SINGAPORE – The Commercial Affairs Department arrested three men, aged between 27 and 30, on Thursday (Sept 2) for allegedly conspiring to cheat a payment processing company of more than $653,000.
In a statement on Saturday, the police said they received a report on Aug 25.
Preliminary investigations revealed that two of them had allegedly handed their personal and company bank accounts to a 29-year-old man.
He allegedly used the two bank accounts to make more than 10 online transactions via the payment processing company, between June and July.
The police said the other two men allegedly received commissions or rewards worth more than $9,000, by handing over their bank accounts.
On Aug 12, the 29-year-old allegedly filed disputes on the online transactions to seek refunds amounting to more than $653,000 from the payment processing company.
Investigations are ongoing.
Those convicted of abetment with conspiracy to cheat can be jailed for up to 10 years and fined.
Those convicted of assisting another to facilitate the retention of benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act, can be jailed for up to 10 years, fined up to $500,000, or both.
The police also warned the public to refrain from giving their personal or company bank accounts to others, as they can be convicted of assisting others to launder money from criminal activities.
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