SINGAPORE – Four men, aged 35 to 63, were charged on June 26 over their alleged involvement in cheating and money laundering offences related to $1.6 million in investment fraud.
The police said on June 25 that in February 2020, the Commercial Affairs Department began investigations against three business entities after receiving information that their bank accounts in Singapore had received fraudulent remittances of around $1.6 million from overseas victims of an investment fraud from November 2018 to October 2019.
These businesses were sole proprietorships allegedly set up in Singapore by Stevenson, Kamaraj and Lourdasamy. As part of the business, the three men allegedly set up their sole proprietorships and opened bank accounts to receive and withdraw money from purported clients.
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Source: The Straits Times - 🏆 8. / 63 Read more »