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Monday, October 3, 2022
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5 MEN & 1 WOMAN ARRESTED FOR SUSPECTED MONEY LAUNDERING INVOLVING OVER $214K

In an island-wide anti-scam enforcement operation conducted on 15 and 16 September 2022.

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Officers from the Commercial Affairs Department arrested five men and a woman, aged between 19 and 39, for their suspected involvement in money laundering activities.

Another two men and three women, aged between 19 and 35, are being investigated for their suspected involvement in money laundering activities.

In May 2022, the Police received information that criminal proceeds arising from rental scams amounting to more than $214,000, were credited into several bank accounts in Singapore.

Preliminary investigations indicated that a 39-year-old man is believed to have facilitated in the money laundering by withdrawing money (criminal proceeds) from the fraudulently obtained bank accounts with ATM cards and later depositing them into other bank accounts. 

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Five other men and a woman, aged between 19 and 27, had allegedly relinquished their bank accounts and ATM cards, which were used by the 39-year-old to withdraw money. Some of them are believed to have disclosed their SingPass credentials and/or relinquished their bank accounts for fast cash. Case exhibits such as two mobile phones, several ATM cards and bank tokens were found and seized from the possession of the 39-year-old man.

The 39-year-old will be charged in court on 17 September 2022 with the offence of assisting another to retain benefits from criminal conduct under Section 51 of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act 1992.

If convicted, he shall be punished with a fine of up to $500,000 and/or a jail term not exceeding 10 years. Investigations against the other six men and four women are ongoing.

The Police will not hesitate to take action against anyone involved in arrangements to allow his or her bank accounts to be used for illegal purposes such as the laundering of criminal proceeds. To avoid being an accomplice to crimes, members of the public should always reject requests by others to open and/or sell bank accounts, or receive money in their bank accounts, as they will be held accountable if these are linked to criminal activities

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