After meeting an Ah Feng at a gaming den in Geylang, an administrative aide from China was roped into a legal business.
He helped Ah Feng launder more than S$ 857, 000 ( US$ 641, 000 ), provided bank accounts for Ah Feng’s use that were used to withdraw S$ 1.2 million, and looked for ATM cards by offering cash online.
Revenues from patients who had fallen victim to work and expense frauds were among the money being laundered.
Zhuang Qianbao, a 39- year- ancient Chinese nationwide, was sentenced to four- and- a- quarter years ‘ jail on Friday ( Mar 15 ).  ,
He admitted guilt on two counts of facilitating unauthorised computer entry by providing finance information and one count of converting legal proceeds. Another nine costs were taken into consideration.
Zhuang was a Singaporean company administrative assistant, according to the jury.
In 2019, he met Ah Feng at a gaming lair in Geylang. Zhuang was enlisted to assist him in trading United States Dollar Tether ( USDT ).
A robust price point is a feature of the crypto known as USDT, which is known as stablecoin.
Zhuang agreed and assisted in the search for possible USDT buyers. He also purchased ATM accounts from other people to receive cash from Ah Feng in exchange for USDT.
Zhuang did not use his own bank accounts because the police had earlier issued him with a 24-month conditional reminder for an offence involving his bank account.
Ah Feng responded to Zhuang’s question about the validity of the funds, stating that they were from his wagers on horse racing and sports.
ZHUANG’S Corporate
Zhuang also looked for ATM cards by posting ads digitally, paying about S$ 800 to S$ 1, 000 per bank accounts with ATM cards.
He used the ATM cards to use to pay for the USDT he purchased after speaking with sellers on the talk game WeChat.
According to the buyers ‘ instructions, he may also purchase USDT from interested retailers and sell it to Ah Feng.
Between December 2021 and September 2022, Zhuang received a full of S$ 857, 150 from Ah Feng through over 50 bank accounts, in exchange for USDT he bought for Ah Feng.
Eventually, investigations revealed that the money was allegedly stolen from people who had engaged in work, investment, or other scams that involved the impersonation of Chinese officials.
Additionally, Zhuang had 114 ATM accounts linked to 33 bank accounts where he used to collect money from Ah Feng. It was impossible to determine the sums received in these transactions.
In March 2022, Zhuang browsed electronically, looking for people who wanted portion- day work. He then persuaded them to pay him$ 100 for each job they gave in exchange for helping him use the ATM cards he gave them.
He recruited a large number of individuals and watched from a distance as they withdrew money from the bank transactions.
A full of S$ 645, 800 was withdrawn this method on Zhuang’s instructions.
On his request, Zhuang even gave Ah Feng a bank account with Internet banking entry, which Ah Feng used to collect and dissolve another$ 573, 000.
The prosecution claimed that more than S$ 1.2 million was taken out of the bank accounts Zhuang provided, adding up to a total of more than S$ 1.2 million.
Because Zhuang owned bank accounts that were the target of fraud, the authorities tracked him down and found him responsible for the money laundering schemes.
Officials from the Commercial Affairs Department arrested Zhuang at his house on Sep 13, 2022, seizing , 12 devices, 56 SIM cards and 113 ATM accounts from him.
He was unable to provide a convincing explanation for why he had so many accounts.
Deputy Public Prosecutor Ng Jun Kai sought 60 to 72 months ‘ detention for Zhuang.
He cited the cost of moneylaundering as sending a clear signal to those who wish to engage in moneylaundering activity: that they will be solidly dealt with if apprehended.
Zhuang’s part “extended beyond being a simple income mule or runner,” according to Mr. Ng.
He said Zhuang acquired bank balances, SIM cards, athletes and looked for USDT buyers.
Zhuang was” essential” in facilitating Ah Feng’s engagement and control of legal money, and he was motivated by financial gain, according to Mr. Ng.