Gambling site GemBet hires money mules in S'pore to issue fake invoices as cover for illegal bets
Curacao-based gambling site GemBet recruits Singaporeans to issue fake invoices masking illegal bets, prompting police arrests and a regional crackdown.Summary
GemBet, a Curacao-based online gambling site reportedly operated by a syndicate linked to Cyprus, is circumventing Singapore's gambling laws by recruiting individuals to set up shell companies and issue fake invoices for fictitious goods and services, thereby disguising illegal bets as legitimate payments. These funds are routed through digital wallets and PayNow transactions involving local companies. The scheme came to light during the 2022 FIFA World Cup, leading to the arrest of nine people and the freezing of punters' bank accounts, which triggered panic in a Telegram group of over 2,600 members. The operation's technical backbone appears to be Ludicrum Tech, a Europe-based firm that signed GemBet's licence application, while a company called Grand Complications applied to register GemBet with Curacao's Gaming Control Board, targeting Southeast Asian markets and accepting multiple currencies and cryptocurrencies. Authorities across the region are intensifying crackdowns, with Indonesia blocking nearly 40,000 bank accounts linked to illegal gambling, and Singapore blocking thousands of illegal gambling websites and millions in payments. Under Singapore's Gambling Control Act, illegal gambling carries penalties of up to seven years' jail and a $500,000 fine, while punters can face up to six months' jail and a $10,000 fine.
(Source：The Straits Times)