Sean Koh Chao Lun, 34, has been acquitted of charges related to operating an unlicensed money transfer business involving approximately £1.4 million. A district court granted the Singaporean a discharge amounting to an acquittal on June 25, effectively barring the state from recharging him with the same offense. The case involved allegations that Koh, while director of the now-defunct firm Day Brand, processed funds including at least £75,050 linked to a German impersonation scam.
Did You Know? The company at the center of the investigation, Day Brand, has been struck off by the Accounting and Corporate Regulatory Authority (ACRA).
How the alleged operation functioned
According to police, Koh opened an account with the money transfer firm Wise Asia Pacific to facilitate “overseas remittance” through Day Brand. He allegedly advertised these services on cryptocurrency platforms such as Binance, primarily focusing on the buying and selling of USDT. Clients would transfer fiat currency into the Wise account associated with his company.
Between May 10 and June 17, 2022, the Wise account reportedly received about £1.4 million from overseas accounts. Police stated that Koh would move these funds into his personal bank account before distributing them to other local accounts to pay for USDT purchases from various cryptocurrency sellers. Investigators noted that Koh purportedly did not attempt to verify the origins of the money he processed.
Why the prosecution dropped the case
The Attorney-General’s Chambers (AGC) confirmed the discharge on July 7 but provided limited insight into the specific reasoning behind the decision. A spokesperson for the AGC stated, “After careful consideration of the facts and circumstances of the matter, the prosecution applied for (the discharge) in relation to the charge against Koh.” The office did not elaborate on what specific evidence or legal hurdles led to this outcome.
Expert Insight: The use of a "discharge amounting to an acquittal" is a significant procedural move in the Singaporean legal system. It provides finality for the accused, as the law prohibits the prosecution from reopening the same specific charge.
What happens next
Because the court granted an acquittal, Koh cannot be charged again for the same unlicensed money transfer offense. While the investigation established that at least £75,050 of the total £1.4 million originated from two victims of an impersonation scam in Germany, court documents and police statements have not disclosed further details regarding the status of that specific fraud case.
Frequently Asked Questions
Was Sean Koh convicted of any crimes?
No. The district court granted him a discharge amounting to an acquittal on June 25, meaning he was not convicted and cannot be recharged for the same offense.
What was the total amount of money involved in the case?
The business handled approximately £1.4 million (S$2.4 million) in total. Of that amount, at least £75,050 was identified as proceeds from an impersonation scam.
What was the role of Day Brand in these transactions?
Day Brand was a local company for which Koh served as the sole director. He used a Wise Asia Pacific account registered to the company to receive funds from overseas, which he then moved to his personal account to facilitate cryptocurrency trades.
How do you believe financial regulators should balance the oversight of cryptocurrency platforms with the need for legitimate international money transfers?
