Firm fined S$50k after its bank account was used to receive scam proceeds totalling nearly $2mil

SINGAPORE: An 18-year-old youth set up a company in January 2022 and its bank account was later used to receive the proceeds of an overseas scam totalling some US$1.5 million (S$2 million).

On March 13, Deen’s Watches was convicted of one count of dealing with the proceeds of criminal activities and was fined $50,000.