A 34-year-old man, Kong Juu Wenn, has been sentenced to one year and nine months in jail after renting out his bank account, which was later used to receive over $3.3 million linked to illegal online gambling activities.
Kong, who was in urgent need of money to repay his loans, agreed to let others use his bank account in exchange for a $1,800 reward. However, he later discovered that the account was being used to facilitate illicit financial transactions.
On March 19, he pleaded guilty to one count of dealing with the benefits of criminal conduct and was sentenced accordingly.
This case highlights the risks of financial fraud and money laundering, as authorities continue to crack down on individuals enabling illegal transactions. Law enforcement agencies have repeatedly warned against selling or renting bank accounts, as such actions could lead to serious legal consequences.
Deputy Public Prosecutor Yee Jia Rong told the court that Kong, who needed money to pay his bank loans, also took loans from unlicensed moneylenders.
The amounts involved were not disclosed in court documents.
Around mid-2022, he came across an advertisement on messaging platform Telegram, seeking persons who were interested in “renting out” their bank accounts.