247 Investigated for scamming
2021-10-08

Information The suspects are being investigated for the offences of cheating, money laundering or providing payment services without a licence. The offence of cheating under Section 420 of the Penal Code carries an imprisonment term of up to 10 years and a fine. The offence of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act carries an imprisonment for a term not exceeding 10 years, a fine not exceeding $500,000, or both. The offence of carrying on a business of providing any type of payment service in Singapore without a licence under Section 5 of the Payment Services Act 2019 carries a fine not exceeding $125,000, imprisonment for a term not exceeding three years, or both.
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