Four charged over scheme to smuggle gold from China in electronic devices
Four individuals were charged in Singapore for their role in a multinational money‑laundering scheme that involved smuggling gold concealed in electronic signal converters. The scheme allegedly allowed a Chinese criminal syndicate to claim fraudulent export VAT refunds by misdeclaring the gold‑laden devices as high‑tech products. Singapore authorities uncovered the operation through cooperation with customs and Chinese law‑enforcement agencies.
- ▪The accused, Seow Choon Pheng, Seow Choon Lien, Chu Tung Wu and Tan Kui Moi, operated three Singapore‑registered firms that imported signal converters from a Chinese syndicate.
- ▪Gold was hidden inside the converters, exported to Singapore at inflated prices, and declared to Chinese authorities as high‑tech equipment to obtain illegal VAT refunds.
- ▪After arrival, the converters were dismantled, the gold sold, and the mainboards were sent back to China via Hong Kong companies for reassembly.
- ▪The Commercial Affairs Department, working with Singapore Customs and Chinese officials, uncovered the scheme after receiving a tip about a possible VAT carousel fraud in November 2020.
- ▪Convicted individuals face up to ten years’ imprisonment and fines of up to S$500,000, with additional penalties for directors who fail to exercise reasonable diligence.
Opening excerpt (first ~120 words) tap to expand
Advertisement window.adEntity = window.adEntity || {queue: []}; window.adEntity.queue.push(document.getElementById('ad-entity-gmWNVPid5MU')); window.adEntity = window.adEntity || {queue: []}; window.adEntity.queue.push(document.getElementById('ad-entity-h6jfwxs-4fE')); window.adEntity = window.adEntity || {queue: []}; window.adEntity.queue.push(document.getElementById('ad-entity-7G3pidcXsKk')); window.adEntity = window.adEntity || {queue: []}; window.adEntity.queue.push(document.getElementById('ad-entity-7OfILOM9D7U')); window.adEntity = window.adEntity || {queue: []}; window.adEntity.queue.push(document.getElementById('ad-entity-lJtQKwIzdFA')); window.adEntity = window.adEntity || {queue: []}; window.adEntity.queue.push(document.getElementById('ad-entity-s32XefF604c')); Singapore Four…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Channel NewsAsia.
Discussion
0 commentsMore from Channel NewsAsia
