Two Singaporean men have been jailed for helping to launder money for a Malaysian criminal syndicate through bank and cryptocurrency accounts.
Low Zhi Wei, 36, was sentenced to 72 months’ jail on Wednesday, 30 September, while Dillon Jang Wei Hong, 28, was sentenced to 79 months’ jail.
Jang was also fined S$15,000.
Both men admitted to three charges each, including retaining the benefits of criminal conduct and being a member of an organised criminal group.
A third man, Shuek Jin Hui, 37, still has a case before the courts.
How the Arrangement Worked
According to court documents reported by The Straits Times, Shuek and Low were childhood friends, while Shuek got to know Jang in 2022 through cryptocurrency trading.
In 2023, Jang allegedly asked Shuek if there were ways to make money. Shuek allegedly told him he needed help converting money received in bank accounts into cryptocurrency.
Jang then helped convert such money into cryptocurrency before transferring it to a wallet provided by Shuek.
He was offered a monthly commission of S$1,000.
Jang later came under police investigation in October 2023 after scam proceeds entered one of his bank accounts.
Before Jang gave a police statement, Shuek allegedly told him to say an unknown person had deposited the money into his account. Jang then lied to the police, saying he did not know where the money came from and presenting himself as a genuine cryptocurrency trader.
Mules Were Recruited Through Telegram
After that investigation, Jang told Shuek that he did not want to continue using his own bank accounts to trade cryptocurrency for unknown people.
The arrangement then allegedly shifted to using bank accounts given up by others.
In July 2024, Low joined the group because he needed money to repay debts.
Low and Shuek would look for people willing to give up access to their local bank and cryptocurrency accounts. Low found such money mules through Telegram and offered to pay them for handing over their accounts.
He was promised S$100 for each referral.
Jang would then meet the mules, who opened bank and cryptocurrency accounts using Singpass and facial verification on mobile phones supplied by the Malaysian syndicate.
Court documents stated that at least 20 such phones were used. When an account was frozen, the phone would be sent back to the syndicate and reset.
In simple terms, the bank accounts acted like pipes. Scam proceeds could be moved through them, converted into cryptocurrency and sent elsewhere, making the money harder to trace.
Victims Transferred More Than S$1.2 Million
Between July and 1 November 2024, several scam victims made police reports after being told to transfer money to bank accounts that were later traced to the trio.
At the time of their arrests, the three men controlled at least 40 Singapore bank accounts. Police reports from scam victims were linked to 28 of those accounts.
The transfers from the scam victims amounted to more than S$1.2 million.
Jang was arrested at home on 22 August 2024. Police seized more than 40 mobile phones, a cash-counting machine and more than 60 SIM cards.
Low and Shuek were arrested on the same day at Woodlands Checkpoint while trying to leave Singapore. More than S$29,000 in cash was seized from the pair.
Prosecutors Sought Longer Jail Terms
Prosecutors sought jail terms of between 93 and 101.5 months for Jang, and between about 83 and 95 months for Low.
Low’s lawyer argued for a 30-month jail term, saying Low was the most junior member of the group and had a more limited role.
Jang’s lawyer said his client continued laundering money after being persuaded by Shuek, and argued that Jang had no direct contact with the Malaysian syndicate.
The court eventually sentenced Low to six years’ jail and Jang to six years and seven months’ jail, with Jang also receiving a S$15,000 fine.
