Man to be charged with money laundering offenses linked to $ 10 million COVID-19 scam

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SINGAPORE: A man will be charged on Wednesday (February 24) with money laundering offenses linked to a COVID-19 scam in which a company was defrauded of more than S $ 10 million, Singapore Police (SPF) said on Tuesday .

In mid-March 2020, police were alerted to a case of foreign pharmaceutical company fraud of 6.636 million euros (approx. S $ 10.2 million) for the purchase of surgical masks and disinfectants for hands.

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After the company transferred the money to a local bank, the items were not delivered and the supplier got out of hand, SPF said in a press release.

Following investigations, officials from the Department of Commercial Affairs established the identity of the man who received the money and arrested him on March 25 of last year.

Further investigations by the Department of Commercial Affairs suggested the man “had reasonable grounds to believe the money was proceeds of crime” when he received it, SPF said.

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The 40-year-old Singaporean man is also said to have used, transferred and withdrawn some of Singapore’s money, police added.

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If convicted of money laundering, the man can be fined up to S $ 500,000, 10 years, or both.

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“The police take a serious look at all those who take advantage of the current COVID-19 situation to commit crimes. We will spare no effort to catch all those who flout the laws to task,” said the SPF.

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