SINGAPORE: A man was charged on Wednesday (Jul 19) over his involvement in the OCBC phishing frauds that targeted bank customers over the year-end festive period a year ago.
Indicate Teo Sin Yan, 31, is falsely accused of allowing a mysterious person to use an UOB bank account under the name “Royals Beaute” to exchange and withdraw criminal proceeds between November and December 2021.
He was given one charge associated with assisting another person to retain the benefits of criminal carry out, which carries a charges of up to 10 years’ jail, a fine as high as S$500, 000 or even both.
Teo was previously charged with other offences including felony intimidation, cheating, giving a police officer false information and Street Traffic Act infractions.
He will go back to court for a pre-trial conference later this week.
The police earlier said that a scam victim made a police review on Dec twenty six, 2021, after finding more than S$100, 500 in unauthorised dealings.
Preliminary inspections revealed that greater than S$18, 000 from the victim’s money had been transferred to an UOB corporate bank account.
Teo allegedly used his CorpPass qualifications to open the corporate account for a locally included company in November 2021, police mentioned.
He is then suspected of abandoning the bank account for an unknown person meant for monetary benefits.
More than S$4 mil passed through the bank account in several high-value dealings from Dec twenty to Dec twenty-seven, 2021.
A minimum of 14 people have right now been arrested pertaining to the OCBC phishing scams.
Earlier this month, the 21-year-old man became the first to be handled by the court among those accused of participation in the scams.
Leong Jun Xian was sentenced in order to at least a year of reformative training for providing money laundering services in order to suspected overseas syndicates.
A total associated with S$13. 7 million was lost in the OCBC phishing scams, according to the financial institution in January. This added then that “goodwill payouts” were being made to reimburse affected customers completely.