Man who opened bank accounts that received over $800k in alleged scam proceeds to be charged
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The man was tasked by unknown individuals to incorporate a company and open bank accounts, and was promised $5,000 in return.
PHOTO ILLUSTRATION: LIANHE ZAOBAO
SINGAPORE – A 42-year-old man who opened corporate bank accounts that received more than $800,000 in alleged scam proceeds will be charged in court on May 13 over suspected money laundering offences.
The bank accounts, which he opened for a company he incorporated on Dec 21, 2021, received $32,778 and US$630,000 (S$802,000) in suspected scam proceeds, the police said in a statement on May 12.
The money was allegedly derived from job scams and business e-mail compromise scams carried out against victims in and outside Singapore.
Investigations found that the man was tasked by unknown individuals to incorporate the company and open the bank accounts, and was promised $5,000 in return. He was the company’s sole shareholder and director.
He also gave the internet banking access details for both accounts to the unknown individuals.
“The man failed to exercise diligence over the company’s operations and had no control of the company or knowledge of the fraudulent transfers. His alleged neglect of his duties as a director of the company enabled the receipt of scam proceeds in the company’s bank account,” said the police.
“The police take a serious stance against any person involved in laundering proceeds of crime, and offenders will be dealt with firmly in accordance with the law,” they said.
Individuals are advised by the police to be cautious when they take on directorships and open bank accounts.
To avoid becoming involved in money laundering activities, people should refrain from using their bank accounts or their company accounts to receive or transfer money for others, said the police.
Scammers and those who recruit for or participate in scam syndicates will be punished with between six and 24 strokes of the cane. Those who facilitate scams, such as money mules who provide bank accounts, face discretionary caning of up to 12 strokes.
Scam mules are typically people who receive and transfer money obtained from scams or criminal activities on behalf of someone else.
Those found guilty of facilitating scams also face restrictions on banking services and mobile line subscriptions.
Anyone with information or suspicions about such crimes can call the police hotline on 1800-255-000, or submit information online at www.police.gov.sg/i-witness
All information will be kept strictly confidential, said the police.
For more information on scams, visit www.scamshield.gov.sg or call the ScamShield Helpline on 1799.
