Carcere per l'uomo che ha incassato oltre 28 milioni di dollari da servizi di trasferimento di denaro senza licenza a Little India

A Singaporean man has been jailed for nine months and seven weeks after admitting to running an illegal money remittance business that generated over $28 million in revenue. The case involves Raju Krishnamoorthi, a 45-year-old Indian national who operated the scheme while holding an S Pass from another employer. Raju's involvement began in early 2022 when he met Syed, a man who ran an unlicensed money transfer service in a shophouse located in Little India. Raju agreed to assist Syed by managing cash transactions for customers seeking to remit funds to India. In return, he received a monthly payment of $1,500 and shared space in the shophouse. Over time, Raju expanded his role, eventually offering his own remittance services independently. Between February and April 2025, Raju collected more than $28 million from customers through both his collaboration with Syed and his personal operations. During peak periods, he reportedly handled up to $1 million in daily transactions. To manage different streams of income, Raju used two separate mobile phones, one with a local number for his own clients and another for Syed's customers. His earnings from independent operations exceeded $50,000. The scheme involved a complex process to verify the authenticity of the cash being transferred. Customers would hand over their ATM cards and PINs to Raju for safekeeping. When they wished to remit money back to India, they instructed Raju to withdraw funds from their accounts. Raju would relay this information to Syed, who coordinated with the customers to finalize the transfers. For actual cash remittances, Syed arranged for a third party to collect the money from Raju. This third party would then present a $2 note to Raju, which he compared against a similar note sent by Syed to confirm the transaction's legitimacy. Raju deducted his monthly salary from the cash he collected and used part of the proceeds to cover the $1,000 rent for the room he occupied in the shophouse. On April 8, 2025, authorities raided the premises and seized over $314,000 from Raju. The operation was described as highly sophisticated, with careful planning and execution. At trial, Raju pleaded guilty to two charges: conspiring to run an illegal cross-border money transfer business and abetting a false statement in a work pass application. He was also fined $60,000. Deputy Public Prosecutor Jordon Li highlighted the level of organization and foresight involved in the operation, noting that Raju had implemented an identification system using $2 notes to ensure the integrity of each transaction. The case underscores the risks associated with operating unlicensed financial services, particularly in areas such as Little India, where many migrant workers rely on informal networks for remittances. Authorities continue to investigate the broader implications of such activities and are likely to intensify efforts to crack down on illicit financial practices. The sentencing marks a significant step in addressing these issues within the region.