Two men jailed for illegal S$58 million cross-border money transfers in Singapore
Two men, Patrick Lee Paik Cheng from Malaysia and Dinh Tien Dat from Vietnam, were sentenced for providing illegal cross-border money transfer services. They operated without a licence in Singapore, remitting over S$58 million (RM183.8 million) and keeping nearly S$415,000 in commission. Lee and Dat ran a company called Tupt in Singapore, with Lee acting as the sole director. Between July 2020 and April 2022, they received nearly US$45 million (RM184 million) in 58 transactions. Dat sourced Vietnamese clients needing to remit money abroad, often for vessel purchases in Singapore. The total amount involved in the illegal transfers was over S$58 million (RM183.8 million). Investigations did not reveal if any of the funds came from criminal proceeds. Both men were arrested in June 2025. Lee and Dat were each sentenced to 30 weeks' jail and fined S$125,000. Failure to pay the fine results in an additional 15 weeks in jail for each man.
