Man admits role in online gambling syndicate, used earnings to fake CPF contributions for house loan

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

The 32-year-old man was arrested at Waterway Point as part of an islandwide operation by the police to nab those involved in an illegal gambling syndicate.

SINGAPORE: An unemployed man looking for work joined an online gambling syndicate, first collecting illegal 4D and TOTO bets and later getting his account upgraded to"master agent", with other agents under him.

The court heard that Tan resigned from his job in 2016 and remained unemployed. In 2017, he told co-accused Tan Chee Sheng that he was looking for work. For illegal TOTO bets, the punter would be able to bet any amount they wanted, above the minimum sum of S$1. They could also bet on different combinations of numbers that were unavailable legally, and the prize payouts were different.

Subsequently, he took a position against the bets received, meaning he could share in the profits and losses instead of merely collecting commission. Tan also admitted to offences of transferring criminal proceeds. In 2016, he wanted to secure a housing loan from HDB for his flat.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines