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The Star
a day ago
- Business
- The Star
Jail for Singaporean man, the ‘second in command' of illegal operation of cross-border crypto transactions
SINGAPORE (The Straits Times/ANN): From its premises in Geylang, a team operated an illegal business buying and selling large amounts of foreign currency and cryptocurrency. Between Feb 1 and 23, 2023, the team provided cross-border money transfer services involving Singapore and foreign currencies of at least $35 million in value over no fewer than 430 transactions. Following a police raid on the premises on Feb 23, 2023, the mastermind behind the operation, Singaporean Low Han Chuan, 44, fled the country. On June 26, Javiour Chia Kit Hou, 34, whom the prosecution described as the second in command, was sentenced to 10 months' jail. He had pleaded guilty earlier to one charge of abetment of the provision of an unlicensed payment service. Deputy public prosecutors Shamini Joseph and Kiera Yu said that at some point, before June 2021, Low was introduced to a director of Sir Money Changer, a family-run company. Low expressed an interest in starting his own money-changing and remittance business, and, after a discussion, the director agreed to let Low operate his business autonomously under Sir Money Changer's name from its premises at 12 Lorong 1 Geylang in exchange for $14,000 monthly. Low would hire his own staff and pay their salaries, and while the contributions to the staff's Central Provident Fund accounts would be paid by Sir Money Changer, Low would have to reimburse it. He was also required to record and submit the money-changing and remittance transactions performed at the Geylang premises to Sir Money Changer so that annual accounting returns could be filed together. Low began business operations on the premises in September 2021. While he used Sir Money Changer's name, he conducted his own business involving illegal cross-border money transfer services from the Geylang premises independently and without oversight from Sir Money Changer. He did not have a licence from the Monetary Authority of Singapore (MAS) that allowed him to carry on such a business, and he was not an exempt payment service provider. Low, who masterminded the operation and procured customers, was generally not physically present at the premises. To run his business daily, he employed Chia; Malaysian Ho Jia Yi, 26; Singaporeans Peh Kian Tat, 46, Jacky Lim Teck Leng, 27, and Ng Yang Kai Don, 24, who is his nephew; as well as an unidentified person known as Vera. Between September 2021 and February 2023, the crew operated the business of buying and selling large amounts of foreign currency and the USDT cryptocurrency. Chia, who had a monthly salary of about $3,500, led the team and executed the daily operations of the business. He would assign roles and responsibilities to the team, relay Low's instructions, procure customers for the business, execute the transfer of USDT, and supervise the recording of the transactions. When a customer engaged the team's services, a group chat would be set up on WhatsApp or Telegram to facilitate communication between the team and the customer. The team members were given work phones with a Cambodian number, which they used to communicate on the group chat. Using the chat, customers would indicate the amount they wished to remit and the currency to be sent to the receiving bank account or intended recipient. The team would then provide the buying or selling rate, and the amount that would be transferred to the recipient in the intended currency. The customer would then agree to the deal or not. After a deal was confirmed, the team would coordinate between its network of overseas and local agents to perform the remittance transaction by either transferring or receiving cash, or processing transfers to the recipients' bank accounts. Once the transaction was completed, members of the team would record the details of the transaction in a spreadsheet, including the customer alias, the date of transaction, the amount and currency involved, and the conversion rate. The prosecutors said the team did not carry out any know-your-customer or proof of funds checks or file cash movement reports despite being aware of the regulatory requirements to do so. On Feb 21, 2023, a 58-year-old woman made a police report stating that she was a victim of a police impersonation scam and had been deceived into transferring at least $200,000 to two bank accounts. Investigations revealed that $90,000 of the money was withdrawn by a 23-year-old Singaporean man who traded in cryptocurrency and was a member of a Telegram group chat along with Chia. It was found that Chia had advertised cryptocurrency services on the group chat and the 23-year-old man had reached out to him to buy USDT. The man was instructed to deliver the $90,000 in cash to the premises in Geylang, and received the USDT in his cryptocurrency wallet. As a result of this transaction, investigators discovered the operations on the premises and arrested Chia, Peh and Ho. Ng left Singapore on the same day to meet his uncle, and they both travelled to Cambodia. Ng eventually returned to Singapore some time around June 1, 2023, while Low remains at large. The prosecution asked the court to sentence Chia to between 10 and 12 months' jail. They said there was a high level of sophistication in the operation, that Chia knew a licence was required by MAS and that he had obtained personal financial gain from the offence. Chia's lawyers, Jeremy Pereira and Matin Razak of Withers KhattarWong, asked for a sentence of between seven and eight months' jail. They said their client had been given an active role by Low in managing the operations as he was the only employee with a diploma working there, and he was good with numbers. They said: 'It is clear that (Low), Javiour's employer, was the mastermind behind the entire scheme, not Javiour. 'Although Javiour oversaw the daily operations of the business, he acted purely on (Low)'s instructions.' Chia could have been fined up to S$125,000, jailed for up to three years, or both. - The Straits Times/ANN
Straits Times
a day ago
- Business
- Straits Times
Jail for ‘second-in-command' of illegal operation of cross-border crypto transactions
On June 26, Javiour Chia Kit Hou, whom the prosecution described as being the second-in-command, was sentenced to 10 months' jail. ST PHOTO: KELVIN CHNG SINGAPORE – From their premises in Geylang, a team operated an illegal business buying and selling large amounts of foreign currency and cryptocurrency. Between Feb 1 and 23, 2023, the team provided cross-border money-transfer services involving Singapore and foreign currencies of at least $35 million in value over no less than 430 transactions. Following a police raid on the premises on Feb 23, 2023, the mastermind behind the operation, Singaporean Low Han Chuan, 44, fled the country. On June 26, Javiour Chia Kit Hou, 34, whom the prosecution described as being the second-in-command, was sentenced to 10 months' jail. He had pleaded guilty earlier to one charge of abetment of the provision of an unlicensed payment service. Deputy public prosecutors Shamini Joseph and Kiera Yu said that at some poin t before June 2021, Low was introduced to a director of Sir Money Changer, a family-run company . Low expressed an interest in starting his own money-changing and remittance business, and after a discussion, the director agreed to let Low operate his business autonomously under Sir Money Changer's name from its premises at 12 Lorong 1 Geylang in exchange for $14,000 monthly. Low would hire his own staff and pay their salaries, and while the contributions to the staff's CPF would be paid by Sir Money Changer, Low would have to reimburse them. He was also required to record and submit the money-changing and remittance transactions performed at the Geylang premises to Sir Money Changer so that annual accounting returns could be filed together. Low commenced business operations on the premises in September 2021 . While he used Sir Money Changer's name, he conducted his own business involving illegal cross-border money transfer services from the Geylang premises independently and without oversight from Sir Money Changer. He did not have a licence from the Monetary Authority of Singapore (MAS) that allowed him to carry on such a business, and he was not an exempt payment service provider. Low, who masterminded the operation and procured customers, was generally not physically present at the premises. To run his business daily, he employed Chia, Malaysian Ho Jia Yi, 26, Singaporeans Peh Kian Tat, 46, Jacky Lim Teck Leng, 27, and Ng Yang Kai Don, 24, who is his nephew, as well as an unidentified person known as Vera. Between September 2021 and February 2023, the crew operated the business of buying and selling large amounts of foreign currency and the USDT cryptocurrency. Chia, who had a monthly salary of about $3,500, led the team and executed the daily operations of the business. He would assign the roles and responsibilities to the team, relay Low's instructions, procure customers for the business, execute the transfer of USDT, and supervise the recording of the transactions. When a customer engaged the team's services, a group chat would be set up on WhatsApp or Telegram to facilitate communication between the team and the customer. The team members were given work phones with a Cambodian number, which they used to communicate on the group chat. Using the chat, the customer would indicate the amount they wished to remit and the currency to be sent to the receiving bank account or intended recipient. The team would then provide the buying or selling rate, and the amount that would be transferred to the recipient in the intended currency. The customer would then agree to the deal or not. After a deal was confirmed, the team would coordinate between their network of overseas and local agents to perform the remittance transaction by either transferring or receiving cash, or processing transfers to the recipient bank accounts. Once the transaction was completed, members of the team would record the details of the transaction in a spreadsheet, including the customer alias, the date of transaction, the amount and currency involved, and the conversion rate. The prosecutors said the team did not carry out any Know-Your-Customer or proof of fund s checks or file cash movement reports despite being aware of the regulatory requirements to do so. On Feb 21, 2023, a 58-year-old woman lodged a police report stating that she was a victim of a police impersonation scam and had been deceived into transferring at least $200,000 to two bank accounts. Investigations revealed that $90,000 of the money was withdrawn by a 23-year-old Singaporean man who traded in cryptocurrency and was a member of a Telegram group chat along with Chia. It was found that Chia had advertised cryptocurrency services on the group chat and the 23-year-old man had reached out to him to buy USDT. The man was instructed deliver the $90,000 cash to the premises in Geylang, and received the USDT in his cryptocurrency wallet. As a result of this transaction, investigators discovered the operations at the premises and arrested Chia, Peh, and Ho. Ng left Singapore on the same day to meet his uncle and they both travelled to Cambodia. Ng eventually returned to Singapore some time around June 1, 2023, while Low remains at large. The prosecution asked the court to sentence Chia to between 10 and 12 months' jail. They said there was a high level of sophistication in the operation, that Chia knew a licence was required by the MAS and that he had obtained personal financial gain from the offence. Chia's lawyers, Mr Jeremy Pereira and Mr Matin Razak of Withers KhattarWong, asked for a sentence of between seven and eight months' jail. They said their client had been given an active role by Low in managing the operations as he was the only employee with a diploma working there, and that he was good with numbers. They said: 'It is clear that (Low), Javiour's employer, was the mastermind behind the entire scheme, not Javiour. 'Although Javiour oversaw the daily operations of the business, he acted purely on (Low)'s instructions.' Chia could have been fined up to $125,000, jailed for up to 3 years, or both. Join ST's WhatsApp Channel and get the latest news and must-reads.
NDTV
2 days ago
- Business
- NDTV
"They Think It's Flexing. It's...": Dubai-Based CEO's Post About Chartering $20 Million Jet Sparks Debate
A Dubai-based CEO has sparked discussion online after sharing a post about chartering a $20 million private jet. Jonathan Low, CEO of Biptap, clarified that he didn't purchase the jet but only chartered it. "Every time I post a photo, LinkedIn explodes with hate. They think it's flexing - it's not. It's progress," he wrote. He went on to explain that just two years ago, he struggled to afford flights and hotels. First-class travel and global business trips were merely part of his "vision board" back then, he added. "Now? I fly private to make it on time for a meeting. I built this life when I had nothing but a dream. Now I'm living what felt impossible back then. So let them talk. Keep working. Keep building. One day, your discipline will look like luck to everyone who doubted you," Mr Low added. The post quickly went viral online, with several people flooding the comments section with mixed responses. While some praised the CEO for his inspiring journey, others questioned the need to travel by private jet when meetings can be done online. "Paying 1000s for a private charter for a meeting is crazy. Zoom is free, and if absolutely necessary, pay a few hundred bucks and fly coach," wrote one user. "Astonishing that tech founders aren't the foremost users of virtual meeting technology. Private flights are not progress; they're contributing to climate breakdown and jeopardising the viability of your business. Keep building by all means-but build your legacy, build a sustainable future, not your own carbon footprint," commented another. However, one user praised the CEO, saying, "It's a testament to how hard work and perseverance can transform visions into reality. Keep pushing boundaries and proving that success is attainable with the right mindset." "Good for you-proof that focus and perseverance can take you anywhere," commented another. "This is what it looks like when consistency compounds. It always sounds like bragging to the people who gave up halfway," said one user.
Hindustan Times
2 days ago
- Business
- Hindustan Times
Dubai CEO's post on chartering $20 million jet stirs praise and backlash: ‘I fly private to…'
A LinkedIn post by the CEO of a Dubai-based company has created a stir, with people choosing sides while reacting to it. For some, the entrepreneur's post about chartering a $20 million private jet was motivational, while some labelled it as him showing off his wealth. CEO Jonathan Low's post has divided LinkedIn and sparked a heated discussion. (LinkedIn/Jonathan Low) 'I didn't buy a $20M private jet. I just chartered it. But every time I post a photo, LinkedIn explodes with hate. They think it's flexing. It's not. It's progress,' Biptap CEO Jonathan Low wrote. '2 years ago, I was stressed about flight costs and hotel bookings. First class and world travel were just images on my vision board. Now? I fly private to make it on time for a meeting,' he added. Check out the entire post: How did social media react? While some showed their support, praising the CEO for his success, a few accused him of showing off. An individual remarked, 'Love this. People confuse showing off with showing what's possible.' Another added, 'Jonathan. It's a testament to how hard work and perseverance can transform visions into reality. Keep pushing boundaries and proving that success is attainable with the right mindset.' Also Read: 'Complete breakdown during video call': Bengaluru man hospitalised after CEO's brutal outburst A third said, 'Nice, it looks like a studio.' A fourth wrote, 'Paying thousands for a private charter for a meeting is crazy. Zoom is free, and if absolutely necessary, pay a few hundred bucks and fly coach.' Who is Jonathan Low? According to his LinkedIn, Low joined Biptap as CEO in 2022. Before his position as a CEO, he co-founded two companies. As per a post he shared on LinkedIn about two months ago, he was kicked out of school at the age of 16 and fired from the army when he was 19. Low wrote that he married a celebrity when he was 21 but eventually lost everything - 'wife, business, cars' - when he turned 25. In the post, he further claimed that after this, he vanished for three years but returned to build his career and life from scratch.
Glasgow Times
3 days ago
- Business
- Glasgow Times
Glasgow pub famous for its £4 three-course lunch sold
Occupying the ground floor of a tenement built in 1892, The Star Bar on Eglinton Street has long assumed legendary status as a traditional Glasgow pub. Best known for serving up the cheapest three-course lunch in the city, the pub's lunch menu offers a hearty meal with options that include soup, followed by fish and chips and creamed rice with fruit to finish. One of the busiest lunchtime venues in the city, a recent video review of its cheap lunch menu has amassed over 695,000 views on YouTube. The pub has been purchased by Glasgow businessman David Low, who helped broker the takeover of Celtic FC by Fergus McCann in 1994. Mr Low's purchase of The Star Bar follows his sale of The Arlington in Glasgow's West End last October. Speaking about the purchase, Mr Low said: 'I've always had a keen interest in Glasgow's iconic bars, of which The Star Bar is a fine example and there will be more to follow. "Customers can be rest assured that I have no plans to change its distinctive character – or its famous lunch offer.'
