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SINGAPORE: A man agreed to set up a company in his name in exchange for money, but the company’s bank account was used to receive S$6 million (US$4.7 million) from a Japanese firm that had been duped in an email impersonation scam.<\/p>\n
The bank account was seized by the police, but only S$3.4 million was recovered and returned to the victim company.<\/p>\n
Rian Rahim, a 26-year-old Singaporean, was sentenced on Thursday (Jul 23) to two years and five months’ jail, with one stroke of the cane.<\/p>\n
He was also disqualified from being a director of any company for five years.<\/p>\n
Rian pleaded guilty to three charges: having his company possess criminal proceeds owing to his neglect as a director, failing to exercise supervision over the company resulting in the dealing of criminal proceeds, and an unrelated charge of extorting a man.<\/p>\n
Another two charges were considered in sentencing.<\/p>\n
The court heard that an unidentified person who called himself Mr Ho contacted Rian sometime before May 2022.<\/p>\n
He asked Rian via WhatsApp if he was interested in helping set up a company in Singapore.<\/p>\n
Rian saw that Mr Ho used a Chinese contact number and believed that he was from China.<\/p>\n
Mr Ho told Rian that the company would sell toys imported from China, and he would get “a few hundred thousand or a few million” for helping him incorporate the company and handle the Singapore side of the “business”.<\/p>\n
Rian agreed and sent Mr Ho photographs of his identity card and the login details to his Singpass account.<\/p>\n
He also changed the phone number tagged to his Singpass account to one provided by Mr Ho, enabling Mr Ho to incorporate the company in Singapore.<\/p>\n
On May 16, 2022, Mr Ho incorporated a company called Neptun International, stating in documents lodged with the Accounting and Corporate Regulatory Authority that Neptun was in the business of “wholesale of toys and games”.<\/p>\n
Rian’s home was listed as Neptun’s registered address.<\/p>\n
Mr Ho also got Rian to open bank accounts in Neptun’s name. When Rian asked why Mr Ho could not do this, he was told it would be easier if Rian did it.<\/p>\n
Rian tried to open several corporate bank accounts before succeeding in opening a multi-currency account in Neptun’s name with DBS.<\/p>\n
The account was controlled by Mr Ho although it was in Rian’s name, in his capacity as Neptun’s director.<\/p>\n
Between June and July 2022, a Japanese company called Mitsui E&S Power Systems was deceived into transferring a total of 4.2 million euros, equivalent to S$6 million at the time, from its bank account to Neptun’s DBS account via four wire transfers.<\/p>\n
Investigations revealed that DBS had contacted Rian around Jul 1, 2022, about a transaction in Neptun’s account.<\/p>\n
When Rian asked about it, Mr Ho and his “associates” told Rian that he should tell DBS that the transaction involved payments to Neptun’s supplier, and to ask for DBS to contact him via email.<\/p>\n
In around July 2022, Rian received a letter from Mitsui asking for a return of a portion of the money they had sent. He consulted Mr Ho and was told Mr Ho would handle it, so he took no further action.<\/p>\n
A representative of the company later lodged police reports stating that Mitsui had lost money from an email impersonation scheme.<\/p>\n
The police seized Neptun’s DBS account on Jan 10, 2023, and seized the money inside. A total of about S$3.4 million was returned to Mitsui in February 2024 pursuant to a court order.<\/p>\n
Investigations revealed that Rian was the sole director and shareholder of Neptun and the sole signatory of its DBS account.<\/p>\n
Although Rian was suspicious as Mr Ho did not send any physical stocks to him, he saw that Mr Ho was earning money and was told that he could earn more, so he “didn’t think much about it”, the court heard.<\/p>\n
Rian also pleaded guilty to an unrelated charge of extorting a man.<\/p>\n
He had advertised “love ritual services” on Carousell in early 2024 and told a victim that he had performed a ritual for him.<\/p>\n
However, the victim failed to pay Rian the S$400 Rian sought.<\/p>\n
Wanting to obtain the money, Rian created an account on Telegram, posed as a woman called Jojie and befriended the victim.<\/p>\n
He eventually convinced the victim to send photos and videos of himself in a state of undress.<\/p>\n
Armed with the intimate images and footage, Rian extorted money from the victim, threatening to disseminate the photos and videos online.<\/p>\n
The victim transferred a total of S$1,252 to Rian.<\/p>\n
The prosecution sought a jail term of between two years and 16 months and two years and 20 months for Rian, along with one to two strokes of the cane for the extortion offence, and at least five years’ disqualification from being a director.<\/p>\n
Deputy Public Prosecutor Bryan Wong said there was syndication involved in the first offence, which involved a significant amount and had a transnational element.<\/p>\n
Although Rian was only Neptun’s director in name, his actions allowed Neptun to be used as a vehicle to receive Mr Ho’s criminal proceeds, said Mr Wong.<\/p>\n
For extortion, he could have been jailed for between two and seven years and caned.<\/p>\n
For having his company possess criminal proceeds due to his neglect as a director, he could have been jailed for up to three years, fined up to S$150,000, or both.<\/p>\n
For failing to exercise supervision over his company, resulting in it dealing with criminal proceeds, he could have been jailed for up to 12 months or fined up to S$5,000.<\/p>\n<\/div>\n
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