A 39-year-old man will be charged with money laundering and offering unauthorized cross-border money transfer payment services.
Officers from Jurong Police Division conducted a routine check on two males near Choa Chu Kang Avenue 3 at approximately 8.50 p.m. on September 11, 2020, and discovered them in possession of a stack of Singapore dollar notes. They allegedly stated that they were following the 39-year-old man’s orders to collect the $14,730 in cash from those who had hired him to move money offshore.
Preliminary investigations indicated that the individual had reportedly engaged on a business of offering cross-border money transfer services from 4 August to 11 September 2020, when he allegedly transferred an amount of around $359,500 from his DBS bank account to people in the People’s Republic of China.
It was suspected that the transfer services were provided without a legal license.
Meanwhile, the Police received allegations from 13 scam victims between August 28 and November 24, 2020, who were duped into depositing money totaling $430,500 into the 39-year-old man’s DBS bank account.
The 39-year-old man said that another individual, identified only as “Aloysius,” had directed him to deposit $446,400 into a second UOB account, which included the illicit profits from the scheme, before the money was moved to another foreign bank account.
If he is found guilty of facilitating the retention of benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act, faces up to 10 years’ imprisonment, a fine up to S$500,000, or both. Â