Two Men Charged for Receiving US$45 Million Without License

Two men were charged after their company's corporate bank accounts allegedly received nearly US$45 million in funds from overseas. Patrick Lee Paik Cheng, 65, is the director of the company, Tupt, while his co-accused, Dinh Tien Dat, 28, was said to be in a position to influence the conduct of Tupt.

Tupt is a company located at Bencoolen Street which operates a wholesale business on a fee or commission basis. Lee and Dinh were each handed a charge under the Payment Services Act as they did not have a license to provide payment services in Singapore.

The police revealed that the funds were received from outside Singapore on 58 occasions, totaling US$44,951,709.70 in 26 transactions to an RHB bank account and 32 transactions to a Standard Chartered bank account, both allegedly belonging to Tupt.

Lee's case was adjourned for legal advice, and Dinh has indicated his intention to plead guilty. The police warned against engaging in unlicensed payment services, emphasizing the risks of using unregulated providers.

Individual offenders can face up to three years in jail, a fine of up to S$125,000 (US$98,000), or both for providing unlicensed payment services.

According to the source: CNA.