12-9-2024 (SIGNAPORE) A 61-year-old Vietnamese-American, Nguyen Duy Khiem, has been charged with multiple counts of money laundering in Singapore, involving approximately US$8.3 million (S$10.8 million). The charges were brought against Khiem on Thursday, September 12, where he faced eight counts of possessing benefits linked to criminal activities.
According to the Singapore Police Force’s Commercial Affairs Department, Khiem allegedly orchestrated the incorporation of two companies in Singapore in 2019 by two Vietnamese women—Hoang Dinh Phuong Thao and Hoang Thi Thuy Hang. Thao established Kaloca Asia, while Hang founded Wellington York Partners. Khiem is accused of directing both women to set up bank accounts for these companies, over which he maintained control.
Between December 2019 and October 2020, the companies’ bank accounts reportedly received substantial funds—US$457,500 and US$7.8 million, respectively. The police believe the money was linked to overseas investment scams. Among the charges, the largest sum Khiem allegedly possessed was US$5.3 million, which was deposited in a UOB account under Wellington York Partners during July 2020.
Khiem has been unable to provide a credible explanation for the source of these funds, which are suspected of being proceeds from criminal activities. Additionally, some of the funds were linked to an individual named “David Edwards,” although the charge sheets did not specify the nature of Edwards’ involvement or the criminal conduct associated with his funds.
During the court hearing, Khiem pleaded not guilty and indicated plans to hire legal representation. He was granted bail set at S$120,000 and is scheduled to return to court in October.
Under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), if convicted of possessing benefits from criminal conduct, Khiem could face up to three years in prison, a fine of up to S$150,000, or both. Should he be found guilty of possessing property believed to be linked to criminal activities, the penalty could extend to a maximum of 10 years’ imprisonment, a fine of up to S$500,000, or both.
