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Jail for man who used $1.5b in criminal proceeds to buy nearly 28,000 gold bars
The Straits Times
|October 02, 2025
A man who bought nearly 28,000 gold bars after receiving more than $1.5 billion in proceeds from a foreign crime was sentenced to five years' jail on Oct 1.
South Korean Kim Taek-hoon, 64, sent more than 23,500 of the gold bars, hidden inside industrial tools, to his home country and to Japan.
He had earlier pleaded guilty to three counts of cheating one involving Singapore Customs and two linked to logistics service providers.
He also pleaded guilty to one count each of money laundering and receiving more than $20,000 in cash from overseas without alerting the authorities.
The prosecution said Kim did not know the ultimate source of the money, but he believed that the funds were sent to him as part of an "illegal activity". Details of the proceeds of this overseas crime were not disclosed in court documents.
Kim received around $1 million for his involvement in the scheme.
Bu hikaye The Straits Times dergisinin October 02, 2025 baskısından alınmıştır.
Binlerce özenle seçilmiş premium hikayeye ve 9.000'den fazla dergi ve gazeteye erişmek için Magzter GOLD'a abone olun.
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