https://www.regulationasia.com/singapore-police-arrest-suspect-in-covid-19-money-laundering-case/

An overseas distribution company was defrauded of more than $646,000 for the purchase of N95 masks and personal protection gowns from a supposed supplier in Singapore.

Singapore Police have arrested a 35-year-old man suspected of cheating and money laundering offences in relation to a Covid-19 related scam.

The case involved an overseas distribution company which was defrauded of more than USD 646,000 for the purchase of N95 masks and personal protection gowns from a supposed supplier in Singapore. After the distribution company transferred funds to a local bank, the items were not delivered and the supplier became uncontactable.

Through its investigations, the CAD (Commercial Affairs Department) established the identity of the supposed supplier – Singaporean Chee Jian Rong – and arrested him last Tuesday (26 May), seizing two watches and more than SGD 81,000 (USD 58,000) in cash.

The rest of the proceeds were said to be have been dissipated to several local and overseas bank accounts.

Through “quick intervention and close collaboration” with DBS, OCBC and UOB, the Police’s Anti-Scam Centre was able to recover more than SGD 370,000 (USD 263,000) of the amount scammed. Efforts are underway to trace and recover the remaining funds.

The suspect faces up to 10 years’ imprisonment and a fine. Chee is due back in court on 4 June.

Last month, Police arrested a different man who was said to have defrauded an overseas pharmaceutical company of over EUR 6.6 million (USD 7.1 million) for the purchase of surgical masks and hand sanitisers.

Police were able to recover more than SGD 6.4 million (USD 4.5 million) of the amount scammed with the help of seven banks – the biggest single recovery since the formation of the Anti-Scam Centre.