On October 12, 2021, a 52-year-old man will face charges of alleged money laundering in connection with his possession of criminal proceeds related to a business email compromise scam.
In March 2019, the Singapore Police received a report from a firm that had been the victim of a corporate email compromise fraud. The firm had received a phishing email ordering it to wire $116,676.90 to a bank account held by the man’s company, Nivi Ventures Pte Ltd.
The sum of $116,676.90 was discovered to be the results of illegal activity, according to investigations. The guy will face a charge of holding advantages from illegal behavior under Section 47(3) of the Corruption, Drug Trafficking, and Other Serious Offenses (Confiscation of Benefits) Act (“CDSA”) on October 12, 2021.
Under the CDSA, anybody convicted of having gains from criminal behavior risks up to ten years in jail, a fine of up to $500,000, or both.