On 2 July 2025, a 38-year-old man Hao Jian (“Hao”), a Chinese national, was charged with the following offences:
- one count of possessing property reasonably suspected to be benefits from criminal conduct under Section 47AA read with Section 59(1)(a) of the Corruption, Drug-Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A, 2000 Rev Ed) (“CDSA”);
- two counts of carrying on a business of providing unlicensed cross-border money transfer services under Section 5 of the Payment Services Act 2019 (“PSA”); and
- one count of carrying on an unlicensed remittance business under Section 6 of the Money-Changing and Remittance Businesses Act (Cap 187, 1996 Rev Ed) (“MCRBA”).
Between May and October 2020, the Police received several reports that Qeebey Tech Co Ltd (“Qeebey Tech UK”), a company incorporated in the United Kingdom, received monies in its bank accounts in Singapore, allegedly derived from scams. Investigations revealed that Hao was the sole director and shareholder of Qeebey Tech UK and the sole authorised signatory of its bank accounts in Singapore. Hao was out of Singapore when Police commenced investigations.
In September 2024, Hao was arrested upon entering Singapore for business purposes. Further investigations by the Police revealed that between February and November 2020, Hao allegedly used Qeebey Tech UK’s bank accounts in Singapore to receive a total sum of approximately SGD 1.55 million, which were transferred to bank accounts both locally and overseas.
Separately, in April 2020, one of the bank accounts maintained by Qeebey Tech UK received a total sum of SGD 95,978 allegedly derived from scams perpetrated against local individuals. Hao was unable to provide a satisfactory explanation for the source of the monies, which are suspected of being another person’s benefits from criminal conduct.
Hao was also the director of a Hong Kong-incorporated company named Qeebey Tech Co Limited (“Qeebey Tech HK”), which maintained bank accounts in Singapore. Between July 2019 and May 2020, Hao allegedly used the bank accounts of Qeebey Tech HK in Singapore, of which he was the sole authorised signatory, to receive funds totalling approximately SGD 1.99 million for the purpose of transferring them to bank accounts in Singapore and overseas.
During the material time period, neither Hao nor his two companies possessed a licence to carry on a remittance business or a business of providing any type of payment service in Singapore. He was also not an exempt payment service provider.
Under Section 6(1) and punishable under Section 6(2) of the MCRBA, a person who carries on a remittance business without a valid remittance licence shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
Under Section 5(1) and punishable under Section 5(3) of the PSA, a person who carries on a business of providing any type of payment service in Singapore without a licence, unless the person is exempted under the Act, shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
Under Section 47AA(1) and punishable under Section 47AA(2)(a) of CDSA, a person who possesses or uses any property that may be reasonably suspected of being benefits from criminal conduct, and fails to account satisfactorily how the person came by the property, shall be liable on conviction to a fine not exceeding S$150,000 or imprisonment for a term not exceeding 3 years, or to both.
The Police takes a strong stance against offenders who make use of Singapore’s financial system to launder proceeds of criminal conduct. Individuals are advised to be cautious of performing bank transactions for others in exchange for monetary benefits. To avoid becoming involved in money laundering activities, members of the public should also refrain from allowing their bank accounts to be used for receiving or transferring money for others.
SINGAPORE POLICE FORCE
02 July 2025 @ 11:35 AM