Singapore Arrests Alleged Mastermind of Global Insider Trading Scheme Singapore authorities have arrested a 33-year-old man linked to a global insider trading scheme that allegedly netted him millions of dollars in illicit profits. The arrest was made in collaboration with the United States Federal Bureau of Investigation (FBI). The suspect, identified as Ng Yu Zhi, is accused of infiltrating the computer systems of several publicly traded companies worldwide and stealing confidential information related to upcoming mergers and acquisitions. He is believed to have traded on this information through various offshore brokerage accounts. According to the US Securities and Exchange Commission (SEC), Ng operated a sophisticated network of shell companies and associates to conceal his identity and launder the proceeds of his illegal activities. The SEC claims that he pocketed over $18 million from the scheme. Ng’s arrest came as part of a joint investigation by the Singapore Police Force and the FBI, known as Operation Caspian. The investigation involved extensive collaboration between law enforcement agencies in multiple countries. Ng is currently facing charges under Section 264A of the Singapore Penal Code for hacking into computer systems and Section 5 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act for money laundering. The Singapore authorities have emphasized their commitment to combating financial crime and insider trading. They have urged corporations to strengthen their cybersecurity measures and investors to be vigilant against potential fraud. The FBI has praised the cooperation between law enforcement agencies in this case and highlighted the importance of global collaboration in combating transnational crime. The investigation into Ng’s alleged activities is ongoing, and further arrests may be made. The case serves as a reminder of the sophisticated methods employed by criminals to exploit insider information for financial gain. It also underscores the importance of strong law enforcement and international cooperation in addressing such threats to the integrity of the global markets.Singaporean Man Arrested for Alleged Insider Trading and Money LaunderingSingaporean Man Arrested for Alleged Insider Trading and Money Laundering A 33-year-old Singaporean man, Ge Zhi, has been arrested in connection with an international insider trading and money laundering scheme. The arrest was made following a request from the United States, where Ge faces charges of pocketing millions in illegal profits. According to US authorities, Ge and his accomplices allegedly received non-public information about at least 10 companies traded on the US Stock Exchange. They used this information to trade stocks, earning substantial profits. The illegal proceeds were then laundered through various methods. Ge is accused of directing others to transfer illicit funds to a Hong Kong bank account under the guise of a payment to an antique watch dealer. The Singapore Police Force confirmed Ge’s arrest on June 28, 2024. He was remanded in custody for seven days pending an extradition request from the US. Singapore has an extradition treaty with the US. Ge is represented by lawyer Favian Kang of Adelphi Law Chambers. Kang declined to comment on the matter. The US Department of Justice also declined to comment. The case highlights the ongoing efforts to combat international financial crimes and the cooperation between law enforcement agencies in different jurisdictions.Singapore authorities have arrested a man suspected of being the mastermind behind a global insider trading scheme that spanned multiple countries. According to US authorities, the suspect, a 33-year-old Singaporean national, allegedly pocketed millions of dollars in illicit profits. The arrest is the result of a joint investigation by the Singapore Police Force and the US Securities and Exchange Commission (SEC), who worked together to gather evidence and track down the suspect’s activities. Investigators allege that the suspect used a sophisticated network of offshore accounts and shell companies to conceal his illicit gains. He is accused of obtaining and trading on non-public information about upcoming mergers and acquisitions, generating substantial profits for himself and his associates. The investigation revealed that the suspect’s activities extended beyond Singapore, involving individuals and entities in the United States, Europe, and Asia. The SEC alleges that the scheme generated over $30 million in illegal profits through illicit trades in publicly traded companies. Singaporean authorities have charged the suspect with multiple counts of insider trading, while the SEC has filed a civil complaint against him in the United States. The suspect faces potential fines and prison time if convicted. Experts have hailed the arrest as a significant breakthrough in the fight against insider trading, which undermines the integrity of financial markets and harms investors. The international cooperation and coordination between law enforcement agencies demonstrates the determination to combat such illegal activities across borders.