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Man walks free after facing charge over $2.4m in illegal money transfers

Published July 8, 2026 at 1:15 PM UTC

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In December 2025, Singaporean businessman Sean Koh Chao Lun was charged with operating an unlicensed money transfer service involving approximately £1.4 million (S$2.4 million), including at least £75,050 from victims of an impersonation scam in Germany. Koh, 34, was the sole director of Day Brand, a local company that had been struck off the Accounting and Corporate Regulatory Authority business registry. Between May 10 and June 17, 2022, Koh's company account with Wise Asia Pacific received these funds, which were subsequently transferred to his personal bank account and used to purchase cryptocurrencies, primarily USDT. Koh was charged with providing money transfer services without a license and was scheduled to appear in court on January 15, 2026.