The fraudulent funds were obtained from investment and inheritance scams against overseas victims
[SINGAPORE] Two men who served respectively as director and company secretary of two Singapore-incorporated companies will be charged for their suspected involvement in money-laundering activities on Mar 20, said the police on Thursday (Mar 19).
The two companies had allegedly obtained fraudulent funds of about US$1.1 million and 44,808 euros (S$65,928) in their respective bank accounts from investment and inheritance scams perpetuated against victims overseas between February and August 2023.
The director, 35, was unable to provide satisfactory explanations for the receipt of the fraudulent sums by the two companies despite his involvement in opening both bank accounts.
The secretary, 36, who liaised with the director to open the accounts, similarly failed to exercise proper oversight and is alleged to have abetted the director’s failure to supervise the companies and their financial activities.
