Police investigate 4 money mules for role in online scams
AsiaOne
Monday, Feb 10, 2014
Police are investigating four money mules who have assisted overseas scam syndicates by using their bank accounts to transfer money to various overseas bank accounts.
Investigations revealed that the ill-gotten monies were from victims duped into buying electronic gadgets online at markedly reduced prices.
Police said the money mules are believed to have responded to online advertisements offering them jobs to transfer money using their own bank accounts for a non-existent overseas company operated by the scam syndicate on a 10 per cent commission.
The money mules then provided their bank account details to the scam syndicate.
For every inflow of funds to the money mule's account, a transaction fee and 10 per cent commission from the principal amount will be deducted before the remaining amount is transferred to an overseas bank account provided by the scam syndicate.
The money mules are being investigated for cheating, receiving of stolen property and money laundering.
Under the Penal Code, cheating carries a punishment of up to 10 years imprisonment and a fine.
The offence of Dishonestly Receiving Stolen Property carries a punishment of imprisonment for a term which may extend to five years, or with fine, or with both. The offence of Money Laundering carries a punishment of a fine not exceeding $500,000 or to imprisonment for a term not exceeding seven years or to both.
Commander of Ang Mo Kio Police Division, Assistant Commissioner of Police Keok Tong San advised members of public to be wary of responding to job offers on the internet offering easy money, especially if it involves using one's own bank account to transfer funds overseas.
He said: "These job offers are most probably posted by the scam syndicates who are making use of you to facilitate their criminal deeds. Police will come down hard on such Individuals who facilitate the transfer of these proceeds of crime and subject them to criminal investigations."
Police also advise the public to be aware of such scams and to adopt the following crime prevention measures:
Be very wary when making online purchases.
- Make payments only after the goods have been delivered to you
- If advanced payments are necessary, transact only with those whom you know and trust
- Be sure of who the company or person is and where they are physically located, even if a local number is used. Businesses operating in cyberspace may be located in another part of the world. Resolving problems with someone unfamiliar may be more complicated in cross-border transactions
- Offers that are too good to be true are suspicious.
Your personal bank account should only be used for your personal banking needs. Do not help other persons or other entities you have only met online to accept or transfer funds especially if you do not know the sources of the funds.
By doing so, you may be committing a crime, by aiding and abetting a criminal in receiving the proceeds of crime.
Anyone who assists others to move the proceeds of crime may be liable for criminal offences whether or not there was monetary benefit.
Know that the people in cyberspace may not be what they seem. Someone who is sharing a "friendly" tip about a moneymaking scheme or great bargain in a chat room or on a bulletin board may have an ulterior motive i.e. to make money.
If you suspect that you have been used as a "money mule", lodge a police report and inform your bank immediately. If the money is still in your bank account, do not deal with it.
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