SINGAPORE: A Vietnamese-American man has been charged with money laundering offences in Singapore in a case involving about US$ 8.3 million ( S$ 10.8 million ).
On Thursday ( Sep 12 ), Nguyen Duy Khiem, 61, was charged with possessing direct or indirect benefits of criminal conduct.
The police announced in a speech that Khiem had allegedly arranged for two Asian women to reportedly include two businesses in Singapore in 2019 as a result of studies by its Professional Affairs Department.
Hoang Thi Thuy Hang founded Wellington York Partners, while Hoang Dinh Phuong Thao founded Kaloca Asia. The two girls allegedly opened bank accounts with the companies in Singapore under the supervision of Khiem.
The bank balances, which were supposedly under Khiem’s power, received money exceeding US$ 457, 500 and US$ 7.8 million both between December 2019 and October 2020.
The police claimed the money were the product of international investment scams.
The largest amount of the charges listed in cost sheets was reportedly a US$ 5.3 million in a UOB bank account owned by Wellington York Partners between July 1 and July 30th, 2020.
He is accused of not providing a sufficient consideration of how this money came from, which is logically believed to be direct profits from criminal conduct.
Charge sheets also list a” David Edwards,” with some of the money allegedly coming from Edwards ‘ benefits from unspecified criminal behavior.
Khiem stated that he was innocent and that he would consult with a solicitor.
He was offered bail of S$ 120, 000 and may return to court in October.
If convicted of possessing direct criminal benefits under the Corruption, Drug Trafficking and Other Serious Crimes ( Confiscation of Benefits ) Act ( CDSA ), he can be jailed for up to three years, fined up to S$ 150, 000, or both.
He may receive a sentence of up to 10 years in prison, a fine of up to S$ 500, 000, or both if found guilty of possessing house that he believed to be related to a criminal offense under the CDSA.