A Singaporean woman is heading to jail after a massive money laundering scheme landed over half a billion dollars in her company’s bank accounts.
A Mysterious Fortune
58-year-old Zin Nwe Nyunt, owner of the wholesale trading firm Unione Pte Ltd, found herself with SGD $640.7 million (roughly $500 million USD) deposited into her company’s accounts at several major Singaporean banks. Her explanation? She had no idea where the money came from.
The Scam Connection
The money started arriving via wire transfers between 2020 and 2021. Investigators first got involved when an Australian victim of an investment scam traced some of the stolen funds to Unione’s account – a cool $1.8 million.
A Risky “Opportunity”
It turns out Nyunt’s husband’s friend, Nyan Win, was approached by a Myanmar national to receive money transfers for a commodities trading business. Win was offered a tiny fee for each dollar transferred, but found the whole thing too risky. He passed the “opportunity” on to Nyunt’s husband.
The Aftermath
Neither Nyunt nor her husband knew the source of the funds, but both admitted to receiving large “commissions.” Nyunt is starting an 18-month prison sentence in August, while her husband’s sentencing is expected later this month. This case highlights a significant money laundering operation connected to investment scams.