Dual Citizen Jailed in Singapore for Laundering Millions Through Scam Syndicates
A 61-year-old man holding both Vietnamese and American citizenship has been sentenced to 19 months’ jail and fined S$239,065 after being convicted of multiple money laundering offences in Singapore.
Nguyen Duy Khiem was found guilty of three counts under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). Court documents revealed that he had worked with overseas call centres running fraudulent investment schemes between 2018 and 2019.
Through these arrangements, Khiem helped process funds obtained from victims of fake investments. He set up companies in Singapore and channelled illicit proceeds through their corporate accounts to overseas destinations, disguising the money trail with fabricated invoices.
Millions Laundered Through Singapore Firms
Investigations showed that Khiem arranged for two Vietnamese women to register local firms — Kaloca Asia Pte Ltd and Wellington York Partners Pte Ltd. Although the women were officially listed as directors and authorised signatories, they had no control over operations. Khiem managed the accounts and transactions entirely.
Between December 2019 and October 2020, Kaloca received about US$457,500 while Wellington’s accounts took in more than US$7.8 million, all traced to overseas investment scams. Transactions were layered to avoid detection by banks, and Khiem personally pocketed commissions exceeding US$1 million from his dealings.
The offences under Section 47AA of the CDSA can carry fines of up to S$150,000 and jail terms of up to three years, while breaches under Section 47(3) of the CDSA may result in fines up to S$500,000 and jail terms of up to 10 years.
Police Stress Zero Tolerance for Financial Crimes
The Singapore Police Force has stressed that such activities undermine the integrity of the Republic’s financial system. By facilitating the laundering of illicit proceeds, offenders not only profit from scams but also risk compromising Singapore’s reputation as a trusted financial hub.
Authorities reiterated that they will continue to take firm action against those who enable or participate in the laundering of criminal proceeds. With scams increasingly operating across borders, the conviction highlights Singapore’s commitment to safeguarding its banking and financial ecosystem