Singapore company allegedly received $57 million illegally from abroad, 2 men charged
SINGAPORE – Two men were charged in court on June 26, after the company they were involved in allegedly received about US$45 million ($57.4 million) over multiple transactions illegally.
Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally.
Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis.
According to court documents, it received US$44,951,709.70 between July 28, 2020 and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered bank account.
Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.'
In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea.
Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24.
If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both.
In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services.
It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers.
'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.'
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