Two Indian nationals are scheduled to appear in a Singapore court on April 24 to face charges for operating an illegal cross-border money transfer network. The illicit operation allegedly involved the transfer of more than $38.6 million.
The accused men, aged 45 and 33, are also being charged with conducting unlicensed remittance activities without possessing valid work passes. According to a police statement released on April 23, both individuals engaged in these activities for financial gain.
Details of the Illegal Network
Investigations revealed that the 45-year-old man allegedly managed two separate unlicensed remittance operations between March 2024 and April 2025. One operation involved an acquaintance in India, while the other involved an unknown individual.
The 33-year-old man allegedly served as an independent agent and courier within the same network. He facilitated cross-border transfers totaling approximately $301,000 and domestic remittances exceeding $70,000.
To move these funds, the younger man allegedly used his personal bank account for direct transfers and managed multiple ATM cards. During the investigation, he was found in possession of 22 ATM cards belonging to various Indian nationals.
Work Pass Fraud and Conspiracy
The 45-year-old man faces additional charges for conspiring with a company director to craft false declarations on his work pass application. This scheme was allegedly designed to validate his stay in Singapore.
Investigations by the Ministry of Manpower found that the man obtained the pass from a 39-year-old Indian national who served as a company director. Instead of working for the company as required, the 45-year-old allegedly used the pass to carry out unlicensed remittance services.
Both the 45-year-old and the company director involved in the work pass application scheme are expected to be charged.
Implications and Next Steps
The police have warned the public to avoid unlicensed payment services and instead use financial institutions licensed by the Monetary Authority of Singapore. This ensures that transfers are subject to stringent regulatory standards.
Following the court appearance on April 24, the legal process may lead to further hearings to determine the penalties for those involved in the remittance network and the work pass fraud. Additional links to the network could be uncovered as the case progresses.
Frequently Asked Questions
How much money was involved in the illegal remittance operations?
The total cross-border remittances under the operations run by the 45-year-old man amounted to more than $38.6 million.
What methods were used to facilitate the unlicensed transfers?
The 33-year-old man allegedly used his personal bank account for direct transfers and managed multiple ATM cards belonging to other Indian nationals.
Why are unlicensed remittance services considered dangerous?
According to the police, unlicensed providers are not regulated and are not subjected to stringent counter-terrorism financing and anti-money laundering measures.
Do you believe stricter work pass verification could prevent the rise of unlicensed financial operations?
