A 52-year-old man will be charged in court on 12 October 2021 for suspected money laundering in relation to his possession of criminal proceeds linked to a business email compromise scam.

In March 2019, the Police received a report lodged by a company in Singapore which was a victim of a business email compromise scam. The company had received a fraudulent email instructing it to pay a sum of $116,676.90 to a bank account belonging to Nivi Ventures Pte Ltd, which was controlled by the man.

Investigations revealed that the sum of $116,676.90 was believed to be derived from criminal conduct. The man will be charged in Court on 12 October 2021 with one count of possessing benefits from criminal conduct under Section 47(3) of the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act (“CDSA”).

Anyone found guilty of possessing benefits from criminal conduct under the CDSA faces up to 10 years’ imprisonment, a fine up to $500,000, or both.

Members of the public are advised not to use their personal or company’s bank account to receive funds from unknown sources in their bank account. They may be liable for assisting others to launder monies from criminal activities should they do so. Furthermore, if they are investigated by the Police, their bank accounts may be frozen and they may be prosecuted in court.

Source: Singapore Police Force