The money from scam victims was traced to three sale transactions between Kim Heng and an unidentified person.
SINGAPORE – A jewellery shop was charged on May 7 with not performing the required checks when it sold gold jewellery and a gold bar for over $313,000 to an unidentified person, when there was reason to suspect money laundering.
In a joint news release, the police and the Ministry of Law said that between September and October 2023, the police received reports of phishing scams involving malware installed on victims’ Android phones. According to court documents, one of the transactions took place on or about Sept 15, 2023, and involved a gold rope chain sold for $28,000.
The final transaction took place on or about Oct 2, 2023, and involved a gold bar and a 24-karat gold rope chain that were sold for $112,332.MinLaw said it conducts supervisory inspections of precious stones and precious metals regulated dealers to ensure compliance with requirements, including the need to perform the prescribed customer due diligence measures, and that it will continue to take action against those found to have breached them.
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