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SINGAPORE: A 55-year-old man was arrested for his alleged involvement in an investment scam case, police said on Sunday (February 21) in a press release.
On August 14, police said they received a report from a victim, who was submitted by a man he befriended online to register for an account on an online investment platform.
The man instructed him to make bank transfers for more than S $ 74,000 on August 5-6 last year to a specific bank account.
After the transfers were made, the woman discovered that her account was locked and she was unable to access the online investment platform or recover the money she had transferred.
Thereafter, the man became uncontactable, police said.
Through investigations, agents from the Bedok Police Division established the identity of the 55-year-old man, who is the alleged owner of the specified bank account, and arrested him on September 14.
The man also allegedly provided two of his other bank accounts to aid in money laundering, where he withheld the benefits of criminal conduct on behalf of someone else. Those three bank accounts were used to receive more than S $ 700,000.
He will be charged in court Monday with helping another withhold benefits from criminal conduct.
If convicted under the Law Against Corruption, Drug Trafficking and Other Serious Offenses (Profit Forfeiture), you can be imprisoned for up to 10 years, fined up to S $ 500,000 or both.
“The police take a serious attitude against anyone who may be involved in scams and fraud, and the perpetrators will be dealt with in accordance with the law.
“To avoid being complicit in crimes, members of the public should always reject requests from others to use their bank account or mobile lines, as you will be held liable if these accounts are linked to illegal transactions,” police said.
Members of the public can visit scamalert.sg or call the Scam Hotline at 1800 722 6688 for more information on scams.
Anyone with information on these types of scams can also call the police hotline at 1800 255 0000 or submit information online.
