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).
Nguyen Duy Khiem, 61, was given eight charges of possessing direct or indirect benefits of criminal conduct on Thursday (Sep 12).
The police said in a statement that investigations by its Commercial Affairs Department found that Khiem had allegedly arranged for two Vietnamese women to incorporate two companies in Singapore in 2019.
Hoang Dinh Phuong Thao set up Kaloca Asia, while Hoang Thi Thuy Hang set up Wellington York Partners. Khiem also allegedly got the two women to set up bank accounts for the companies in Singapore.
The bank accounts, which were allegedly under Khiem’s control, received funds totalling US$457,500 and US$7.8 million respectively between December 2019 and October 2020.
The police said the funds were allegedly from overseas investment scams.
Of the amounts listed in charge sheets, the largest was a sum of US$5.3 million, which Khiem allegedly possessed in a UOB bank account belonging to Wellington York Partners between Jul 1 and Jul 30, 2020.
He is accused of failing to give a satisfactory account of how he came by this money, which is reasonably suspected of being indirect benefits from criminal conduct.
Charge sheets also name a “David Edwards”, with some of the money in the bank accounts allegedly coming from Edwards’ benefits from unspecified criminal conduct.
Khiem indicated that he was not guilty and said he would be engaging a lawyer.
He was offered bail of S$120,000 and will 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.
If convicted of possessing property that he had reasonable grounds to believe represented benefits from criminal conduct under the CDSA, he can be jailed for up to 10 years, fined up to S$500,000, or both.
