Two Indian nationals, aged 45 and 33, will be charged in court on Friday (24 April) over their alleged roles in an unlicensed cross-border money transfer operation in Singapore.
In a statement, the Singapore Police Force (SPF) said both men are accused of providing payment services without a licence under the Payment Services Act 2019.
They are also believed to have carried out remittance work as self-employed foreigners without valid work passes, in breach of the Employment of Foreign Manpower Act (EFMA).
The case came to light after police acted on a tip-off, leading to a raid along Norris Road on 8 April 2025.
Source: Google Maps, for illustration purposes only
During the operation, officers seized more than S$314,000 in cash, 30 ATM cards, several remittance record books, and electronic devices including mobile phones and a hard disk.
Source: Singapore Police Force
Investigations suggest the 45-year-old had been running two separate unlicensed remittance setups between March 2024 and April 2025.
The total value of cross-border transactions linked to his activities is believed to exceed S$38.6 million.
The 33-year-old was also detained during the raid and is believed to have supported the operation.
He was found with 22 ATM cards belonging to various Indian nationals and is accused of facilitating unlicensed money transfers between May 2024 and April 2025.
Investigations indicate that he acted as both a courier and an independent agent, using his personal bank account and multiple ATM cards to process transactions.
He would collect funds and pass them to the older man for remittance to India.
Authorities estimate that his activities involved more than S$301,000 in cross-border transfers and over S$70,000 in domestic remittances.
Source: Singapore Police Force
Investigations by the Ministry of Manpower (MOM) revealed that the 45-year-old had allegedly obtained a work pass through false declarations.
He is accused of conspiring with a 39-year-old company director to submit inaccurate information in his application.
After securing the pass, he allegedly did not work for the company and instead carried out unlicensed remittance activities.
Both the 45-year-old and the company director will be charged over the false declaration.
Providing payment services in Singapore without a licence carries penalties of up to S$125,000, up to three years’ jail, or both.
Additional fines of up to S$12,500 per day may apply if the offence continues after conviction.
Those found guilty of working as self-employed foreigners without a valid work pass may face fines of up to S$20,000, imprisonment of up to two years, or both.
“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 said.
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Featured image adapted from Singapore Police Force.