Vietnamese-American man convicted in $10.6m money laundering case
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A Vietnamese-American man was sentenced to a jail term of 19 months and fined $239,065 after he was convicted of three counts of money laundering on Thursday (Aug 28).In news release, the police said that Nguyen Duy Khiem, a 61-year-old dual citizenship holdeVietnamese-American man convicted in $10.6m money laundering case
A Vietnamese-American man was sentenced to a jail term of 19 months and fined $239,065 after he was convicted of three counts of money laundering on Thursday (Aug 28).In news release, the police said that Nguyen Duy Khiem, a 61-year-old dual citizenship holder, was involved in a US$8.3 million (S$10.6 million) money laundering case.Between 2018 and 2019, he entered into arrangements with various overseas call centres that were promoting fake investments to potential investors.He worked with those centres to receive fraudulent proceeds from investors and transferred them to overseas bank accounts, said the police.Khiem set up various companies in Singapore and used their corporate bank accounts for these fraudulent activities.In 2019, he arranged for two Vietnamese women, Hoang Dinh Phuong Thao and Hoang Thi Thuy Hang, to incorporate two companies, Kaloca Asia and Wellington York Partners, respectively in Singapore. Khiem also arranged for the two women to set up bank accounts for Kaloca and Wellington in Singapore. Read more
