SINGAPORE: A 29-year-old Malaysian man was sentenced to jail on Monday (Jan 10) for receiving and transferring funds that were established to be proceeds of scams, said the police.
The man, who was not named by the police, was convicted under the Payment Services Act 2019, for carrying on a business of providing a payment service without a licence. The man pleaded guilty to the offence and was sentenced to seven weeks’ imprisonment and a fine of S$645.
Investigations by the Commercial Affairs Department found that between May 9 and May 14 in 2021, the man had received six fund transfers amounting to S$21,500 in his bank accounts and made six outward transfers amounting to RM65,619 to another bank account in Malaysia. Based on currency exchange rates in May 2021, S$21,500 is roughly equivalent to RM66,500.
These transactions were done on the instructions of an unknown person who paid the man commission for each transaction, the police said, adding that the money deposited into the man's bank accounts were found to be proceeds of crime transferred by three victims of scams.
The police also cautioned the public of scammers recruiting people to transfer stolen money on their behalf.
"Scammers may advertise jobs that allow you to work from home and offer attractive salaries to perform relatively easy tasks like using your personal bank account to receive and transfer money," the police said.
"If the money that you receive and transfer is stolen money or linked to crimes, you may be investigated and charged for committing a criminal offence."
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The man, who was not named by the police, was convicted under the Payment Services Act 2019, for carrying on a business of providing a payment service without a licence. The man pleaded guilty to the offence and was sentenced to seven weeks’ imprisonment and a fine of S$645.
Investigations by the Commercial Affairs Department found that between May 9 and May 14 in 2021, the man had received six fund transfers amounting to S$21,500 in his bank accounts and made six outward transfers amounting to RM65,619 to another bank account in Malaysia. Based on currency exchange rates in May 2021, S$21,500 is roughly equivalent to RM66,500.
These transactions were done on the instructions of an unknown person who paid the man commission for each transaction, the police said, adding that the money deposited into the man's bank accounts were found to be proceeds of crime transferred by three victims of scams.
The police also cautioned the public of scammers recruiting people to transfer stolen money on their behalf.
"Scammers may advertise jobs that allow you to work from home and offer attractive salaries to perform relatively easy tasks like using your personal bank account to receive and transfer money," the police said.
"If the money that you receive and transfer is stolen money or linked to crimes, you may be investigated and charged for committing a criminal offence."
Continue reading...