Two Indian nationals are set to be charged in Singapore after authorities uncovered a large-scale unlicensed remittance network involving millions of dollars in cross-border transactions. The case highlights growing concerns around illegal financial activities and the risks posed by unregulated money transfer services.
According to the Singapore Police Force, the two men, aged 45 and 33, will be brought to court for allegedly providing payment services without a valid licence under the Payment Services Act 2019. They are also accused of engaging in unauthorised remittance activities while operating as self-employed foreigners without valid work passes, breaching employment regulations in Singapore.
Investigations revealed that the older suspect had been running two separate underground remittance operations between March 2024 and April 2025. These operations reportedly involved coordination with contacts both locally and overseas, particularly in India, allowing funds to be transferred outside Singapore through informal channels.
Massive Cash Seizure And Multi-Million Dollar Transactions Uncovered
During a raid conducted along Norris Road, authorities seized over S$314,000 in cash, along with 30 ATM cards, electronic devices, and handwritten transaction records. These findings pointed to a highly organised operation managing large volumes of funds outside the regulated banking system.
Further investigations uncovered that the total value of cross-border remittances linked to the 45-year-old suspect exceeded S$38.6 million. This scale of activity raises serious concerns about potential money laundering risks and the bypassing of financial compliance safeguards.
The younger suspect, aged 33, was also found to play a key role in the network. He allegedly acted as both a courier and an independent operator, handling funds through personal bank accounts and multiple ATM cards belonging to other individuals. His transactions reportedly amounted to over S$301,000 in international transfers, alongside an additional S$70,000 in local remittances.
Additional Charges Linked To Work Pass Fraud And False Declarations
Beyond illegal financial services, the older suspect is also facing allegations related to fraudulent work pass arrangements. Investigations by the Ministry of Manpower revealed that he had allegedly secured a work pass through a company director without intending to work for the firm.
Authorities believe this arrangement was used to legitimise his stay in Singapore while he continued operating unlawful remittance activities. Both the suspect and the company director are expected to face charges for making false declarations in work pass applications.
Under Singapore law, providing unlicensed payment services can result in fines of up to S$125,000, imprisonment of up to three years, or both. Additional penalties may apply for continued offences. Separately, violations under the Employment of Foreign Manpower Act can lead to fines of up to S$20,000 and jail terms of up to two years.
The case serves as a strong reminder for individuals and businesses to rely only on licensed financial institutions when conducting cross-border transactions. Authorities emphasised that unregulated operators are not subject to strict anti-money laundering controls, posing significant financial and legal risks to users.