Image from The Straits Times/ANN
SINGAPORE (The Straits Times/ANN): A South Korean man in Singapore is said to have received the benefits of criminal conduct totalling more than S$1.5 billion (RM5 billion) from his home country and Japan between 2014 and 2017.
Kim Taek Hoon, 63, allegedly used the money to buy nearly 28,000 gold bars, each weighing 1kg.
He is also accused of cheating the Singapore Customs and three logistics companies here during the period.
He allegedly declared that shipments to South Korea and Japan through the logistics companies contained only air-powered tools.
In reality, the shipments are said to have contained more than 23,000 gold bars.
Kim, who appeared in a district court on Aug 23, faces more than 20 charges for offences that include cheating and money laundering.
Police said in a statement that officers arrested him in December 2023 after the Commercial Affairs Department received information about the case.
Investigations revealed that between 2014 and 2017, Kim allegedly smuggled cash from South Korea and Japan, with the money concealed in shipments of tools.
The police said that Kim had “allegedly failed to make the requisite declarations of the receipt of cash from overseas, despite each receipt of cash exceeding the prescribed value of $20,000”.
In Singapore, it is a statutory requirement to declare the physical movement of any currency or bearer negotiable instruments, such as cheques and money orders, into or out of the country if the total value exceeds $20,000, or its equivalent in foreign currency.
In late 2014, Kim allegedly received more than $31 million from South Korea. He is accused of using the money to buy 628 gold bars.
He is also accused of cheating two of the logistics companies at around the same time.
He allegedly duped Pantos Logistics and DHL Express Singapore into believing that his shipments contained only air-powered tools.
According to court documents, the shipments are said to contain around 600 gold bars.
In addition, Kim is accused of cheating the Singapore Customs, inducing it to approve cargo clearance permits for the shipments.
He allegedly went on to commit similar money-laundering and cheating offences until 2017.
On Dec 2, 2023, or around that time, Kim allegedly engaged in a conspiracy with someone named Jeon Myoung Jin to cheat the Singapore Customs. Details about the latter are not disclosed in court documents.
Kim allegedly duped the agency by claiming that a shipment to Japan by a firm called Homeutopia Trading contained only a shower head and a hose.
But it is said to have 15 gold bars.
Kim’s pre-trial conference will take place on Sept 20.
For each count of cheating, an offender can be jailed for up to three years and fined.
For each money-laundering charge, an offender can be jailed for up to 10 years and fined up to S$500,000. - The Straits Times/ANN
