Latest news with #Tupt
The Star
3 hours ago
- Business
- The Star
Singapore company allegedly received US$45mil illegally from abroad, two men charged
Two men were handed one charge each on June 26, 2025 for being involved in carrying out a business of providing payment services illegally. - Photo: ST file SINGAPORE: Two men were charged in court on Thursday (June 26), after the company they were involved in allegedly received about US$45 million (S$57.4 million) over multiple transactions illegally. Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt, and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally. Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis. According to court documents, it received US$44,951,709.70 between July 28, 2020, and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered Bank account. Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.' In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea. Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24. If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. 'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.' - The Straits Times/ANN
CNA
11 hours ago
- Business
- CNA
2 men charged after company allegedly received US$45 million without a payment service licence
SINGAPORE: Two men were charged on Thursday (Jun 26) 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. According to a Bizfile record, Tupt is a company located at Bencoolen Street which operates a wholesale business on a fee or commission basis. Lee, a Malaysian and Dinh, a Vietnamese, were each handed a charge under the Payment Services Act. The police said in a press release on Wednesday that neither the men nor their company had a licence to carry out a business that provided a payment service in Singapore. Both men and the company were not considered exempted service providers. It said that investigations by the Commercial Affairs Department revealed that the funds were received from outside Singapore on 58 occasions. Between Jul 28, 2020 and Apr 29, 2022, US$44,951,709.70 was received in 26 transactions to an RHB bank account and 32 transactions to a Standard Chartered bank account, court documents stated. Both bank accounts allegedly belonged to Tupt. Lee's case was adjourned for him to seek legal advice. He will next return to court on Jul 24. Meanwhile, Dinh has indicated his intention to plead guilty. His hearing has been fixed for Aug 7. The police said in the press release that they will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. "Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. "The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter terrorism financing measures," it added.
Straits Times
13 hours ago
- Business
- Straits Times
Singapore company allegedly received $57 million illegally from abroad, two men charged
SINGAPORE – Two men were charged in court on June 26, after the company they were involved in allegedly received about US$45 million ($57.4 million) over multiple transactions illegally. Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally. Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis. According to court documents, it received US$44,951,709.70 between July 28, 2020 and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered bank account. Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.' In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea. Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24. If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. 'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
13 hours ago
- Business
- Straits Times
Singapore company allegedly received $57 million illegally from abroad, 2 men charged
If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. PHOTO: ST FILE SINGAPORE – Two men were charged in court on June 26, after the company they were involved in allegedly received about US$45 million ($57.4 million) over multiple transactions illegally. Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally. Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis. According to court documents, it received US$44,951,709.70 between July 28, 2020 and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered bank account. Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.' In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea. Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24. If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. 'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.' Join ST's WhatsApp Channel and get the latest news and must-reads.
