Gambling site GemBet hires money mules in S'pore to issue fake invoices as cover for illegal bets
Nine people were previously arrested in relation to the site.
Singapore-based gambling site GemBet continues to recruit individuals in the country to set up shell companies, disguising illegal bets as payments for legitimate services. The site, based in Curacao and operated by a syndicate with ties to Cyprus, aims to establish Southeast Asia as a hub for punters. Singapore Pools is the only legal operator of lotteries, sports betting, and remote gambling services, making all other entities illegal.
GemBet's real operations are run by Ludicrum Tech, a Europe-based firm, and they recruit individuals in Southeast Asia to manage financial flows. The site accepts multiple currencies, including the Singapore dollar, Malaysian ringgit, Thai baht, Vietnamese dong, Indonesian rupiah, US dollar, and euros, as well as cryptocurrencies like Bitcoin and Ethereum.
In a bid to avoid detection, some punters are issuing fake invoices, such as those paid to a Singapore-registered company for pre-owned gaming equipment. Those caught engaging in illegal gambling face severe penalties, including up to seven years in jail and a fine of up to $500,000.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
