SINGAPORE: A 55-year-old man has been arrested for his suspected involvement in a case of investment scam, the police said on Sunday (Feb 21) in a news release.
On Aug 14, the police said they received a report from a victim, who was introduced by a man she befriended online to register an account with an online investment platform.
She was instructed by the man to make bank transfers amounting to more than S$74,000 on Aug 5 and Aug 6 last year to a specified bank account.
After the transfers were made, the woman discovered that her account was blocked and she was unable to access the online investment platform or recover the money she had transferred.
The man became uncontactable thereafter, said the police.
Through investigations, officers 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 Sep 14.
The man also allegedly provided two of his other bank accounts to assist in money laundering, where he retained benefits from criminal conduct on behalf of another individual. Those three bank accounts were used to receive more than S$700,000.
He will be charged in court on Monday with assisting another to retain benefits from criminal conduct.
If found guilty under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, he may be jailed for up to 10 years, fined up to S$500,000, or both.
“The police take a serious view against any person who may be involved in scams and frauds, and perpetrators will be dealt with in accordance with the law.
“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,” said the police.
Members of the public can visit scamalert.sg or call the Anti-Scam Hotline at 1800 722 6688 for more information on scams.
Anyone with information on such scams may also call the police hotline at 1800 255 0000 or submit information online.