Two men to be charged for opening bank accounts for scammers to launder almost $1m
Two men, aged 19 and 25, allegedly relinquished their own bank accounts and disclosed their Singpass login details to assist scammers so they could earn a commission.
Their login details were purportedly used to open new bank accounts, which were then used to launder almost $1 million made from cheating offences, said the police in a statement on Friday (March 18).
The men will be charged in court on Monday.
The police said the 25-year-old man had come across an advertisement on Telegram in in August last year that offered him cash in exchange for his Singpass details.
He handed over his login details, which was used by a syndicate to register a Standard Chartered Bank account in his name.
"The bank account was then used to launder proceeds of crime amounting to more than $850,000, including the proceeds of a job scam," said the police.
The man is also accused of selling his OCBC bank account in return for fast cash from a member of another syndicate, who he met through Telegram last year.
Around $55,000 linked to crimes were laundered using the OCBC account.
The 19-year-old is said to have connected with the syndicate early last year through an Instagram story that similarly offered payment in return for disclosing his Singpass login details.
It enabled the syndicate to open three bank accounts in total, with Citibank and CIMB, which were then used to launder more than $77,000.
The youngster was allegedly involved in a slew of other similar offences, including handing his personal United Overseas Bank account to an online gambling syndicate in exchange for money.
He is also accused of creating a Standard Chartered bank account and handing control over to fraudsters.
For disclosing their Singpass login details, the men can be charged under the Computer Misuse Act, where they face jail time of up to three years and a fine of up to $10,000.
For relinquishing their bank accounts, they can be jailed for a maximum of two years an fined up to $5,000.
The police said: "Crime syndicates may make use of the disclosed Singpass login details to access the Singpass accounts and open bank accounts, which are then used to launder the proceeds of crime."
"To avoid becoming involved in money laundering activities, members of the public should always reject requests to disclose their Singpass login details, or allow their personal bank accounts to be used to receive and transfer money for others."
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