Russian bought RM310mil of gold from dealer in Changi to launder funds for Ukraine invasion

The gold was sold by Singapore Precious Metals Exchange, which stores it at Le Freeport, a secured logistics hub in Changi North Crescent. - PHOTO: ST FILE

SINGAPORE (The Straits Times/ANN): A Russian man bought more than US$65 million (S$88 million - RM310 million) worth of gold bullion held in Singapore in a money laundering conspiracy meant to fund the Russian military’s invasion of Ukraine.

The gold was sold by the precious metals dealer Singapore Precious Metals Exchange (SGPMX), which stores the bullions at Le Freeport, a secured logistics hub in Changi North Crescent.