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A 36-year-old man will be charged on Jan. 27, for his suspected involvement in providing unlicensed domestic money transfer services, and being allegedly involved in an arrangement to facilitate another person’s control of benefits from criminal conduct, the police said in a press statement.

Over S$1.6 million was transferred within three months

In 2020, between the months of September and November, the police received 22 police reports regarding investment scams.

Victims were deceived into making more than 150 local transfers amounting to more than S$1,600,000 into two virtual accounts and one local bank account maintained in Singapore.

All three accounts belonged to the suspect, who had purportedly arranged to receive the money locally for a fee, on behalf of a person known to him as "Kenny".

The man is also believed to have facilitated the receipt of money transfer services amounting to more than S$1,600,000 and subsequent local transfers via third-party bank accounts.

In addition, on September 30, 2020, the man purportedly delivered cash withdrawals amounting to S$237,000 to a person unknown to him.

Will be charged under Payment Services Act and Corruption, Drug Trafficking and Other Serious Offences Act

The man will be charged in court with the offence of carrying on a business of providing unlicensed domestic transfer services under Section 5 of the Payment Services Act 2019.

The offence carries a fine not exceeding S$125,000, imprisonment for a term not exceeding three years, or both.

He will also be charged with the offence of being involved in an arrangement to facilitate another person’s control of benefits from criminal conduct under Section 44(1)(a) of the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act, Chapter 65A.

This offence carries a fine not exceeding $500,000, imprisonment for a term not exceeding 10 years, or both.

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