Director & manager of People’s Park Complex remittance company under investigation for fraud

Director & manager of People’s Park Complex remittance company Samlit Moneychanger under investigation

The police and Monetary Authority of Singapore (MAS) have launched investigations against the director and compliance manager of Samlit Moneychanger, located in People’s Park Complex.

The pair are suspected of being involved in fraudulent trading and failing to comply with obligations as a licensed payment services provider.

Source: Google Maps

Police officers reportedly visited the shop on Friday (23 Feb) afternoon to retrieve evidence.

Customers lodge reports against People’s Park Complex remittance company for blocked remittances

The Singapore Police Force (SPF) and MAS revealed that they’re investigating the director and compliance manager of Samlit Moneychanger via a press release issued on Friday (23 Feb).

Source: Google Maps

SPF identified the pair as a 43-year-old woman and a 34-year-old man.

The pair are reportedly under investigation for their suspected involvement in:

  • Fraudulent trading
  • Failure to comply with various obligations as a licensed payment services provider

The investigations came after MAS received reports claiming China had blocked remittance transactions from Singapore.

As of 15 Dec 2023, about 430 of 670 such reports were against Samlit Moneychanger, stated MAS.

According to The Straits Times (ST), three Chinese nationals working in Singapore have taken legal action against the remittance company.

MAS, however, claimed that Samlit was not forthcoming in providing information and did not provide a satisfactory explanation of the remittance flows.

MAS secured funds in People’s Park Complex remittance company’s corporate account

On Tuesday (20 Feb), while investigations into the blocked remittances were ongoing, Samlit notified MAS that it intends to surrender its payment services license and shutter its business.

The authorities also received reports that there were “unusual transfer activities” from Samlit’s corporate bank accounts and its director’s personal bank account.

After receiving the new information, the police and MAS launched a joint investigation against the company for the two suspected offences.

In addition, it took steps to secure funds in Samlit’s corporate account. These include requiring the company to seek approval before making withdrawals or transfers from the account.

According to the joint press release, the funds secured are enough to meet Samlit’s “uncompleted remittance obligations”.

Company must properly discharge outstanding obligations before winding down

As for the private claims against Samlit, MAS has directed Samlit to continue providing relevant documentation to affected individuals to assist with their appeal to enforcement agencies in China.

MAS and SPF also stated that their investigations are separate from the potential private claims by remitters against the company.

Despite its closure, MAS and SPF said that Samlit must contact remitters for further instructions if their intended beneficiaries do not receive the funds within seven business days.

Before closing down, Samlit is also required to properly discharge all outstanding obligations.

The offence of fraudulent trading comes with a jail term of up to seven years, a fine of up to S$15,0000, or both.

Licensed payment services providers who fail to comply with obligations face a jail term of up to 12 months, a fine of between S$12,500 and S$1,000,0000, or both.

Lianhe Zaobao visited Samlit Moneychanger on Friday (23 Feb) afternoon and saw four police officers searching for evidence in the shop.

Upon seeing the cameras, a staff member reportedly pulled down the shutters and refused to be interviewed.

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