A 24-year-old man has been arrested for his suspected involvement in money laundering and scam-related offences linked to a fraudulent investment scheme, the police said on Friday, October 31.
According to preliminary investigations, a victim was deceived by scammers who had introduced her to a bogus online trading platform via WhatsApp. Believing the opportunity to be genuine, she handed over a total of S$75,000 in three separate cash transactions to unknown individuals. She was also allegedly instructed to set up a trading account on a fake website and make the payments in person.
Officers from the Bedok Police Division traced the suspect through ground inquiries and police camera footage, leading to his arrest on Thursday.
Investigations further revealed that the man had been recruited through Telegram to collect cash on behalf of unknown parties. He allegedly carried out three such collections, receiving between S$30 and S$50 for each task. Police also believe he shared his banking credentials with another person.
The suspect is expected to face multiple charges in court on Friday, October 31, including assisting another to retain benefits from criminal conduct, which is punishable by up to 10 years in jail, a fine of up to S$500,000, or both.
He will also be charged with cheating, which carries a maximum sentence of three years' imprisonment, a fine, or both; unauthorized access to computer material, which is punishable by up to two years in jail, a fine of up to S$5,000, or both; and acquiring benefits from criminal conduct, which carries penalties of up to 10 years' imprisonment, a fine of up to S$500,000, or both.
Police reiterated that they take a firm stance against all forms of scams and money-laundering activities. Members of the public were urged not to hand over cash or valuables to strangers and to verify the identities of anyone requesting money transfers.
