Director, secretary of two separate companies charged with money laundering

The money was allegedly derived from investment and inheritance scams perpetrated against victims overseas, the police added.

Investigations revealed that the companies were owned by foreign individuals who required a local resident to be appointed as a director to meet Singapore’s company incorporation requirements.

Dennis Poh, who owns a corporate service provider, assisted with the incorporation and was appointed as secretary of both companies.

He engaged Andrew Poh to serve as the resident director of both companies, and liaised with him to open bank accounts for the firms.

However, Andrew Poh allegedly failed to adequately monitor or supervise the companies’ operations despite his involvement in the opening of the accounts.

The police said he was unable to provide satisfactory explanations for the receipt of fraudulent funds by the companies’ bank accounts.

Dennis Poh is accused of similarly failing to exercise proper oversight and allegedly abetted Andrew Poh’s failure to supervise the companies and their financial activities.

Both men are thus alleged to have enabled the receipt of fraudulent funds by their neglect of their duties as company officers, said the police.

Their cases will be heard in court again on May 8.

Individuals who possess property reasonably suspected to be benefits of criminal conduct can be jailed for up to three years, fined up to $150,000, or both. In the case of a corporate entity committing such an offence, offenders can be given a fine not exceeding $300,000 for each charge.