Vietnamese-American Man Sentenced for multi-Million Dollar Money Laundering Scheme in Singapore
A Vietnamese-American man has been sentenced to 19 months in jail and fined approximately $186,300 USD for his role in a complex money laundering operation that funneled millions of dollars through Singaporean banks. the case highlights the ongoing efforts by Singaporean authorities to combat financial crime and maintain the integrity of its financial system.
Nguyen Duy Khiem, 61, was convicted on Thursday, August 28, of three counts of money laundering, according to a news release from the Singapore Police Force (SPF). The SPF emphasized its commitment to taking a firm stance against those involved in laundering the proceeds of crime.
Between 2018 and 2019, Khiem facilitated the movement of funds generated by overseas call centers engaged in promoting fraudulent investments. He assisted these call centers in receiving illicit funds from unsuspecting investors and transferring them to bank accounts located abroad. To accomplish this, Khiem established multiple companies within Singapore, leveraging their corporate bank accounts to process the fraudulent transactions.
In 2019, khiem orchestrated the incorporation of two companies – Kaloca Asia and Wellington York Partners – through two vietnamese women, Hoang Dinh Phuong Thao and Hoang Thi Thuy Hang, respectively.He also arranged for them to establish the companies’ bank accounts. However, investigators found that despite being listed as directors and authorized signatories, Thao and hang had no genuine control over the operations, with all aspects of the companies, including the bank accounts, being managed directly by Khiem.
Between december 2019 and October 2020, the bank accounts of Kaloca Asia and Wellington York partners received a ample influx of funds: US$457,500 and over US$7.8 million, respectively. The SPF confirmed that all of these funds originated from overseas investment scams. Khiem personally profited from these arrangements, receiving commissions exceeding US$1 million.
The inquiry revealed a intentional attempt to conceal the source of the funds. Transactions were “layered” – meaning multiple transfers were used – to avoid raising suspicion with financial institutions.Furthermore, false invoices were generated to justify these transactions and mislead authorities.
Khiem was convicted under Section 47AA of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) on two counts, which carries a potential sentence of up to three years in prison and a fine of up to S$150,000. He was also convicted under Section 47(3) of the same Act, which carries a potential sentence of up to 10 years in prison and a fine of up to S$500,000.
“These criminal acts compromise the integrity of Singapore’s financial system,” a senior official stated. “To ensure that Singapore remains a safe and tr
Why it happened: Nguyen Duy Khiem exploited Singapore’s financial system to launder money obtained through overseas investment scams. He used shell companies and layered transactions to conceal the illicit funds.
Who was involved: Nguyen Duy khiem, 61, was the central figure. Hoang Dinh Phuong Thao and Hoang Thi thuy Hang were used as figurehead directors of the shell
