SINGAPORE – After being introduced to an unknown individual by his friend, a man agreed to help open two companies for the stranger and act as their sole director.
Sim Chee Wei, 40, did this despite not knowing anything about the business of the companies he helped register, and even opened a corporate bank account before giving its details to the foreigner.
The account received more than $250,000 in scam proceeds from the US.
Sim, who had opened SIMCW Tech, and the firm’s bank account, had facilitated the work of a transnational scam syndicate.
On Jan 6, SIMCW Tech was fined $32,000 for possessing property reasonably suspected to be the benefits of criminal conduct.
Sim was sentenced to eight months and one week’s jail after pleading guilty to one count of possessing property suspected of being criminal proceeds, and one count of failing to use reasonable diligence in the discharge of duties as a director.
Court documents show that the Commercial Affairs Department was notified on Aug 29, 2022, that a US-based company had been deceived into making fraudulent wire transfers to SIMCW’s bank account twice in August 2022.
The transfers, valued at US$209,892.84 (S$268,450), involved scam proceeds.
