3 men will be charged for their participation in money laundering activities; victims lose over $500,000


SINGAPORE — Three men will be charged in court on Friday July 29 for their alleged involvement in money laundering activities that cost victims more than $500,000.

In a statement released Thursday, July 28, police said the three men, aged 17 to 22, allegedly responded to a Telegram message to disclose their user ID and password for their Singpass accounts to strangers for monetary gain and to cheat. banks to open bank accounts.

These newly opened bank accounts were then handed over to strangers to allow unauthorized access to the banks’ computers.

“These compromised bank accounts were used to launder proceeds of crime from various scams. At least eight people were victims of these scams and a total of over $500,000 was lost,” police said.

Police added that three men were allegedly promised sums ranging from $200 to $2,000 each in exchange for handing over their online banking login credentials and Singpass credentials to strangers.

Those found guilty of unauthorized disclosure of access codes can be jailed for up to three years or fined up to $10,000, or both. For repeat offenders, the jail term can be up to five years and they can be fined up to $20,000, or both.

The offense for unauthorized access to computer equipment is a term of imprisonment not exceeding two years or a fine of up to $5,000, or both. Repeat offenders can be jailed for up to three years and fined up to $10,000, or both.

Those found guilty of cheating can be imprisoned for up to three years or fined, or both.

“Police take a serious stand against anyone who may be involved in scams, and perpetrators will be dealt with in accordance with the law,” the spokesperson said.

To avoid being complicit in such crimes, police said members of the public should always reject seemingly enticing money-making opportunities promising quick and easy payments for the use of their Singpass accounts, bank accounts or to allow their personal accounts to be used to receive and transfer money for others.

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