Man allegedly bought gold bars with $1.5b in ill-gotten gains, declared them as power tools in shipments
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SINGAPORE - A South Korean man in Singapore is said to have received the benefits of criminal conduct totalling more than $1.5 billion from his home country and Japan between 2014 and 2017. Kim Taek Hoon, 63, allegedly used the money to buy nearly 28,000 golMan allegedly bought gold bars with $1.5b in ill-gotten gains, declared them as power tools in shipments
SINGAPORE - A South Korean man in Singapore is said to have received the benefits of criminal conduct totalling more than $1.5 billion from his home country and Japan between 2014 and 2017. Kim Taek Hoon, 63, allegedly used the money to buy nearly 28,000 gold bars, each weighing 1kg. He is also accused of cheating the Singapore Customs and three logistics companies here during the period. He allegedly declared that shipments to South Korea and Japan through the logistics companies contained only air-powered tools. In reality, the shipments are said to have contained more than 23,000 gold bars. Kim, who appeared in a district court on Aug 23, faces more than 20 charges for offences that include cheating and money laundering. Police said in a statement that officers arrested him in December 2023 after the Commercial Affairs Department received information about the case. Investigations revealed that between 2014 and 2017, Kim allegedly smuggled cash from South Korea and Japan, with the money concealed in shipments of tools. Read more