Announcement and status
Two Indian nationals aged 45 and 33 were due to be charged on 24 April 2026 for unlicensed payment services and self-employment without valid passes. The older man and a company director also faced alleged assistance to a false work-pass declaration.
Case details and examples
An April 2025 raid seized over S$314,000, 30 ATM cards and records. The older man’s alleged cross-border transfers exceeded S$38.6 million; the younger allegedly facilitated over S$301,000 cross-border and S$70,000 domestic transfers, using accounts, cards and courier work. He held 22 other people’s ATM cards.
Official advisory and follow-up
The release lists payment-services penalties up to S$125,000 or three years or both and continuing-offence fines; EFMA self-employment and false-declaration penalties up to S$20,000 or two years or both. Use licensed providers. A pass obtained only to validate stay does not authorise unrelated self-employment.
Official source
This report is independently written from the MOM release dated above. Case status, policy announcements and historical figures refer to that release.
Read the complete MOM release ↗