10-1-2024 (SINGAPORE) Legal action is imminent for a man accused of orchestrating a complex scam involving multiple bank accounts, amassing approximately $500,000 in ill-gotten gains, and subsequently channeling the funds into cryptocurrency wallets abroad.
The Singaporean police disclosed on January 10 that they had received reports in May 2023 related to an Internet love scam. The scam involved the transfer of funds to a bank account registered under the name of a 47-year-old man, who is now set to face charges.
The suspect allegedly maintained several bank accounts in his name, strategically utilizing them to receive funds from dubious sources, according to police statements. Subsequently, he converted the accumulated money into cryptocurrency, seamlessly moving it into digital wallets situated overseas.
In March 2023, the individual is believed to have physically collected $50,000 in cash from a victim targeted in the scam, near her workplace. This action was purportedly carried out under the instructions of a female acquaintance he had encountered on an online dating application.
The accused is slated to face charges on January 11, specifically for providing payment services without the required licence and possessing funds suspected to be the proceeds of criminal activities.
Singaporean law dictates that individuals conducting unlicensed payment services as a business may face fines of up to $125,000, imprisonment for a maximum of three years, or both. Those found in possession of proceeds derived from criminal conduct may be subject to fines up to $500,000, imprisonment for a maximum of 10 years, or a combination of both penalties.
Law enforcement authorities issued a warning to the public about the tactics employed by scammers who enlist individuals to facilitate the receipt and transfer of illicit funds. These scammers often target unsuspecting individuals through online dating platforms, recruiting them as conduits for the illegal transfer of proceeds.
Emphasizing the gravity of the situation, the police highlighted that individuals who receive and transfer money that is stolen or constitutes proceeds of crime may find themselves under investigation. They could potentially face charges for their involvement in criminal offenses.
