investigations found that more than $18,000 of the victim's money was transferred to a UOB corporate bank account.

The suspect had allegedly used his CorpPass credentials to open the corporate account for a locally incorporated company in November last year.

The suspect then gave up the bank account to an unknown person, allegedly in return for money.

"The bank account was then used to facilitate several high-value transactions between Dec 20 and Dec 27 last year, resulting in transactions of more than $4 million passing through the bank account," said the police.

The 31-year-old man had allegedly allowed the unknown person to use his bank account for the transfer and withdrawal of funds.

The man will be charged in court on Tuesday (July 19) for entering into an arrangement to assist another person retain benefits from criminal conduct.

If found guilty, the man could be jailed for up to 10 years, fined up to $500,000, or both.