Man to be charged over receiving scam proceeds and converting them into crypto
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The man had allegedly provided details of bank accounts to an unidentified person he met online. The accounts were later used to receive scam proceeds.
ST PHOTO: LIM YAOHUI
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SINGAPORE - A 53-year-old man suspected of being involved in money laundering and illegal payment services is expected to be charged on Feb 21.
The man had allegedly provided details of various bank accounts under his control to an unidentified person he had met online, the police said in a statement on Feb 20.
These bank accounts were later used to receive criminal proceeds from seven scam victims.
Between September and October 2021, the man allegedly converted more than $59,000 of the proceeds into Tether, which is a stablecoin with its value pegged to the US dollar also known as USDT.
He then transferred the cryptocurrency to wallet addresses designated by the unidentified person.
He is also suspected of operating a business of providing digital payment token services without a valid licence.
The man received more than $44,000 across seven transactions in the same bank accounts, which he then converted into Bitcoin or BTC, the world’s largest cryptocurrency.
He then also transferred the cryptocurrency to wallet addresses provided by the unidentified person.
If convicted of money laundering, he could get up to 10 years’ jail, a fine of up to $500,000, or both.
For providing payment services without a licence, he could face up to three years in jail, a fine of up to $125,000, or both.
The police reminded the public that they take a firm stance against anyone involved in laundering proceeds of crime.
They also urged people to always reject requests to receive or transfer money for others, as they will be held accountable if the money is linked to criminal activities.
