The police claimed in a statement Lien Sheong Chye had helped assist Terence Voo gain an online betting account with the website www.greysnow.com.
Voo recruited players to place football bets through the online account, while it is reported he was sharing potential winnings with Chye.
The Commercial Affairs Department investigated Chye, who had accumulated S$258,666 between January 2012 and July 2014, which he was unable to explain.
Police seized the money at the beginning of the investigation.
The investigation remains ongoing while authorities seek an explanation for the money in Chye's account.
