SINGAPORE: A 55-year-old man has been arrested for his suspected involvement in a case of funding rip-off, the police mentioned on Sunday (Feb 21) in a information launch.
On Aug 14, the police mentioned they acquired a report from a sufferer, who was launched by a person she befriended on-line to register an account with a web-based funding platform.
She was instructed by the person to make financial institution transfers amounting to greater than S$74,000 on Aug 5 and Aug 6 final yr to a specified checking account.
After the transfers had been made, the lady found that her account was blocked and she or he was unable to entry the web funding platform or get better the cash she had transferred.
The person turned uncontactable thereafter, mentioned the police.
By means of investigations, officers from the Bedok Police Division established the id of the 55-year-old man, who’s the alleged proprietor of the desired checking account, and arrested him on Sep 14.
The person additionally allegedly supplied two of his different financial institution accounts to help in cash laundering, the place he retained advantages from felony conduct on behalf of one other particular person. These three financial institution accounts had been used to obtain greater than S$700,000.
He might be charged in courtroom on Monday with helping one other to retain advantages from felony conduct.
If discovered responsible underneath the Corruption, Drug Trafficking and Different Severe Crimes (Confiscation of Advantages) Act, he could also be jailed for as much as 10 years, fined as much as S$500,000, or each.
“The police take a critical view towards any one who could also be concerned in scams and frauds, and perpetrators might be handled in accordance with the regulation.
“To avoid being an accomplice to crimes, members of the public should always reject requests by others to use your bank account or mobile lines as you will be held accountable if these accounts are linked to illegal transactions,” mentioned the police.
Members of the general public can go to scamalert.sg or name the Anti-Rip-off Hotline at 1800 722 6688 for extra info on scams.
Anybody with info on such scams might also name the police hotline at 1800 255 0000 or submit info on-line.