Latest news with #ShengSiong
CNA
19 hours ago
- CNA
How suspects laundered over S$50,000 through Sheng Siong teller machines
Scroll up for the next video X How suspects laundered over S$50,000 through Sheng Siong teller machines
CNA
2 days ago
- CNA
Four charged over money laundering scheme via cash withdrawals from Sheng Siong teller machines
Authorities have uncovered a new money laundering scheme involving the illegal withdrawal of cash from Simple Teller Machines. $TMs, which use the PayNow function, are found at certain outlets of supermarket chain Sheng Siong. Four men aged between 16 and 23 have been charged, with over S$50,000 believed to have been laundered through such means. Staff had noticed large cash withdrawals from multiple machines across Singapore on Jun 18. When the pattern repeated itself the next day, they called the police. Sheng Siong has since implemented a maximum of five withdrawals per day for each user. Chloe Teo reports.
AsiaOne
2 days ago
- AsiaOne
Four, including 16-year-old, charged for using Sheng Siong teller machines for money laundering, Singapore News
Four men, aged 16 to 23, were charged last Saturday (June 21) for using Sheng Siong teller machines to allegedly launder money. Of the four, three were charged under Section 411 of the Penal Code, while one was charged with an offence under the Corruption, Drug Trafficking and Other Serious Crimes Act. The scheme came to light when Sheng Siong customer and operations director Lin Zikai noticed multiple suspicious transactions made at the same time by the same account at different $TMs across Singapore on June 18. The service was suspended the next day and restored on June 23. Known as simple teller machines ($TM), the ones at Sheng Siong differ from other ATMs as they generate a PayNow QR code which can be scanned to authorise dispensing of cash. A maximum of $1,000 can be withdrawn in one transaction, with the number of transactions tied to the PayNow daily limit. While the default withdrawal limit for PayNow is $1,000, users can change it up to $200,000. Muhammad Izz Iryan Bin Mod Ali responded to a "fast cash job" via Telegram, where he was told to withdraw money from a Sheng Siong $TM at Block 872C Tampines Street 86 on June 19, using the $TM's QR code. Iryan, 23, is alleged to have snapped a photograph of the QR code generated by the machine's PayNow option, and uploaded it back to the Telegram group. Shortly after, money was dispensed from the same machine, which Iryan was purportedly supposed to pass to another person. It is believed criminals in the Telegram group were using compromised bank accounts to make the PayNow payments remotely using photos of QR codes. The Sheng Siong headquarters alerted the store manager of suspicious transactions, who then detained Iryan until police arrived and arrested him. Iryan was in possession of $20,300 which was suspected of being obtained from criminal conduct. Separately, Muhammad Noraidilsahiq Bin Muhammad Norasif, 20, allegedly withdrew a sum of $8,000 from the $TM at Block 455 Sengkang West Avenue before being arrested. Both Iryan and Noraidilsahiq were brought by police back to their respective scenes in Tampines and Sengkang on Thursday (June 26), where they retraced their steps while officers interrogated them. A 16-year-old was also charged for receiving cash amounting to $19,500 from the $TM at the Sheng Siong outlet in Serangoon North Avenue 5 between June 18 and June 19, while Muhammad Izz Irshad Bin Mod Ali, 18, was charged for receiving $4,000 between June 9 and June 13. When Iryan, Noraidilsahiq and the 16-year-old made withdrawals from their respective $TMs on June 19 during the same time, they were subsequently detained by store managers at respective Sheng Siong outlets across the island, Lin explained. "For the $TM machine, we partnered with (UOB and OCBC) to recycle cash that we receive from our stores to provide convenience for our residents nearby to withdraw cash," Lin said. "Moving forward... we have since upgraded the system and implemented a maximum of five withdrawals in one day per user." According to the Penal Code, receiving or retaining stolen property can result in jail for up to five years or a fine, or both. [[nid:719251]] khooyihang@
Straits Times
2 days ago
- Straits Times
Sheng Siong suspended PayNow withdrawals from teller machines over money laundering concerns
The scheme was discovered after Sheng Siong noticed large cash withdrawals being made simultaneously from multiple $TMs across Singapore by the same PayNow account. PHOTO: SHIN MIN DAILY NEWS SINGAPORE - A new money laundering scheme caused Sheng Siong to temporarily suspend PayNow cash withdrawals from its Simple Teller Machines ($TMs) recently . The withdrawal service allows users to scan a PayNow QR code at the machines to withdraw cash of up to $1,000 per transaction. But since early June, criminals appear to have been abusing the service to launder illicit funds, causing the supermarket chain to temporarily suspend the service from June 19. It was only restored on June 23. The scheme was discovered after Sheng Siong noticed large cash withdrawals being made simultaneously from multiple $TMs across Singapore by the same PayNow account on June 18. When the same account was used to withdraw more cash on June 19, Sheng Siong staff detained the persons who had taken the cash and called the police. Four males, aged 16 to 23, were charged on June 21 in relation to the scheme. They are believed to have responded to 'fast cash job' advertisements on Telegram. The supposed job required them to go to the $TMs and use it to generate PayNow QR codes, which they took photos of and sent back to the Telegram group. Shortly after, the machine would dispense the cash, which they were to take and hand over to another person. It is believed criminals in the Telegram group were using compromised bank accounts to make the PayNow payments remotely via the photos of the QR codes. On June 26, the police took two of the accused persons back to $TMs in Sengkang and Tampines. Muhammad Noraidilsahiq Muhammad Norasif, 20, allegedly withdrew $8,000 from the machine on June 19 at the Sheng Siong outlet at Sengkang West Avenue, which he was taken back to for investigations. Muhammad Noraidilsahiq Muhammad Norasif allegedly withdrew $8,000 from the machine on June 19 at the Sheng Siong outlet at Sengkang West Avenue. PHOTO: SHIN MIN DAILY NEWS He faces one charge under the Penal Code for receiving the stolen property. Muhammad Izz Iryan Mod Ali, 23, was allegedly found with $20,300 that were benefits of criminal conduct. He was taken to the $TM at the Sheng Siong outlet at Tampines Street 86 and faces one charge under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Muhammad Izz Iryan Mod Ali was allegedly found with $20,300 that were benefits of criminal conduct. PHOTO: SHIN MIN DAILY NEWS His 18-year-old brother, Muhammad Izz Irshad Mod Ali, is also one of the accused persons. He allegedly took $4,000 of cash from the $TM at the Sheng Siong outlet at Jurong West Street 42 between June 9 and June 13. He faces one charge under the Penal Code for receiving the stolen property. The fourth person charged is a 16-year-old who allegedly took $19,500 from the $TM at the Sheng Siong outlet at Serangoon North Avenue 5 on June 18 and 19. He also faces one charge under the Penal Code for receiving the stolen property. All four have been remanded and their cases are expected to be heard again on June 27. Sheng Siong's customer and operations director, Mr Lin Zikai, told the media on June 26 that Sheng Siong had noticed the abnormal withdrawals on June 18 and suspended the service on June 19. The service was only restored on June 23 after it implemented an additional safeguard limiting the maximum number of transactions per PayNow account to five. There are more than 60 $TMs islandwide at Sheng Siong outlets. The withdrawal service allows users to scan a PayNow QR code at the machines to withdraw cash of up to $1,000 per transaction. PHOTO: SHIN MIN DAILY NEWS Mr Lin said before this, users could make cash withdrawals of up to $1,000 per transaction, but the number of transactions was limited only by the PayNow account's limit. While the default daily limit for PayNow transactions is $1,000, users were able to change it to a maximum of $200,000. This meant they could make up to 200 transactions of $1,000 each daily . With the new safeguard, the maximum withdrawal from a single PayNow account is now capped at $5,000. Mr Lin said: 'This case was actually detected by our Sheng Siong HQ office. They realised there were multiple transactions from the same (PayNow) user at different outlets at the same time. 'That's when we contacted the bank and made a police report.' Those convicted of receiving stolen property can be jailed for up to five years and fined. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
6 days ago
- Business
- Yahoo
Smart Reads of the Week: Oil Stocks, REIT Income, and Red-Hot Growth Opportunities
This week, we spotlight three Singapore stocks poised to benefit from rising oil prices, a timely move as energy markets heat up. Sheng Siong also hits a milestone — we break down how much you'd have gained from holding its IPO shares for the last 14 years. Dividend investors are in for a treat. We explore Singapore REITs yielding over 2.5%, more than CPF OA, and five blue-chip stocks paying 5% or more. Plus, we highlight three reasons why REITs remain a compelling long-term investment. If capital growth is your focus, we feature four fast-rising US companies making waves in their industries. And we wrap up with SGX-listed names that made Fortune Southeast Asia 500, a look at the region's strongest performers and new market leaders. Here are this week's top articles: 3 Singapore Stocks to Watch as Oil Prices ClimbAs energy prices rally, these stocks could stand to gain. 14 Years of Sheng Siong: How Much You Gained Investing in 1,000 IPO SharesA look at how this supermarket stock has rewarded patient investors since its IPO. Singapore REITs Earn Double Your CPF OA's 2.5% or MoreWant to beat CPF returns? These REITs may help you do just that. Looking for Red‑Hot Growth Stocks? These 4 US Companies Could Be Right for Your PortfolioThese stateside names are showing strong momentum — here's why they could keep climbing. Here's How to Build Generational Wealth with These 4 Singapore Blue‑Chip StocksSteady, reliable companies that could anchor a long‑term, wealth‑building portfolio. 5 Singapore Blue‑Chip Stocks with Dividend Yields of 5% and HigherIncome seekers take note: These blue‑chips offer competitive yields. Why Choose Singapore REITs? 3 Must‑Know AdvantagesREITs offer unique benefits for investors seeking income and diversification. SGX Stocks Shine: Fortune Southeast Asia 500's Top Performers & NewcomersLocal names that made Fortune's list — here's who is making waves regionally. Invest smarter in 5 minutes a day with Smart Reads. It's the weekly newsletter trusted by investors, professionals, business owners, and CEOs and for those who want sharp, timely insights without the overwhelm. 100% free. Click HERE to sign up now! Follow us on Facebook, Instagram and Telegram for the latest investing news and analyses! The post Smart Reads of the Week: Oil Stocks, REIT Income, and Red-Hot Growth Opportunities appeared first on The Smart Investor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
