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Police freeze my bank account

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Babunski
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Police freeze my bank account

Post by Babunski » Thu, 04 Mar 2021 11:52 am

Hi,
I am new member and actually do not live in Singapore. I have a bank account in Singapore and recently that account was freezed by police. I made a foreign currency deal with licensed money changer in Indonesia, sent the IDR to their account and they transfer the amount to me through a Singaporean bank account. Apparently that transaction is involved in scam according to police (I dont know details of the scam).
I chased the money changer asking for their responsibility. They said they purchased such SGD from another money changer, and such money changers deal with multiple agents and at the end of the leg was the scammer.
I dont know what to do and was told by the police that they will investigate, and until then my account will be freezed (will take 6months). Anyone has similar experience? I want to know what I should do, and what’s gonna happened to the money and my account.

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sundaymorningstaple
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Re: Police freeze my bank account

Post by sundaymorningstaple » Thu, 04 Mar 2021 1:40 pm

Considering you are posting from an ID isp addy, it sounds like money laundering to me. Why didn't you use normal protocol?

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PNGMK
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Re: Police freeze my bank account

Post by PNGMK » Thu, 04 Mar 2021 3:02 pm

You should only use licensed money changers, remittance agents or fintech services or banks.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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malcontent
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Re: Police freeze my bank account

Post by malcontent » Thu, 04 Mar 2021 4:07 pm

The idea that my bank account can be frozen, no matter the reason, gives me the chills. It’s one of the reasons I typically keep a 5 figure stash of currency in the safe at home.

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sundaymorningstaple
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Re: Police freeze my bank account

Post by sundaymorningstaple » Thu, 04 Mar 2021 4:40 pm

Me too. Only mine has two of the figures to the right of the decimal point! :oops: :lol: :lol:

Lisafuller
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Re: Police freeze my bank account

Post by Lisafuller » Thu, 04 Mar 2021 5:34 pm

Yes, it’s so important to always have physical cash on hand, you never know what can happen. We have a safe concealed in the bedroom, you would never notice unless you were told.

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malcontent
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Re: Police freeze my bank account

Post by malcontent » Thu, 04 Mar 2021 9:46 pm

It may be hard to believe, but mistaken identity can happen. I once experienced it in the U.S. where someone who had a warrant for their arrest had the exact same name, same birth date and was from the same state as me. That sure got me some unwelcome hassle from the police.

Here in Singapore we were also a victim of mistaken identity - a taxi driver gave the wrong plate number (ours) as the car who hit him. The taxi company even filed a lawsuit against us which was completely frivolous. The car color and description didn’t even match and the location was a place we’ve never been. We could have sued them back, but the lawyer expenses weren’t worth it (and we were told couldn’t be claimed back if we won). Eventually the taxi company went under and the lawsuit just sat there until the statute of limitations expired. What we learned is the system here doesn’t do a great job of protecting people from frivolous lawsuits.

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Re: Police freeze my bank account

Post by Myasis Dragon » Thu, 04 Mar 2021 10:41 pm

Babunski wrote:
Thu, 04 Mar 2021 11:52 am
Hi,
I am new member and actually do not live in Singapore. I have a bank account in Singapore and recently that account was freezed by police. I made a foreign currency deal with licensed money changer in Indonesia, sent the IDR to their account and they transfer the amount to me through a Singaporean bank account. Apparently that transaction is involved in scam according to police (I dont know details of the scam).
I chased the money changer asking for their responsibility. They said they purchased such SGD from another money changer, and such money changers deal with multiple agents and at the end of the leg was the scammer.
I dont know what to do and was told by the police that they will investigate, and until then my account will be freezed (will take 6months). Anyone has similar experience? I want to know what I should do, and what’s gonna happened to the money and my account.
Here's what you did...
I made a foreign currency deal with licensed money changer in Indonesia
It was a great deal, wasn't it? You get basically free money for letting someone use your bank account... move some money in... move some money out. And how much did they pay you for this?

You have been caught in a money laundering scheme. The police will investigate. If they decide you knew what was going on, they will take your money and charge you with money laundering as well as anyone else they catch.

If they decide you were just a stupid idiot, looking to make money without working, then they may just penalize you. You are supposed to know better. So is your bank. You may be fined. They may take all your money.

Only if the police decide that you were an innocent party and duped by money changers, will you get to keep your money. But, don't you know... if a deal is too good to be true, it probably isn't.

Babunski
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Re: Police freeze my bank account

Post by Babunski » Thu, 04 Mar 2021 11:04 pm

For those who threw sarcasm comment: I didnt even make money from those transaction. I made an FX deal with a licensed money changer here at market rate.
I was asking if somebody had experience on this so if you have not, then dont need to be rude like you’re the smartest guy in the world. FYI I have a business and dont even think of making money from the transaction.

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PNGMK
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Re: Police freeze my bank account

Post by PNGMK » Fri, 05 Mar 2021 8:59 am

Babunski wrote:
Thu, 04 Mar 2021 11:04 pm
For those who threw sarcasm comment: I didnt even make money from those transaction. I made an FX deal with a licensed money changer here at market rate.
I was asking if somebody had experience on this so if you have not, then dont need to be rude like you’re the smartest guy in the world. FYI I have a business and dont even think of making money from the transaction.
Advice on this forum is free. Feel free to spend actual money seeking advice from a solicitor (which is really what you should do), particularly if you are an innocent party in this. You need to being preparing a defence.

Yes, many of us have transferred money all over the world actually but Mal, SMS, MD, myself have never been charged with money laundering oddly enough.

Some questions you might want to consider for when the police come:

1. How did you know the money changer in ID was licenced?
2. Was the exchange rate offered "extraordinarily advantageous"?
3. Were you asked to transfer to an account that was not in the name of the money changer or to split the transfer between accounts?
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

Babunski
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Re: Police freeze my bank account

Post by Babunski » Fri, 05 Mar 2021 9:38 am

I sent lumpsum amount to the money exchange company account, and that company is licensed and registered as stated in website of OJK/financial institution regulator here.
It is disappointing to know that people think I’m a money launderer or mules once they know I’m from Indonesia, even that I already said it is a licensed money exchange in my first post. And no I didnt gain anything, I paid market rate.

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PNGMK
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Re: Police freeze my bank account

Post by PNGMK » Sun, 07 Mar 2021 1:31 pm

Babunski wrote:
Fri, 05 Mar 2021 9:38 am
I sent lumpsum amount to the money exchange company account, and that company is licensed and registered as stated in website of OJK/financial institution regulator here.
It is disappointing to know that people think I’m a money launderer or mules once they know I’m from Indonesia, even that I already said it is a licensed money exchange in my first post. And no I didnt gain anything, I paid market rate.
It's possible there was a rogue employee in the money changer who used your money for nefarious purposes. This is not unheard of in Indonesia.

If, as you say, you are innocent then eventually your money will be returned I guess.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

tiktok
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Re: Police freeze my bank account

Post by tiktok » Sun, 07 Mar 2021 1:45 pm

PNGMK wrote:
Fri, 05 Mar 2021 8:59 am
Yes, many of us have transferred money all over the world actually but Mal, SMS, MD, myself have never been charged with money laundering oddly enough.
Maybe because you have access to the regular banking system and are not from Indonesia?

The place I work for operates around the world. In Indonesia, many retail customers have to use third party payment agents to transfer money in and out. I don't know why but I can only assume that many people have issues with banks there.

I would think twice about calling the OP a "stupid idiot".
I not troll/wacko/spammer.
Me no expat. Me foreigner.

bro75
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Re: Police freeze my bank account

Post by bro75 » Sun, 07 Mar 2021 10:05 pm

It could be the amount and the source of funds that could trigger the police to take action. If they have been watching the source for a while, then any recipient from this source will be suspected. The OPs method of fx transaction could be deemed suspicious due to the source and amount.

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PNGMK
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Re: Police freeze my bank account

Post by PNGMK » Mon, 08 Mar 2021 8:17 am

tiktok wrote:
Sun, 07 Mar 2021 1:45 pm
PNGMK wrote:
Fri, 05 Mar 2021 8:59 am
Yes, many of us have transferred money all over the world actually but Mal, SMS, MD, myself have never been charged with money laundering oddly enough.
Maybe because you have access to the regular banking system and are not from Indonesia?

The place I work for operates around the world. In Indonesia, many retail customers have to use third party payment agents to transfer money in and out. I don't know why but I can only assume that many people have issues with banks there.

I would think twice about calling the OP a "stupid idiot".
I don't think I did. I agree Indonesia's banking system is difficult but there are many hundreds of thousands of FX TX every year that are not intercepted so what did OP do wrong I wonder?
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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