Man charged after his company's bank account allegedly received over $350k in scam proceeds
N.M. Pranesh was the director of a company that received money purportedly from victims of investment and love scams.
SINGAPORE - In exchange for 'fast cash', a man allegedly set up a trading firm and relinquished control of its bank accounts to someone he had met via messaging platform Telegram.
One of the firm's bank accounts later received nearly US$275,000 (S$353,000), money that was purportedly from foreign victims of investment and love scams.
On July 17, Singaporean N.M . Pranesh, 24, was charged with failing to exercise diligence when he was a director of Prodigym Teading, an offence under the Companies Act.
He is also accused of allowing another person, known only as 'Judy', to control the company's two bank accounts.
In a statement on July 16, the police said that Pranesh allegedly entered into the arrangement in January 2022, 'despite having reasonable grounds to believe that the unknown individual engaged in criminal conduct', according to investigations by the Commercial Affairs Department.
The police also said that the firm received the alleged ill-gotten gains between March 14 and 16, 2022.
Pranesh's case will be mentioned again in court on Aug 7.
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