A Vietnamese-American man, Nguyen Duy Khiem, has been sentenced to 19 months in jail and fined S$239,065 (US$186,300) for his involvement in a multimillion-dollar money laundering scheme in Singapore.
Details of the Case
The 61-year-old was convicted on three counts of money laundering following a detailed investigation by the Singapore Police Force. Between 2018 and 2019, Khiem played a pivotal role in facilitating fake investment opportunities through overseas call centres.
- Khiem worked closely with these call centres to channel fraudulent funds from unsuspecting investors.
- He established multiple companies in Singapore, including Kaloca Asia and Wellington York Partners, to shield his illicit activities.
Involvement of Other Individuals
To further his activities, Khiem enlisted the help of two Vietnamese women, Hoang Dinh Phuong Thao and Hoang Thi Thuy Hang. Although they were listed as directors and signatories of the companies, all operations were controlled by Khiem.
Over a period spanning 2019 to 2020, the bank accounts associated with Kaloca and Wellington received significant funds derived from overseas scams—totaling about US$8.26 million.
Legal Consequences and Government Stance
Caught in the web of his actions, Khiem received over US$1 million in commissions from these fraudulent incentives. The Singapore Police reiterated their firm stance against money laundering, stating, “These criminal acts compromise the integrity of Singapore’s financial system… Tough enforcement action will be taken against such perpetrators.”
Punishments Under the Act
Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, a person convicted under Section 47AA can face a jail term of up to three years and/or a fine of up to S$150,000, while those found under Section 47(3) may face ten years in prison and/or fines up to S$500,000.