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Three men, aged between 22 and 40, were arrested on December 5 on suspicion of money laundering in connection with a scam.
During the arrest of two of the men in Orchard Road, police seized two mobile phones, 51 bank cards and cash worth $34,700.
Preliminary investigation revealed that the duo had allegedly withdrawn illegal proceeds from several compromised bank accounts that did not belong to them.
They allegedly facilitated the laundering of the proceeds from the scam by withdrawing the money and redepositing the money into other bank accounts or handing over the money to couriers or runners arranged by the syndicate.
The two men were charged in court on December 7 with aiding and abetting unauthorized access to bank computer systems, which carries a penalty of up to two years in prison, a fine of up to $5,000, or both.
After further investigation, police arrested another 40-year-old man in Jurong, who is believed to have facilitated scam activities by moving large amounts of physical money by collecting it on behalf of the syndicate and handing it over to others.
Two cellphones and cash worth more than $217,000 were seized as evidence.
The police investigation is ongoing.
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