Tuesday, 20 Apr 2021 02:24 PM MYT
Wei Yong, who is linked to a transnational syndicate, pleaded guilty to four charges of cheating and one charge under the Passport Act. Pixabay pic via TODAY
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SINGAPORE, April 20 A 44-year-old man involved in a transnational syndicate that scammed high net-worth individuals by using shell companies set up in Singapore and the United States was jailed for 12 years and one month yesterday.
Since 2017, Chinese national Wei Yong had worked with four accomplices to dupe 10 businessmen nine Chinese nationals and one South Korean into parting with more than S$2.5 million (RM7.75 million) in total.
Syndicate member behind S$2.5m cross-border investment scam gets jail, squandered millions at casino Toggle share menu
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Syndicate member behind S$2.5m cross-border investment scam gets jail, squandered millions at casino
A view of high-rise financial district office buildings from the Marina Bay promenade in Singapore. (Photo: AFP/Roslan Rahman)
19 Apr 2021 03:45PM) Share this content
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SINGAPORE: A member of a syndicate linked to S$2.5 million worth of cross-border investment scams, perpetuated via shell companies with fake office fronts at Marina Bay Financial Centre, was given 12 years and one month s jail on Monday (Apr 19).
China national Wei Yong, 44, gambled away most of his criminal proceeds, transacting a total of S$30 million at Singapore s casinos, and was unable to make any restitution.