Singapore Police Force has charged a man for conspiring with another individual to deceive a local bank into opening a corporate bank account for his sole proprietorship, purporting that the accused would be the sole operator of the account.
The accused also abetted various individuals to secure unauthorized access to the bank’s computer system by sharing the internet banking login information of the corporate account. A crime syndicate then used the corporate account for laundering illicit proceeds from schemes such as a China Officials Impersonation Scam (COIS). For example, the syndicate used COIS to defraud a victim and stole S$600,000 ($433,775) out from the victim’s bank accounts. The accused’s corporate bank account received part of the fraud proceeds.
In 2021, the accused also let an acquaintance register a sole proprietorship in his name in exchange for $500.
Source: Singapore Police Force