Man laundered criminal proceeds from sale of S$34,000 Rolex watch using cryptocurrency, gets jail
SINGAPORE: A man was cheated of S$34,000 by a person posing as an employee at a reputable cryptocurrency company.The victim had transferred the sum to a bank account, expecting to get cryptocurrency in return.Instead, he never got the cryptocurrency.
The S$34,000 was used to buy a Rolex Daytona watch, and a series of men were roped into the concealment of the crime by reselling the watch and converting it into cash or cryptocurrency to avoid suspicion.Elroy Low Zi Quan, 22, agreed to help in this venture.
After getting his hands on S$28,000 of the illegal proceeds, he used S$25,000 of it to buy cryptocurrency and escape detection.
He also spent another S$3,000 on his own expenses.Low was sentenced to 21 weeks' jail on Thursday (Feb 10) for his involvement.
