40-Year-Old Man Who is Linked to S$10.2m Covid-19 Scam to Be Charged With Money Laundering Offences

2020 was a great year… for viruses and scammers.

Since face masks and hand sanitisers suddenly became the most sought-after products last year, swindlers used the opportunity to make lots of money off unsuspecting people on the internet.

Some of these scams took place on online marketplaces like Carousell, while some physical stores sold their face masks at obscenely high prices.

One scammer, who every other scammer must have a picture of at their altar, took face mask scams to new heights last year when he defrauded a company of S$10 million.

Now, he has to face the music.

40-Year-Old Man Who is Linked to S$10.2m Covid-19 Scam to Be Charged With Money Laundering Offences

In March last year, when panic buying was all the rage, an overseas pharmaceutical company placed a large order for surgical masks and hand sanitisers with a local supplier.

The company, which was not named, transferred the funds amounting to S$10.2 million to a local bank.

However, the company became suspicious when the items were not delivered and the supplier became uncontactable, so they contacted the authorities.

Through investigations, officers from the Commercial Affairs Department managed to identify the then-39-year-old Singaporean man behind the ruse and arrested him.

Investigations also revealed that the man had received the funds, which were criminal proceeds, and purportedly used, transferred, and removed part of the money from Singapore.

The police said their Anti-Scam Centre managed to recover more than S$6.4 million of the amount scammed, thanks to their quick intervention.

“This is the biggest single recovery since the formation of the Centre,” the police said.

They also collaborated with seven banks to retrieve the cash, including UOB, OCBC, Standard Charted, Maybank, DBS, CIMB and HSBC.

Facing 10 Years in Jail

The man, now 40, will be charged today (24 Feb) with money laundering offences linked to the Covid-19 scam.

On Tuesday, the police said the man has allegedly committed offences under the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act.

If convicted, he could be jailed for up to 10 years or fined up to S$500,000, or both.

The police said they take a serious view of all those who take advantage of the current COVID-19 situation to perpetrate crimes.

“We will spare no effort in taking all those who flout the laws to task,” they said.

If you have any information on scams, you may call the police hotline at 1800 255 0000.

You can also head here to learn more about scams to avoid becoming a victim yourself.

Feature Image: Shutterstock.com / fizkes