The Business Times

Financial crimes

ASEAN Business

US sanctions three Singaporeans in global fraud takedown tied to Cambodian scam empire

Under the Companies Act 1967, individuals found guilty of failing to obtain proper consent documentation for director appointments may be fined up to S$5,000 or jailed up to 12 months.
Singapore

Three individuals fined S$105,500 for false declarations, consent lapses

This is Singapore’s first conviction for fraudulent conduct related to over-the-counter bond trading.
Singapore

High Court dismisses One Asia Investment Partners ex-director’s appeal over US$324,500 securities fraud

HSBC became entangled in the Madoff scandal through its role as service provider to several funds that invested with Bernard L. Madoff Investment Securities LLC. Madoff (pictured) received 150 years' imprisonment for masterminding the largest known Ponzi scheme in history, worth an estimated US$65 billion.
Banking & Finance

HSBC to book US$1.1 billion provision after Luxembourg court ruling in Madoff case

Citibank Singapore former relationship manager Wang Qiming arrives at the State Courts in Singapore, Oct 23, 2025.
Companies & Markets

Former Citi banker Wang Qiming gets longest sentence in S$3 billion money laundering scandal

Kakao Corp founder Kim Beom Su speaks to the media as he leaves the Southern District Court in Seoul, South Korea, Oct 21, 2025.
International

South Korean court clears Kakao founder of stock manipulation charges

Motorists in Phnom Penh ride past a branch of Prince Bank, a commercial bank under Prince Holding Group. US authorities describe the conglomerate as one of Asia's largest transnational criminal organisations.
Companies & Markets

Karen Chen quits SGX-listed 17Live’s board after US sanction for alleged ties to Cambodian scam empire

Quah Su-Ling (left) and John Soh Chee Wen are accused of masterminding Singapore’s most serious case of stock market manipulation.
Singapore

Court rejects appeal of 2013 penny stock crash mastermind John Soh and co-conspirator Quah Su-Ling

People walking past a Police Scam Alert signage near the Bishan Junction 8 shopping mall on Aug 18, 2022.
Singapore

Scam mules to be restricted from banking, phone and Singpass services from October

Switzerland has tried to shed its image as a safe haven for illicit funds and has recently taken steps to improve transparency.
International

Switzerland is considering joining ‘dirty money’ task force, UK official says

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