An Indonesian businessman identified as Steven is assisting authorities with ongoing investigations in Singapore regarding the alleged use of 34 counterfeit $10,000 banknotes at the Resorts World Sentosa casino, according to local reports. The notes, which date back to a 1973 series, were accepted and exchanged for casino chips during three separate visits in June before officials detected they were fake.
Lawyer Claims Client is a Victim of Fraud
Steven’s Jakarta-based lawyer, Yosia Ginting, stated on Sept. 17 that his client had no knowledge that the banknotes were counterfeit and is a victim of fraud. According to legal representation, Steven originally received the Singapore-dollar notes as payment for a shophouse he was selling in South Tangerang, a satellite town near Jakarta. The property transaction was valued at 4.5 billion rupiah, equivalent to $323,500 Singapore dollars.
The businessman allegedly obtained the notes through a man named Anthony, who was introduced to Steven by a friend named Rangga. At an initial June 8 meeting at a Jakarta cafe, Anthony handed Steven a single $10,000 note under the guise of wanting to exchange it due to its age. Yosia noted that Rangga reassured Steven by claiming the note had been checked at an OCBC branch in Indonesia and declared genuine.
Steven then flew to Singapore the following day. After a money changer declined the large denomination and a bank requested he open an account to break the bill, Steven visited Resorts World Sentosa. A VIP host suggested he exchange the note at the casino, where it was allegedly verified and swapped for casino chips.
Did You Know? The $10,000 banknote was first issued in Singapore in 1973 and was officially discontinued in 2014. In 2020, the Monetary Authority of Singapore announced the discontinuation of both $1,000 and $1,0000 notes as a pre-emptive measure to mitigate money laundering and terrorism financing risks associated with large-denomination currency.
International Police Coordination and Seizures
South Tangerang police chief Superintendent Boy Jumalolo reported that local law enforcement held a Zoom meeting on Sept. 14 with representatives of the Singapore Police Force, including the Singapore police attaché in Jakarta. The meeting took place at the Indonesian National Police’s International Relations Division. During the discussion, Indonesian investigators asked the Singapore Police Force to issue an official letter stating that the 34 seized notes are counterfeit. To date, Indonesian investigators have received only a copy of a seizure receipt describing the bills as “believed to be non genuine,” according to Supt. Boy, who added that local police are actively summoning witnesses.
Following the initial exchange, Anthony met Steven again on June 11 in Jakarta and handed him 33 additional $10,000 notes, claiming they were an inheritance from his parents. Steven traveled to Singapore on June 12 and deposited 27 of those notes into his casino account, leaving six notes at his home in Indonesia. South Tangerang police confirmed this timeline in a July 3 statement.
On June 22, Steven used six of the remaining notes stored in Jakarta as partial payment for a house in Pamulang, Banten province. When the seller’s daughter experienced difficulty exchanging the notes at a Jakarta money changer, Steven flew to Singapore on June 26 with his family and the seller’s daughter, intending to complete the transaction.
Arrest and Detention at Resorts World Sentosa
After participating in a baccarat tournament at Resorts World Sentosa, Steven was stopped by casino security and police. Authorities informed him that the serial numbers on the six notes matched those from his earlier visits. Steven was subsequently questioned at the Police Cantonment Complex regarding investigations into bringing in a large sum of undeclared cash, circulating counterfeit currency, and using counterfeit currency.
The businessman surrendered his passport and mobile phone, and was instructed to remain in Singapore for three to six months while police conclude their inquiries. Yosia maintained that his client has no connection to a counterfeit money ring and that the matter has been formally reported to South Tangerang police.
Under Singapore law, individuals convicted of using forged or counterfeit banknotes face sentences of up to 20 years in prison. Past judicial actions include a seven-month jail sentence handed down in February to a 22-year-old Indonesian man who attempted to deposit a counterfeit $10,000 note, as well as the prosecution of a 36-year-old Indonesian man who tried to deposit a similar note at a DBS branch in 2023.
Frequently Asked Questions
How many counterfeit notes were involved in the case?
According to reports from The Straits Times, a total of 34 counterfeit $10,000 notes were allegedly used by the businessman over three visits to the casino in June.
What are the potential legal penalties for using forged banknotes in Singapore?
Those convicted of using forged or counterfeit banknotes in Singapore may be jailed for up to 20 years.
When were Singapore’s $10,000 banknotes discontinued?
The $10,000 banknote was first issued in 1973 and discontinued in 2014 by the Monetary Authority of Singapore.
How are authorities in Indonesia and Singapore cooperating?
Representatives of the Singapore Police Force and the South Tangerang police held a coordination meeting via Zoom on Sept. 14 through the Indonesian National Police’s International Relations Division to discuss the case and the status of the seized notes.
What explanations have the defense provided regarding the origin of the money?
Steven’s lawyer stated that his client received the banknotes from a man named Anthony as payment for a shophouse in South Tangerang and had no knowledge that the currency was counterfeit.
What steps are investigators currently taking in Indonesia?
Indonesian investigators are actively summoning witnesses and seeking formal documentation from Singapore regarding the authenticity of the seized notes.
How do local authorities view the status of the businessman?
While legal counsel insists his client is a victim of fraud, official statements confirm that Steven is currently assisting police with active investigations into counterfeit currency usage.
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